By Theresa Moses
Growing reactions have continued to trail reports that fintech giant OPay Digital Services Limited is considering a United States Initial Public Offering (IPO), with many Nigerians now calling for a boycott of the digital payment platform over concerns about economic exclusion and foreign wealth concentration.
Reports indicate that Nigeria’s leading digital payments platform has enlisted Wall Street financial giants including Citigroup, Deutsche Bank, and JPMorgan Chase to lead its planned U.S. public listing, according to sources familiar with the development.
The move has further intensified debates across Nigeria’s business and financial sectors, with critics arguing that the company is prioritizing foreign investors and international capital markets over the Nigerian economy that contributed significantly to its growth.
The controversy erupted following widespread discussions on social media over the company’s reported plan to seek listing opportunities on the American stock market instead of Nigeria or other African exchanges, despite building a substantial portion of its business from the Nigerian market.
Critics argue that millions of Nigerians contributed to the company’s rapid rise through daily transactions, Point Of Sales (POS) operations, merchant activities, and digital banking usage, yet may not have the opportunity to participate in the company’s expected wealth creation through share ownership.
According to market observers, the proposed offshore listing has triggered concerns about the long-term impact on Nigeria’s capital market, with analysts warning that major technology companies operating largely within Nigeria continue to export investment opportunities abroad.
Some economic commentators believe such developments weaken confidence in the Nigerian stock market while denying local investors, pension funds, and ordinary citizens the opportunity to benefit from the growth of companies operating in their own economy.
The backlash has intensified calls for Nigerians to deliberately support businesses that prioritize local participation and African ownership structures.
Supporters of the boycott movement insist that continued patronage of companies that seek foreign investment markets while depending heavily on Nigerian consumers contributes to capital flight and economic imbalance.
According to them, the issue extends beyond digital banking convenience and touches on broader concerns surrounding economic sovereignty, local wealth retention, and ownership participation in Africa’s rapidly expanding technology ecosystem.
Several commentators have also compared the situation to business models that emphasize African ownership and local investment participation, arguing that Nigerian consumers should increasingly support companies committed to retaining economic value within the continent.
Despite the growing criticism, industry analysts acknowledge OPay’s significant role in expanding financial inclusion, digital payment access, and agency banking services across underserved communities in Nigeria.
However, critics maintain that job creation and financial services alone should not replace opportunities for Nigerians to share in the financial success of companies built substantially on their market participation.
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