Chinese billionaire Yahui Zhou’s OPay revenue jumps 137% ahead of US IPO

Chinese billionaire Yahui Zhou’s digital payments company OPay has reported a sharp increase in revenue and profit as it prepares to list its shares on the New York Stock Exchange, offering investors a closer look at the financial performance of one of Africa’s largest fintech platforms.

OPay disclosed the results in a registration statement filed with the US Securities and Exchange Commission on October 9. Revenue rose 136.5% to $467.1 million in the six months ended June 30, 2026, from $197.5 million a year earlier. Net income increased to $90.9 million from $21.7 million, according to the filing.

The company generated $536.3 million in revenue in 2025, compared with $205.7 million in 2024. It also recorded net income of $72.5 million last year, reversing a net loss of $50.8 million in 2024.

OPay’s proposed initial public offering would see American depositary shares listed on the New York Stock Exchange under the ticker symbol OPAY. The preliminary filing does not yet disclose the final offer price, number of shares to be sold or expected proceeds. The listing remains subject to regulatory and exchange approvals.

Zhou, who also founded Chinese technology company Kunlun Tech, beneficially owned 21.3% of OPay before the proposed offering, according to the registration statement. SoftBank entities held 6.6%, while Norwegian technology company Opera held 8.6%.

The filing also outlines a proposed investment by Stanbic Africa Holdings, a subsidiary of South Africa’s Standard Bank Group. The bank has agreed to purchase OPay shares through a private placement alongside the IPO, with the investment capped at the lowest of $200 million, a regulatory-capital-based limit or the value of a 4.99% stake at the IPO price. Completion depends on the offering and applicable regulatory approvals.

Nigeria remains central to OPay’s performance. The country generated $417.6 million, or 89.5%, of the company’s total revenue in the first half of 2026. Gross transaction value on its platform reached $339.1 billion during the period, up from $139.3 billion a year earlier, while daily active users increased from 17.6 million to 25.8 million.

However, the filing also highlights risks accompanying the expansion. OPay’s provision for credit losses rose to $123.6 million in the first half of 2026 from $38.1 million a year earlier, reflecting a significant increase in credit-related expenses. The company also warned that regulatory changes, funding constraints and adverse economic conditions in its markets could affect its performance.

The proposed listing would give public-market investors an opportunity to assess OPay’s growth, profitability and exposure to Nigeria’s digital financial-services market. Its eventual valuation and the terms of the offering have yet to be established in the preliminary prospectus.