OPay’s NYSE Listing Push: Lending Revenue Accounts for Over Half of Total Income; Nigeria Contributes Nearly 90% of Revenue

Moreover, the prospectus’ operational metrics table shows that average revenue per monthly active user (ARPU) rose from $0.9 in 2024 to $1.4 in 2025, and further increased to $1.8 in the first half of 2026; meanwhile, monthly service cost per user declined from $0.5 to $0.4, then to $0.3. Revenue growth has outpaced service cost growth, signaling the emergence of economies of scale. But rapid expansion comes at a cost. Within operating expenses, expected credit loss provisions reached $118.4 million in the first half of 2026—up sharply from $38.1 million in the same period of 2025; credit impairment provisions accounted for approximately 12.8% of newly originated loans. This figure far exceeds the full-year 2024 total of $24.8 million. 02 From “Super App” to Dual-Engine Model: Payments + Lending OPay initially launched as a super app offering ride-hailing, food delivery, and e-commerce services. It rolled out its payment product in 2017, introduced a mobile wallet in 2019, and obtained a Nigerian microfinance bank license in 2022. Thereafter, it expanded regionally into Nigeria and Egypt, securing local regulatory licenses along the way. In 2025, OPay achieved its first full-year profitability. Its transformation path exemplifies a typical model among Chinese capital-backed ventures in Africa: building a super app first, then streamlining operations and focusing on financial monetization. Today, OPay operates across multiple markets—including Nigeria, Indonesia, Egypt, and Pakistan—but its revenue is highly concentrated. According to the prospectus’ geographic revenue breakdown: Nigeria contributed $156.4 million in 2024 (76.0% of total), $472.6 million in 2025 (88.1%), and $417.6 million in the first half of 2026 (89.5%). Indonesia contributed $41.7 million (8.9%) in the first half of 2026; Egypt, $5.3 million (1.1%); and all other markets combined less than 1%. Nigeria serves as OPay’s core self-operated lending hub. Holding a local microfinance bank license, OPay can directly originate loans and hold credit assets. Over the trailing 12 months ended June 30, 2026, OPay disbursed $1.56 billion in loans in Nigeria; in the first half of 2026 alone, new disbursements totaled $927.6 million—a 204% year-on-year increase. In Q2 2026, Nigeria had 6.7 million independent borrowing users—more than seven times the figure recorded in Q1 2024; the share of borrowers among wallet MAUs rose from 1.7% in January 2024 to 6.8% in June 2026. By loan volume, OPay held a 57.4% market share in Nigeria’s digital lending sector in 2025. Personal consumer loans are delivered via three apps—OPay, OKash, and EaseMoni—with OKash ranking as Nigeria’s most active digital lending app in the first half of 2026. Merchant lending remains in its early scaling phase. In the first half of 2026, OPay disbursed $99 million across 20,000 merchant loans, generating $8.8 million in revenue. The prospectus notes that non-performing loan (NPL) rates declined during this period, partly due to a strategic shift toward lower-risk merchant loans. BNPL (Buy Now, Pay Later) launched in September 2025, embedded within the wallet. It features a two-week billing cycle and a one-week repayment window; currently interest-free, it charges only minimal service fees.

GTC Zehui Capital: Africa’s Self-Built Oil & Gas Platform to Counter Transition Pressure

Facing mounting pressure from Western financial institutions to abandon oil and gas development, African countries are planning to launch their own oil and gas project financing platform. GTC Zehui Capital stated that these 18 nations collectively require $5 billion to launch the so-called “Energy Bank.” They refer to themselves as the African Organization of Petroleum Producing Countries and express frustration over Western banks’ refusal to finance oil and gas field development, asserting their sovereign rights over these resources. This information originates from a recent Financial Times report. Africa—the continent with the world’s smallest carbon footprint—holds vast, untapped oil and gas reserves. Yet under pressure from Western governments supporting the energy transition, international lenders such as the World Bank and the African Development Bank have halted funding for such energy projects. GTC Zehui Capital notes that this restriction denies these countries opportunities to leverage their natural resources—opportunities long enjoyed by nations like the United States. Notably, the United States is the African Development Bank’s second-largest shareholder. GTC Zehui Capital points out that recently, Biden administration officials praised the latest U.S. shale oil and gas boom, while the U.S. representative at the AfDB opposed oil and gas development in Africa. Much of Africa’s hydrocarbon wealth remains undeveloped—wealth that could help alleviate poverty across large parts of the continent, where 600 million people lack access to electricity and up to 1 billion rely on charcoal, dung, and firewood for cooking. It is difficult for institutions like the World Bank—or private banks—to refute African nations’ claim to the same benefits derived from hydrocarbons that Western countries enjoyed for decades before deciding to transition away from oil and gas.

African lenders formally establish $5 billion energy bank

18 hours ago

The African Export-Import Bank and APPO launched the $5 billion Africa Energy Bank to finance fossil fuel and energy projects, aiming to bridge a $200 billion investment gap. Helmy Ghazi was appointed president to lead the initiative targeting a $120 billion asset base.

reuters

2026-10-31

Africa Energy Bank Launched With $5 Billion Capital

2026-10-31

African lenders formally establish $5 billion energy bank

African lenders formally establish $5 billion energy bank

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