Nigeria’s two biggest mobile money platforms, OPay and PalmPay, are heading for their initial public offerings (IPOs) in public markets, just not through the Nigerian Exchange (NGX). OPay is working toward a listing in the United States, while its closest rival, PalmPay, is reportedly weighing a public offering in Hong Kong. Together, these moves mark a defining moment for African fintech, and they raise an uncomfortable question for Nigeria: why are its most valuable digital finance companies choosing to go public everywhere except at home?
OPay’s Push for a US Listing
OPay, founded by Chinese entrepreneur Zhou Yahui and backed by SoftBank, Sequoia China, and other global investors, has engaged Citigroup, Deutsche Bank, and JPMorgan Chase to lead an initial public offering targeting a valuation of roughly $4 billion.
The company, which serves more than 50 million users across Nigeria and processes over $12 billion in transactions monthly, could move forward with the offering later this year. A related securities filing by early backer Opera had already pegged OPay’s valuation at $3.1 billion.
PalmPay Eyes Hong Kong
PalmPay, a product of Transsion Holdings (the parent of TECNO, Infinix, and Itel), is reportedly in talks to raise around $200 million in fresh funding at a valuation north of $1 billion, and is also in exploratory discussions about a future listing on the Hong Kong Stock Exchange. Unlike OPay’s Wall Street ambitions, a Hong Kong listing would put PalmPay on a different path from most African tech companies, which have traditionally looked to New York or London.
Why Not List on the NGX?
For all their Nigerian roots – Naira-denominated revenue, agent networks that blanket the country, and tens of millions of local users – both companies appear set on raising capital abroad. Several factors explain the decision:
1. Deeper capital pools. US and Hong Kong exchanges offer access to institutional capital far beyond what the NGX can currently provide, along with stronger analyst coverage and global visibility.
2. Investor liquidity needs. Early backers such as SoftBank, Sequoia China, and Redpoint China need a credible exit route, and a New York or Hong Kong listing offers far more liquidity than a Lagos listing would.
3. Currency and valuation concerns. The naira’s steep depreciation since 2023 makes dollar-denominated growth harder to demonstrate on a Nigerian exchange, pushing founders toward hard-currency markets.
4. Global credibility. A Nasdaq, NYSE, or HKEX listing carries a prestige and regulatory rigour that can reassure international investors wary of frontier-market fintech.
That said, the road isn’t without obstacles. OPay’s Chinese ownership ties are likely to draw extra scrutiny from US regulators around data privacy, governance, and capital flows between its Nigerian operations and Chinese-linked parent entities.
What It Means for the Nigerian Economy
The decision to bypass the Nigerian Exchange (NGX) carries real costs for Nigeria’s capital markets. It denies local investors, including pension funds and retail traders, the opportunity to own a stake in two of the country’s most valuable homegrown financial platforms.
It also reinforces a pattern where the economic value created inside Nigeria is ultimately captured on foreign exchanges, with tax revenue, listing fees, and brand prestige accruing elsewhere. For a market that has struggled to attract high-growth tech listings, losing OPay and PalmPay is a missed opportunity to deepen liquidity and modernize the exchange’s profile.
Implications for Other Nigerian Fintechs and Banks
OPay and PalmPay’s dual pursuit of foreign listings is being watched closely across the industry. Their success or failure will act as a stress test for global investor appetite toward African fintech, especially with Flutterwave having paused its own IPO plans.
If both listings succeed, expect other high-growth players, including digital banks and payment processors, to follow the same offshore playbook rather than wait for the NGX to mature. That could pressure Nigerian regulators and exchange operators to rethink listing requirements, incentives, and market depth to keep future unicorns from leaving the ecosystem entirely.
The Bigger Picture
OPay and PalmPay’s parallel IPO journeys reflect a broader trend: African fintech’s biggest winners are increasingly global companies with Nigerian roots, not Nigerian companies with global ambitions.
Whether that distinction matters will depend on how much of the value generated actually flows back into the country’s economy and financial markets.
