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# OPay's F-1 Shows $90.9 Million Net Income In Six Months, Up From $21.7 Million A Year Earlier
- URL: https://www.bullished.co/opays-f-1-shows-90-9-million-net-income-in-six-months-up-from-21-7-million-a-year-earlier-d50918e3/
- Published: 2026-10-09T17:40:57.000Z
- Updated: 2026-10-09T17:40:57.000Z
- Description: The Nigeria-focused fintech filed to list ADSs on the NYSE as OPAY; price, share count and offering size are blank.
- Author: Matteo Parrino
- Tags: Deals, Industry: Not classified

OPay, a Singapore-headquartered digital financial platform that earns most of its revenue in Nigeria, [filed an F-1](https://www.sec.gov/Archives/edgar/data/0002103076/000119312526418812/d56487df1.htm?ref=bullished.co) on Friday to list American depositary shares on the New York Stock Exchange under the symbol OPAY. The filing shows net income of $90.9 million on $467.1 million of revenue in the first half of 2026, against $21.7 million on $197.5 million a year earlier.

## What the numbers show

The company has not gone public and has raised nothing. The preliminary prospectus leaves the ADS count, price range and offering size empty, so no terms have been set.

Full-year 2025 revenue was $536.3 million with net income of $72.5 million. In 2024, revenue was $205.7 million and the company lost $50.8 million.

Nigeria produced [89.5% of first-half 2026 revenue](https://www.sec.gov/Archives/edgar/data/0002103076/000119312526418812/d56487df1.htm?ref=bullished.co), up from 87.7% a year earlier. Indonesia contributed 8.9%, Egypt 1.1% and other markets 0.5%.

Loan financing services was the largest revenue line in the first half at $236.1 million. The provision for expected credit losses was $118.4 million, against $38.1 million in the first half of 2025\. Loans and interest receivable stood at $324.9 million on June 30, 2026, versus $196.1 million at the end of 2025.

Monthly active users were 50.1 million as of July 31, 2026, of which 26.8 million were daily active users.

## Who is selling, who is buying

Citigroup and Deutsche Bank lead the offering, with Standard Bank, CICC, B. Riley Securities and Needham & Company also on the cover.

Stanbic Africa Holdings, a member of Standard Bank Group, has agreed to buy ordinary shares in a concurrent private placement, subject to regulatory approvals. The subscription price is the lowest of three measures, including a $200 million cap and 4.99% of post-offering shares. The investor agreed not to sell for 12 months after the prospectus date.

The board and shareholders have also approved a later secondary listing on the Nigerian Exchange.

## The catch

OPay runs its Indonesian business through contractual arrangements with PT Kredit Utama Fintech Indonesia, which it does not own. The filing says these are ["not equivalent to direct equity ownership"](https://www.sec.gov/Archives/edgar/data/0002103076/000119312526418812/d56487df1.htm?ref=bullished.co) and that legal uncertainty could lead regulators to find them in violation of the law.

The balance sheet shows a shareholders' deficit of $682.5 million at June 30, 2026, with mezzanine equity of $1.06 billion. Preferred shares convert into ordinary shares immediately before the offering.

The risk factors also list a present concentration of business in Nigeria, where the filing says the naira is not freely convertible and was devalued in 2023.

A later amendment should fill in the price range and offering size; until then, the only fixed number is Stanbic's $200 million ceiling.

### Sources

- [F-1 — OPAY Ltd](https://www.sec.gov/Archives/edgar/data/0002103076/000119312526418812/d56487df1.htm?ref=bullished.co) — SEC EDGAR