1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Valuation
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
OPAY
Sector
Industrials
Subsector
Commercial Services & Supplies
Offer Range
—
Shares Offered
—
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Implied Upside vs Midpoint
Description
The Reality Before For many Nigerians, earning money is not easy. People work hard for every Naira. In cities like Lagos, long commutes, unreliable cash access, and the pressure to move quickly make everyday payments harder than they should be. Eric Chigozie Anyim, a Lagos-based accountant, describes how simple tasks like paying for transport or settling expenses can slow down his day. Why OPay Felt Different “OPay simplifies these everyday moments. Instead of relying on cash or juggling multiple ways to pay, I pay for services, send money, and receive payments through one app. My job depends on accuracy and organization. Being able to track transactions and manage expenses in real time helps me stay focused.” The Moment Everything Changed Millions of consumers and merchants use OPay for everyday transactions. Each has a different story. “Using OPay removed minor, constant hassles from my daily routine. I can make payments quickly and track expenses easily. I no longer need to go to the bank to send money to my family or pay bills. Paying for things used to take extra effort, now it’s a seamless daily routine.” OPay is a digital financial platform built for the challenges of emerging markets. We use technology to advance financial inclusion, empowering millions of consumers and businesses with fast, reliable and secure financial services. OPay was the No. 1 finance app with a 9.9% market share in Africa and Middle East based on MAU in the six months ended June 30, 2026, according to Frost & Sullivan. Over the coming decades, we aspire to become a leading national payment app in more countries across Africa, serving billions of users and millions of merchants, while creating jobs and economic opportunity. --- Our 9.9% market share in Africa and Middle East is measured by MAU in the six months ended June 30, 2026. We believe this supports our leading market position in the app-based fintech sector because active user penetration is a relevant indicator of user reach, engagement and competitive scale for mobile application-based financial service providers. Since launching in Nigeria, we have pioneered seamless digital payments to become the country’s leading digital financial platform. We have built an integrated suite of solutions to serve the financial needs of consumers and merchants. In addition to Nigeria, we operate in Indonesia, Egypt and Pakistan. In Indonesia, our current business is focused on loan facilitation. In Egypt, we currently provide merchant acquiring services, supported by partnerships with local financial institutions and are exploring additional licenses to enable further growth in Egypt. In Pakistan, we offer merchant acquiring and consumer wallet services. The following table sets forth the revenue attributable to the principal geographic markets for the periods indicated. While most of our revenues were generated from Nigeria, we experienced increases in each of our markets due to the growth of revenue from transaction-based services and loan businesses, which, in turn, was primarily linked to the increases in user bases and the overall transaction volume enabled on our OPay platform. For the Year Ended December 31, For the Six Months Ended June 30, 2024 2025 2025 2026 Revenue (in % of Total Revenue (in % of Total Revenue (in % of Total Revenue (in % of Total US$ thousand) Revenue US$ thousand) Revenue US$ thousand) Revenue US$ thousand) Revenue (unaudited) Nigeria 156,434 76.0 % 472,556 88.1 % 173,203 87.7 % 417,610 89.5 % Indonesia 40,133 19.5 % 52,846 9.9 % 19,315 9.8 % 41,741 8.9 % Egypt 7,234 3.5 % 8,840 1.6 % 3,977 2.0 % 5,291 1.1 % Others 1,930 1.0 % 2,009 0.4 % 982 0.5 % 2,418 0.5 % Total 205,731 100.0 % 536,251 100.0 % 197,477 100.0 % 467,060 100.0 % --- Our principal executive offices are located at 30 Raffles Place, #21-01, Singapore 048622. Our telephone number at this address is +65 66719049. Our registered office in the Cayman Islands is located at the office of Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands. Our principal website is https://www.opay.ltd. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||