OPay’s Market Value Approaches $3 Billion Amid Rising Digital Payment Use in Nigeria

Opera initially valued its stake at $269 million in December 2023 but revised it in subsequent filings due to a smaller financing transaction. OPay experienced significant growth over the past year, partly driven by a currency redesign that caused cash scarcity, prompting more people to turn to fintech apps like Moniepoint and OPay for transactions. This surge in usage propelled national payment volumes to record levels in early 2023, with annual digital payments reaching N611 trillion by the end of the year, according to the Nigerian Inter-Bank Settlement Scheme (NIBSS).

OPay experienced significant growth, quadrupling its user base and increasing revenue by over 60% on a constant currency basis throughout 2023, according to Opera’s report to shareholders. However, like many other fintech companies, OPay faces challenges related to fraud and customer safety. This has led regulatory bodies, such as the Central Bank of Nigeria, to enact stricter rules to ensure account safety.

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