Nigeria accounted for 88.1% of fintech company OPay’s revenue in 2025, underlining the country’s dominance in the company’s global business as its total gross transaction value (GTV) more than doubled to $358 billion during the year.
OPay processed $358 billion in transactions across its markets in 2025, up 115% from the $166.2 billion recorded in 2024, according to an investment document on the company’s planned Initial Public Offering (IPO), as reported in the media.
While OPay operates across Nigeria, Indonesia, Egypt and Pakistan, Nigeria remains by far its largest market. The country contributed 88.1% of the company’s revenue in 2025, compared with 9.9% from Indonesia, 1.6% from Egypt and 0.4% from other markets.
The figures highlight the scale of Nigeria’s contribution to OPay’s global operations and the importance of the Nigerian market to the fintech’s growth.
The surge in transaction value also came alongside an expansion in OPay’s user base. Monthly active users increased by 57%, from 25.1 million in 2024 to 39.3 million in 2025, while daily active users in the fourth quarter rose 50% to 22.7 million.
OPay’s lending business also recorded strong growth during the period. New loans originated increased 285% from $243.9 million in 2024 to $938.3 million, while quarterly unique borrowers in Nigeria rose 119% to 4.6 million.
The increased activity translated into higher revenue, which rose 161% from $205.7 million in 2024 to $536.3 million in 2025.
OPay also moved from a $35.1 million operating loss in 2024 to a $107.1 million operating profit in 2025, while EBITDA increased from a $33.6 million loss to a $113.1 million profit.
The company’s strong Nigerian concentration comes as OPay prepares for a potential listing on the New York Stock Exchange, with the proposed IPO reportedly targeting a valuation of approximately $4 billion.
Citigroup, Deutsche Bank and JPMorgan have reportedly been appointed to manage the offering, which is expected to take place later this year.
The proposed US listing has already generated debate among Nigerian investors and capital market stakeholders, given the extent to which OPay’s business is driven by Nigeria.
Temi Popoola, Chief Executive Officer of Nigerian Exchange Limited (NGX), recently urged President Bola Ahmed Tinubu to support policies that would encourage major companies operating in Nigeria, particularly high-growth fintech companies, to list on the domestic exchange.
For OPay, the figures also point to the scale of the Nigerian digital payments market, where the fintech has built a significant user base through its payments, savings, credit and other digital financial services.
As OPay looks to expand across its markets, Nigeria remains the clear centre of its business, contributing more than four-fifths of its revenue even as the company’s global transaction value reached $358 billion in 2025.
