Zhitong Finance App learned that Opay, a digital banking and fintech platform in Nigeria and other emerging markets, suddenly announced the suspension of its US initial public offering (IPO). According to a 6-K filing submitted by the company on Monday, OPay decided not to complete the IPO due to a regulatory inquiry in a jurisdiction unrelated to the company's business operations. OPay said it is expected that the inquiry will be successfully resolved in the near future, at which time the release may be restarted within the next few months.
The original plan for this IPO was to issue 16 million American Depositary Shares (ADS) at an issue price of 19 US dollars each, which is at the lower end of the previous issuance range of 19 to 21 US dollars, corresponding to the company's valuation of about 4 billion US dollars. The company was originally scheduled to be listed on the New York Stock Exchange on Friday under the stock code “OPAY,” but in the end, it failed to start trading as scheduled.
OPay stated that this regulatory inquiry should not be interpreted as a problem with the company's business performance, financial situation, operational integrity, or regulatory compliance status, and emphasized that the relevant matters will not affect its business operations and customer service in Nigeria and other markets. However, the company has not disclosed the specific supervisory authority that initiated the inquiry, the jurisdictions involved, and related matters.
OPay is a digital finance platform created specifically for the challenges of emerging markets. The company was founded in 2018 by Chinese entrepreneur Zhou Yahui. It initially focused on the Nigerian market and then gradually expanded into other emerging markets. Its business is not limited to mobile payments, but includes services such as digital wallets, fund transfers, merchant payments, bill payments, savings, and loans. In addition to Nigeria, the company also provides loan aid services in Indonesia and generates a small amount of revenue in Egypt and Pakistan.
Since entering the Nigerian market, OPay has grown into a leading digital finance platform in the region. As of July 31, 2026, OPay is Nigeria's second-largest app in all categories based on daily active users, with approximately 50.1 million monthly active users and 26.8 million daily active users.
In terms of capital markets, OPay received $400 million in financing led by SoftBank Vision Fund Phase II in 2021, which was valued at around $2 billion at the time. SoftBank-related entities held approximately 6.6% of OPay's shares prior to this IPO. The current US IPO was expected to raise the company's valuation to about 4 billion US dollars, double that of when it was funded in 2021.
Judging from operating performance, OPay has maintained relatively rapid growth in recent years. The company achieved revenue of about US$536 million and net profit of US$72.5 million in 2025; in the first half of 2026, revenue further increased to US$467.1 million, and net profit reached US$90.9 million, a significant increase from US$21.7 million in the same period last year. According to its IPO prospectus, Nigeria remains the company's main source of revenue.
This listing was originally an important example of African fintech companies entering the US capital market, and also provided a potential exit channel for early investors. This IPO was suddenly halted after pricing was completed, which not only added variables to OPay's listing plan, but also made the market pay attention to the details of relevant regulatory inquiries and their subsequent impact.
Citigroup, Deutsche Bank, Standard Bank and China Financial Corporation (CICC) acted as joint bookkeepers for this transaction.