OPay estimates that it accounted for 57.4 per cent of the total value of digital loans disbursed in Nigeria in 2025, highlighting its growing presence in the country’s digital financial services market.
The fintech disclosed the figure in a registration statement filed with the US Securities and Exchange Commission ahead of its proposed initial public offering (IPO).
According to the filing, the estimate was based on OPay’s internal lending records and an assessment of Nigeria’s total digital loan disbursements by Frost & Sullivan.
OPay said its scale in digital payments, extensive customer base and transaction data have helped strengthen its position in digital lending.
OPay’s digital lending platform, Okash, ranked first among digital lending applications in Nigeria in the first half of 2026, according to the filing.
Citing DataSparkle, an independent mobile application monitoring platform, the company said Okash’s active users were between 1.6 and 6.6 times the number recorded by each of the other four applications in the top five.
OPay also reported that it accounted for approximately 66.1 per cent of monthly active users across the financial applications monitored in Nigeria during the period.
The company described itself as Nigeria’s largest processor of digital payments and transfers by gross transaction value, citing Frost & Sullivan data.
Across all applications in Nigeria, OPay ranked third in daily active users, fourth in weekly active users and sixth in monthly active users. It was the only financial application among the top five in both daily and weekly active users and the only financial application in the top 10 for monthly active users, the filing stated.
The figures were based on third-party estimates cited by OPay and should be viewed in that context.
OPay identified traditional banks, digital lenders and other fintech companies as its main competitors in Nigeria, which it described as its largest market.
The company argued that traditional banks face challenges associated with branch-based operating models, high costs and limited reach among some micro-entrepreneurs and informal workers.
It also pointed to concerns in the digital lending market, including high effective interest rates on some short-term loans and aggressive data collection and debt recovery practices that have attracted regulatory scrutiny.
OPay said its technology infrastructure, integrated financial products and access to payment transaction data distinguish it from competitors.
Its payments, savings and credit services allow it to serve multiple customer needs, while transaction data supports credit risk assessment and lending decisions, according to the filing.
The company added that combining these services can encourage customer retention and more frequent use of its platform.
