OPay discloses $532.9 million short-term investment portfolio ahead of US IPO

OPay Limited has disclosed a short-term investment portfolio valued at $532.94 million as of June 30, 2026, with much of the portfolio placed through Nigerian asset management companies ahead of its proposed US initial public offering (IPO).

The disclosure was contained in OPay’s Form F-1 registration statement filed with the US Securities and Exchange Commission on October 9, 2026 and was obtained by Nairametrics over the weekend.

The portfolio represented approximately 27.9% of OPay’s $1.91 billion in total assets and had grown from $410.45 million at the end of 2025 and $131.35 million at the end of 2024.

OPay disclosed that it works with several domestically licensed Nigerian asset managers, with underlying investments including treasury bills, money market funds and other liquid instruments. The investments generally mature within one year and are classified as held-to-maturity assets carried at amortised cost.

The filing described credit-loss allowances as immaterial but did not identify the asset managers, disclose individual placement amounts or separate investments managed by third parties from directly held securities.

Consequently, the $532.94 million represents the portfolio’s balance-sheet carrying value rather than cumulative placements or an amount held exclusively by asset managers.

OPay identified liquidity, counterparty and investment-return risks associated with its short-term placements. The company said settlement of managed investment products generally takes between one and three business days but could be delayed during periods of financial stress.

Flexible savings products accounted for $847.51 million, while fixed deposits and savings targets contributed $131.43 million.

Although the investment portfolio was equivalent to approximately 54.4% of customer savings balances, the filing did not establish that this proportion of deposits was invested through asset managers or report any asset-manager default or investment loss.

OPay’s registration statement proposes listing American depositary shares on the New York Stock Exchange under the ticker OPAY. However, the offer-size and pricing fields remained blank, indicating that the filing did not establish a completed IPO.

It was also reported that Stanbic Africa Holdings had agreed to invest up to $200 million through a concurrent private placement, with a Nigerian secondary listing planned after the NYSE debut.

As OPay approaches its proposed listing, the composition of its short-term investment portfolio and its ability to maintain liquidity during simultaneous customer withdrawals remain important issues highlighted by the filing.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

Zenith Bank’s foreign subsidiaries post N166 billion pre-tax profit in H1 2026

Zenith Bank’s non-banking subsidiaries post N9.11 billion pre-tax profit in H1 2026

Regxta disburses ₦10 billion to micro-businesses using alternative-data credit scoring