OPay Limited Files for U.S. IPO to Fund Expansion

OPay Limited has filed an F-1 registration statement for an initial public offering in the United States, accompanied by a concurrent private placement. The company intends to use the capital to fund expansion efforts across Asia and Africa.

Financial reports for the first half of 2026 show the digital wallet and transaction services provider earned a net income of $90.9 million with an operating margin of 28.1%. Despite these gains, the company remains heavily concentrated in Nigeria, leaving it exposed to significant country and regulatory risks.

OPay also faces material uncertainties regarding credit risk and rising write-offs. The company's funding structure is highly concentrated, with four banks providing 81% of its total funding.