OPay At 8: How The Fintech Reshaped Nigeria’s Banking

Eight years after launching operations in Nigeria, OPay has grown from a digital payments platform into a major fintech player, serving more than 45 million consumer users and over one million merchants and businesses nationwide. Its expansion has helped widen access to digital financial services and increased competition in Nigeria’s banking and payments sector.

Key Highlights

• OPay launched its Nigerian operations in 2018.
• The fintech says it now serves more than 45 million consumer users and over one million merchants and businesses.
• Its gross transaction value rose 115 per cent to $358 billion in 2025 from $166.2 billion in 2024.
• Monthly active transacting users increased from 25.13 million in 2024 to 39.32 million in 2025.
• OPay’s Nigerian operations accounted for 88.1 per cent of its revenue in 2025.
• The company has expanded beyond payments into savings, credit, debit cards and other financial services.
• OPay has continued to invest in fraud prevention, compliance and customer security as transaction volumes increase.

From Digital Wallet to Financial Services Platform

OPay launched in Nigeria in 2018 and quickly expanded beyond its initial mobile payments offering. Its model combined a mobile application with a large network of agents and merchants, bringing digital financial services closer to consumers and small businesses.

Its green Point-of-Sale terminals became increasingly common in markets, transport hubs, roadside shops and neighbourhood businesses across Nigeria.

The platform now offers services including money transfers, airtime purchases, bill payments, debit cards, savings and credit. OPay operates in Nigeria under licences as a Mobile Money Operator and Microfinance Bank.

Expanding Financial Inclusion

One of OPay’s most visible contributions has been the expansion of access to digital financial services.

The company reported more than 45 million consumer users and over one million merchants and businesses by 2026. Its network has particularly expanded access among traders, artisans, small businesses and consumers in communities where traditional banking infrastructure may be less accessible.

During periods of cash shortages and disruptions to conventional banking channels, fintech platforms including OPay became important alternatives for transfers, payments and other everyday transactions.

The expansion of agency banking has also created income opportunities for agents and merchants who provide financial services within their communities.

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OPay’s Growth in Numbers

The scale of OPay’s expansion is reflected in its transaction data.

The company’s gross transaction value increased from $166.2 billion in 2024 to $358 billion in 2025, representing a 115 per cent increase.

Monthly active transacting users also increased by 57 per cent, from 25.13 million in 2024 to 39.32 million by the end of 2025. Daily active users in the fourth quarter of 2025 rose 50 per cent to 22.7 million.

The growth extended to lending. New loans originated increased from $243.9 million in 2024 to $938.3 million in 2025, while the number of quarterly unique borrowers in Nigeria rose 119 per cent to 4.6 million.

Stronger Financial Performance

OPay’s expanding operations were accompanied by significant financial growth in 2025.

Revenue increased by 161 per cent from $205.7 million in 2024 to $536.3 million in 2025, while the company reported a return to operating profitability.

Operating income moved from a $35.1 million loss in 2024 to $107.1 million in 2025. EBITDA also moved from a $33.6 million loss to a $113.1 million profit.

The company reported a net profit of $72.47 million for 2025, compared with a $50.98 million loss in 2024.

Nigeria remains OPay’s dominant market, accounting for 88.1 per cent of its revenue in 2025. The company also operates in Indonesia, Egypt and Pakistan.

Technology, Security and Compliance

The rapid expansion of digital payments has also increased the importance of cybersecurity, fraud prevention and regulatory compliance.

OPay says it has continued to strengthen its risk management and security systems. Recent reporting, including coverage from TechCabal, indicates that the company uses AI, data analysis and thousands of fraud-blocking rules as part of its efforts to detect and prevent suspicious transactions.

The fintech sector as a whole has faced increasing regulatory scrutiny as digital financial services expand. For OPay, maintaining compliance and protecting customers will remain important as its transaction volumes and user base continue to grow.

OPay and the Changing Banking Landscape

OPay’s rise has added competitive pressure to Nigeria’s traditional banking industry.

The growth of fintech platforms has encouraged banks and other financial institutions to improve mobile applications, expand agency banking, strengthen digital payment services and compete more aggressively for retail customers.

Rather than replacing conventional banks, fintech companies have created additional channels through which Nigerians can save, transfer money, pay bills, receive payments and access credit.

OPay’s large agent and merchant network has also brought digital financial services closer to consumers who may not frequently use conventional bank branches.

Looking Ahead

OPay is now pursuing ambitions that extend well beyond its original payments business.

In 2026, the company announced a long-term target of reaching one billion users, supporting 10 million merchants and creating one million jobs across its markets. The company is also preparing for a potential US initial public offering that could value it at about $4 billion.

Whether those ambitions are achieved will depend on continued user adoption, regulatory developments, competition, technology investment and the company’s ability to maintain trust as it scales.

Eight years after entering Nigeria’s financial market, OPay has become a significant part of the country’s digital payments ecosystem. Its growth reflects the broader shift from branch-based banking towards mobile payments, agency banking and technology-driven financial services.

For millions of Nigerians, the green OPay terminal and mobile application have become familiar parts of everyday financial transactions, marking a significant change in how banking and payments are accessed across the country. Follow us on X for more updates on Nigeria’s fintech sector.