- SEC filing shows SoftBank-backed fintech that priced 16m shares at $19 and rang NYSE bell withdrew same day citing undisclosed foreign regulatory inquiry
By Theresa Moses
OPay Limited priced 16 million American Depositary Shares at $19 each on 30 October 2026, targeting proceeds of about $304 million and a valuation near $4 billion. Executives attended the New York Stock Exchange opening-bell ceremony. Trading never started.
Later that day the company and its underwriters mutually terminated the underwriting agreement. OPay attributed the decision to a regulatory inquiry in a foreign jurisdiction it described as immaterial to its core operations. It did not name the authority, the country or the subject of the inquiry.
The company’s Form F-1 filing with the U.S. Securities and Exchange Commission reveals a shift in the business model. For the six months ended 30 June 2026, OPay reported revenue of $467.06 million, up from $197.48 million in H1 2025. Net profit rose to $90.87 million from $21.71 million.
Loan financing generated $236.12 million (50.6% of revenue). Loan facilitation added $41.57 million (8.9%). Combined, lending accounted for 59.5% of revenue. Transaction-based services contributed $130.55 million (27.9%).
New loans originated under its Nigerian self-operated model rose from $305.12 million in H1 2025 to $927.63 million in H1 2026. Quarterly unique borrowers rose from 3.5 million to 6.7 million.
Expected credit-loss provisions jumped from $38.14 million to $118.36 million, up 210%. Write-offs in H1 2026 totalled $113.15 million, exceeding the $69.95 million written off in all of 2025. Overdue loans and interest stood at $113.80 million on 30th June 2026. OPay says it has tightened consumer lending and is prioritizing merchant credit.
Short-term investments stood at $532.94 million, yielding $50.59 million in interest income in H1 2026 at a 22% weighted-average yield. Customer savings balances totalled $978.94 million with over 42 million users subscribed. OPay states the investments are managed by licensed Nigerian asset managers in treasury bills and money-market funds. The filing flags liquidity and counterparty risks. Nigeria generated 89.5% of revenue, showing heavy geographic concentration.
Two issues remain unresolved. The first is the foreign regulatory inquiry that halted the offering. OPay has not identified the authority involved or provided information that would allow independent assessment of its significance. The second concerns the financial profile presented in the SEC filing itself.
Why has lending become the primary revenue source? What accounts for the sharp increase in credit-loss provisions and write-offs? How effective will the move toward merchant credit prove as existing loans season? What safeguards protect customer savings against investment and liquidity risks? How does the company intend to reduce its dependence on the Nigerian market?
These are legitimate questions for a firm whose services form a significant part of Nigeria’s digital financial infrastructure need to answer.
GATMASH NEWS
…News That Drives Impact
For advert placements and business inquiries, kindly reach us via:
📧 Email: [email protected]
📞 Tel/WhatsApp: +234 (0) 807 202 2024
We value your voice! Share your stories, eyewitness reports, and contributions with us anytime:
📲 SMS/WhatsApp: +234 (0) 807 202 2024
📧 Email: [email protected]
Visit us online: https://gatmash.com
