OPay, the SoftBank-backed digital financial services company with major operations in Nigeria, has withdrawn its planned $304 million initial public offering (IPO) in the United States following a regulatory inquiry by an unidentified foreign jurisdiction.
The company announced the withdrawal on Friday, October 30, 2026, but did not disclose the regulator involved or the specific subject of the inquiry.
According to Reuters, OPay described the matter as relating to a jurisdiction that was immaterial to its core operations. The company said it expected the issue to be resolved satisfactorily in the near future.
OPay also cautioned against interpreting the inquiry as a reflection of its business performance, financial condition, operational integrity or regulatory standing.
It maintained that the matter would not affect its operations, regulatory standing or customer services in Nigeria and other markets where it operates.
The withdrawal represents a setback to the company’s plans to access the US capital market through a public listing on the New York Stock Exchange (NYSE), where it had intended to trade under the ticker symbol “OPay”.
The company had planned to raise approximately $304 million, targeting a market capitalisation of more than $4 billion.
The proposed offering had attracted attention because of OPay’s rapid growth in Nigeria and other emerging markets, where digital payments and mobile financial services have expanded access to financial transactions.
Founded in 2018, OPay provides digital financial services across emerging markets, including Nigeria and Indonesia. Its platform offers payments, money transfers, savings and loans, serving customers who may have limited access to traditional banking services.
The company’s IPO prospectus indicated that it had approximately 50 million monthly active users as of July 31, 2026.
OPay also reported strong financial growth. It reached a revenue run rate of $1 billion in the second quarter of 2026, representing year-on-year growth of 137 per cent. It recorded a net margin of 19 per cent in the first half of the year.
The fintech company previously raised $400 million in 2021 at a valuation of $2 billion, with SoftBank among its major backers.
Citigroup, Deutsche Bank, Standard Bank and CICC were among the financial institutions named as underwriters for the proposed US listing.
While OPay has sought to reassure customers and investors that the regulatory inquiry would not disrupt its business, the decision to withdraw the IPO leaves questions about the nature of the investigation and its potential implications for the company’s international expansion.
The company has not indicated whether it intends to revive the offering after the matter is resolved.
For now, the withdrawal puts its immediate US listing ambitions on hold, even as its Nigerian operations and broader business continue.
