OPay calls off its New York share listing: what it means for your OPay account

OPay has withdrawn its planned share sale on the New York Stock Exchange, citing a regulatory inquiry in a foreign country it did not name. The company says the inquiry has nothing to do with its business in Nigeria and that payments, savings, loans and agent services continue as normal.

OPay said on Friday 30 October that it would not go ahead with its initial public offering (IPO) on the New York Stock Exchange, hours after a listing ceremony in New York. The company had priced 16 million American depositary shares at $19 each, raising about $304 million and valuing the business at around $4 billion, but the shares never began trading, TheCable and Nairametrics reported.

In a statement, OPay said a regulatory inquiry in a jurisdiction it described as 'immaterial' to its core business had led it and its underwriters to cancel the underwriting agreement signed on 29 October. It did not say which country or regulator was involved or what the inquiry is about. The company said the development 'should not be misconstrued as a reflection on the Company's business performance, financial condition, operational integrity, or regulatory standing' and that it expects the matter to be resolved soon.

OPay said the decision has no impact on its operations, regulatory standing or service delivery in Nigeria or its other markets, Indonesia, Egypt and Pakistan, The Guardian reported. It did not say whether or when it would try to list again. According to its US filing, OPay had about 50 million monthly active users as of 31 July, and close to 90% of its revenue in the first half of 2026 came from Nigeria, BusinessDay noted.

The withdrawal comes days after figures from the same filing showed OPay wrote off $113 million in unpaid loans in the first half of the year. Online, some users asked whether their money was safe, while others questioned why a mostly Nigerian business chose New York first, with a Nigerian Exchange listing planned only afterwards. In September, OPay and the Central Bank of Nigeria dismissed a separate viral claim that the company was shutting down.

Pidgin: OPay don cancel im plan to sell shares for New York stock market because one foreign regulator dey ask questions. Dem talk say e no concern dia business for Nigeria, and transfer, savings, loan and POS still dey work as normal. No follow any message wey talk say make you rush withdraw your money.

How this affects you: A cancelled share sale abroad does not change how your OPay account works, according to the company. Keep using only the official OPay app, website and customer care lines for updates, and ignore forwarded messages telling you to withdraw everything or 'verify' your account through a link. Never share your PIN, OTP or password. If a transaction fails, keep the reference number and report it to OPay, and escalate to the Central Bank's consumer protection channels if it is not resolved.