OPay estimates that it accounted for 57.4% of the entire worth of digital loans disbursed in Nigeria in 2025, underscoring its place in the nation’s digital lending market.
The estimate was disclosed in a registration assertion filed with the U.S. Securities and Exchange Commission (SEC) forward of the fintech’s proposed preliminary public providing (IPO).
According to the submitting, the determine was calculated by dividing OPay’s 2025 loan disbursements in Nigeria, based mostly on its inside lending information, by the estimated complete worth of digital loans disbursed throughout the Nigerian market.
Total digital loan disbursement
OPay says the market estimate was supplied by Frost & Sullivan.
- “In 2025, OPay is estimated to have accounted for approximately 57.4% of total digital loan disbursement value in Nigeria,” the submitting said.
The firm stated its scale in digital funds has helped strengthen its place in lending, as its giant person base and transaction knowledge assist the supply of extra monetary companies.
“Our scale in digital payments supports a strong position in the digital lending segment,” the submitting said.
Okash ranks first amongst digital lending apps
OPay’s Okash lending platform ranked first amongst digital lending purposes in Nigeria in the primary half of 2026, in keeping with the registration assertion.
Citing knowledge from DataSparkle, an impartial cellular software monitoring platform, OPay stated Okash’s lively customers have been roughly 1.6 to six.6 occasions these of the opposite 4 corporations in the highest 5 digital lending purposes.
The firm additionally reported a robust place throughout Nigeria’s broader monetary software market.
According to DataSparkle knowledge cited in the submitting, OPay accounted for roughly 66.1% of month-to-month lively customers throughout the monetary purposes monitored in Nigeria in the primary half of 2026.
The submitting additional described OPay as Nigeria’s largest processor of digital funds and transfers by gross transaction worth (GTV) through the interval, citing Frost & Sullivan.
Across all purposes in Nigeria, OPay ranked third by day by day lively customers and fourth by weekly lively customers, making it the one monetary software among the many high 5 in each classes. It ranked sixth by month-to-month lively customers, the one monetary software in the highest 10.
- “OPay has established a leading position in Nigeria’s digital banking ecosystem, particularly in user engagement and transaction volumes,” the submitting said.
OPay outlines aggressive benefits
OPay described Nigeria as its largest market, noting that the nation’s digital monetary companies trade is giant, fast-growing and extremely aggressive.
The firm recognized conventional banks, digital lending platforms and fintech corporations as the principle classes of opponents.
On conventional banks, OPay cited what it described as limitations in branch-based banking fashions, excessive working prices, restricted attain amongst micro-entrepreneurs and casual employees, and weaknesses in know-how and product innovation.
For digital lending platforms, the submitting pointed to their focus on short-term, small unsecured loans, doubtlessly excessive efficient rates of interest and aggressive knowledge assortment and debt restoration practices which have attracted regulatory scrutiny.
OPay stated fintech corporations working beneath licences akin to Mobile Money Operator and Microfinance Bank profit from regulatory authorisation protecting related monetary companies, together with funds, deposits and credit score.
The firm argued that its know-how, product innovation, community results and integration of monetary companies distinguish it from opponents.
Its know-how platform is designed to assist excessive volumes of concurrent transactions, whereas its mixture of funds, financial savings and credit score merchandise permits it to serve customers throughout a number of monetary wants.
OPay additionally stated fee transaction knowledge helps inform its credit score danger assessments, whereas lending and financial savings merchandise encourage buyer retention and extra frequent transactions.
Competition anticipated to accentuate
Despite its reported market place, OPay expects competitors in Nigeria’s digital monetary companies sector to stay intense as present operators enhance funding and new entrants search alternatives in funds and lending.
- “The competition in this sector will continue to intensify, especially as fintech services become more ingrained in consumers’ daily lives,” the submitting said.
The firm stated related aggressive dynamics exist in its different markets, together with Indonesia, Egypt and Pakistan, the place it faces banks, challenger banks, cellular cash operators, digital wallets, lending platforms and different fintech suppliers.
The market share and rating figures disclosed in the registration assertion are based mostly on OPay’s inside information and third-party estimates from Frost & Sullivan and DataSparkle.
OPay’s short-term investments rise to $532.94 million
Separately, OPay disclosed that its short-term funding portfolio stood at $532.94 million as of June 30, 2026, representing roughly 27.9% of its complete belongings of $1.91 billion.
The portfolio elevated from $410.45 million on the finish of 2025 and $131.35 million on the finish of 2024.
The submitting indicated {that a} substantial portion of the investments was positioned via Nigerian asset administration corporations, forward of the corporate’s proposed U.S. IPO.
The disclosure offers extra perception into OPay’s monetary place because it prepares for the proposed itemizing, alongside its reported scale in digital funds and lending.
