OPay Limited has reaffirmed its commitment to Nigeria and assured customers, merchants and business partners that its operations across the country remain unaffected following the suspension of its planned $304 million initial public offering (IPO) on the New York Stock Exchange (NYSE) over a regulatory inquiry in a foreign jurisdiction.
The fintech company, which has a significant presence in Nigeria's digital payments industry, said the inquiry concerns “a jurisdiction that is immaterial to the Company’s core business operations.”
In a statement issued on Saturday, OPay explained that although it remained confident of a satisfactory resolution, it decided against proceeding with the public offering after consultations with its underwriters.
“The Company is confident that the inquiry will be concluded satisfactorily in the near future; however, after careful consideration and discussions with the underwriters, the Company determined that not proceeding with the Offering at this time would be the most prudent course of action,” the company said.
The decision effectively halted what would have been a major milestone in the company's international expansion and capital market ambitions.
OPay had priced its IPO on Thursday at $19 per American depositary share (ADS), the lower end of its proposed $19 to $21 price range. The offering involved 16 million ADSs and was expected to raise approximately $304 million, valuing the company at about $4 billion.
Trading was scheduled to commence on Friday, October 30, 2026, under the ticker symbol OPAY.
However, the company and its underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, bringing the proposed transaction to an abrupt halt.
“As a result, the Offering will not be completed, and the Company’s ADSs will not commence trading on the New York Stock Exchange as previously scheduled,” OPay stated.
Bloomberg also reported that the NYSE's message feed indicated a trading halt at 3:30 p.m. New York time, with news pending and no executed trades recorded.
OPay separates IPO setback from Nigerian operations
Seeking to address concerns that the development could affect its business, OPay stressed that the suspension should not be interpreted as a reflection of its financial performance, operational integrity or regulatory standing.
According to the company, the matter relates to an inquiry in a foreign jurisdiction and is being handled through the appropriate channels.
It added that it was actively engaging relevant stakeholders to facilitate an early resolution.
OPay was particularly emphatic that the development would not disrupt its services or business relationships in Nigeria and its other operating markets.
“This development has no impact on OPay’s business operations, regulatory standing, or service delivery in Nigeria or any other market in which the Company operates,” the company said.
“OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem across Nigeria, Indonesia, Egypt, and Pakistan.”
The clarification is significant given OPay's growing influence in Nigeria's financial technology sector, where its digital wallet, payment processing and financial services have become important components of the country's expanding cashless economy.
$4bn valuation and Nigerian secondary listing plan
OPay filed its Form F-1 registration statement with the United States Securities and Exchange Commission on October 9, 2026, as part of preparations for its proposed US listing.
The offering was initially expected to close on November 2, with the underwriting banks holding a 30-day option to purchase an additional 2.4 million ADSs.
Bloomberg identified Citigroup, Deutsche Bank and Standard Bank as the leading underwriters for the transaction.
Beyond its proposed NYSE debut, OPay had also been preparing for a secondary listing on the Nigerian Exchange Limited (NGX), a move that would have provided local investors with an opportunity to participate in the company's ownership.
The company's board and shareholders had reportedly approved the proposed Nigerian listing.
However, following the termination of the US offering, it remains unclear whether the development will affect the timing or execution of its planned NGX secondary listing.
The company has yet to provide a specific timeline for the resumption of its international listing plans.
Transaction value rises to $358bn
Despite the uncertainty surrounding its IPO, OPay's disclosed operational figures highlight the scale of its business expansion and growing role in digital financial services.
The company processed $358 billion in gross transaction value in 2025, representing a substantial increase from $166.2 billion recorded in 2024.
Its monthly active users also increased to 39.3 million from 25.1 million over the same period, reflecting growing adoption of its payment services across its markets.
OPay further disclosed that it had a short-term investment portfolio valued at $532.94 million as of June 30, 2026, with a substantial portion invested through Nigerian asset management companies.
The figures underscore the company's growing financial footprint and its continued exposure to Nigeria's investment and financial services ecosystem.
Management reaffirms long-term commitment to Nigeria
Meanwhile, OPay management has reiterated that the suspension of its IPO will not alter its investment priorities or long-term strategy in Nigeria.
The company said it remained committed to expanding access to digital financial services, strengthening financial inclusion and supporting the country's broader economic development.
“OPay’s long-term commitment to Nigeria remains unwavering. The Company will continue to deepen its investments in the country’s digital financial services sector, promote financial inclusion, support economic growth, and contribute to the development of Nigeria’s digital economy,” it said.
The company also expressed appreciation to its customers, investors, employees, merchants, agents and other stakeholders for their continued confidence and support.
It added that further information would be communicated as material developments emerge.
For now, attention will be on the outcome of the foreign regulatory inquiry, the possibility of a renewed NYSE offering and whether OPay will proceed with its proposed Nigerian Exchange listing.
While the IPO suspension represents a setback to the company's immediate international capital-raising ambitions, its management insists that its day-to-day operations, customer services and investment commitment to Nigeria remain firmly on course.