OPay’s turnaround marks a significant shift for one of Africa’s largest digital financial platforms, with revenue rising 161% to $536.25 million from $205.73 million a year earlier.
According to Nairametrics, the figures, contained in an investment document based on OPay’s audited consolidated financial statements for 2024 and 2025, show a business moving from rapid expansion toward stronger earnings and cash generation.
The result comes as OPay prepares for potential access to international capital markets. Reports earlier this year said the company was preparing for a US IPO targeting a valuation of about $4 billion, although the timing and final structure remain subject to the offering process.
Revenue Growth Was Only Part of the Story
OPay’s revenue growth was matched by a sharp improvement in its underlying operating performance.
Operating income moved from a $35.10 million loss in 2024 to a $107.10 million profit in 2025, while non-GAAP EBITDA swung from a $33.56 million loss to a $113.15 million profit.
That produced an EBITDA margin of about 21.1%.
The numbers suggest that OPay is beginning to benefit from operating leverage. As its customer base and transaction volumes expand, some of the costs required to build the platform are being spread across a much larger business.
This is important because the next test for a fintech preparing for public markets is no longer simply how many customers it can acquire. Investors will want evidence that those customers can generate sustainable revenue and cash flow.
Transactions More Than Doubled
OPay’s gross transaction value rose 115% to $358 billion in 2025, compared with $166.2 billion in 2024.
At the same time, monthly active users increased 57% to 39.3 million, while fourth-quarter daily active users climbed 50% to 22.7 million.
The combination is significant.
OPay was not simply adding registered customers. More users were actively using the platform, while transaction activity expanded at a faster pace.
The company reported a fourth-quarter DAU-to-MAU ratio of 57.8%, indicating that more than half of its monthly active users were active on an average day during the quarter.
Lending Is Becoming a Major Growth Engine
Perhaps the most striking operating number came from lending.
New loans originated increased 285% to $938.3 million, compared with $243.9 million in 2024.
The number of unique quarterly borrowers in Nigeria also more than doubled to 4.6 million, from 2.1 million.
That growth matters because lending can generate significantly more revenue per customer than basic payment transactions.
OPay’s monthly average revenue per user, excluding Indonesia, increased 56% to $1.40 from $0.90.
The numbers therefore point to a broader evolution in the business: OPay is increasingly using its payments platform as a distribution channel for other financial products.
About 70% of its Nigerian wallet monthly active users were using more than five products as of March 2026, while the company reported a 96% next-month retention rate among that group.
Nigeria Remains the Centre of the Business
Despite operating across Nigeria, Indonesia, Egypt and Pakistan, OPay remains overwhelmingly dependent on Nigeria.
Nigeria accounted for 88.1% of OPay’s FY2025 revenue, followed by Indonesia at 9.9%, Egypt at 1.6% and other markets at 0.4%.
That makes OPay’s performance closely tied to the development of Nigeria’s digital financial-services market.
Its cumulative POS terminals dispatched also increased 29% to 900,000, extending the company’s physical distribution network alongside its digital platform.
The Nigerian market therefore remains both OPay’s biggest opportunity and its biggest concentration risk.
Stronger Cash Flow Strengthens the Turnaround
The improvement was not limited to reported profit.
Cash and cash equivalents increased 162% to $274.32 million, while net cash generated from operating activities rose 193% to $152.18 million.
Total assets also increased 77% to $1.49 billion from $841.54 million.
The combination of higher earnings and stronger operating cash flow provides a more convincing picture of the turnaround than profit alone.
For investors, this distinction matters. A fintech can report accounting profits while consuming large amounts of cash. OPay’s 2025 figures instead show substantial growth in operating cash generation alongside the return to profitability.
The IPO Will Put the Numbers Under a Bigger Microscope
OPay’s financial performance arrives at a potentially important point in its corporate development.
Reports in May said OPay had appointed Citigroup, Deutsche Bank and JPMorgan Chase to work on a potential US listing targeting a valuation of about $4 billion.
A successful listing would put OPay among the relatively small group of African technology companies seeking significant access to international public-market capital.
But public investors are likely to look beyond the headline profit.
They will want to understand the sustainability of OPay’s lending growth, the quality of its loan book, customer acquisition costs, regulatory risks, currency exposure and the extent to which Nigeria’s contribution to revenue can be diversified.
The company’s rapid expansion also means that maintaining profitability while continuing to invest in technology, security, compliance and new products will become increasingly important.
What the Numbers Mean for Nigeria’s Fintech Market
OPay’s 2025 performance offers a broader signal for Nigeria’s fintech industry.
The first phase of the fintech boom was largely about acquiring users and building transaction volumes.
The next phase is about monetizing those users.
OPay’s numbers show what that transition can look like: more customers, higher transaction volumes, greater use of multiple financial products, sharply higher lending activity and, ultimately, positive earnings and cash flow.
Other Nigerian fintech companies seeking large private-market valuations or eventual public listings will face the same question.
Can rapid customer and transaction growth eventually produce durable profits?
OPay’s FY2025 results suggest that, at least for one of Nigeria’s biggest fintech platforms, the answer is beginning to be yes.
BuyerMetrics Bottom Line
OPay’s turnaround is bigger than a $72.47 million profit. The company generated $536.25 million in revenue, processed $358 billion in transactions, served 39.3 million monthly active users and generated $152.18 million in operating cash flow in 2025.
Most importantly, Nigeria remains responsible for nearly nine-tenths of its revenue.
That makes OPay both a beneficiary of Nigeria’s rapid shift toward digital financial services and a useful indicator of how much commercial value is being created from that transition.
The challenge now is to prove that the 2025 performance is not a one-year turnaround, but the beginning of a sustainable earnings cycle.
