Nigeria-focused fintech had priced its shares at $19 each, targeting a valuation of approximately $4 billion before withdrawing the offering.

OPay Limited, the Nigeria-focused digital financial services company backed by Japanese investment giant SoftBank, has withdrawn its planned $304 million initial public offering (IPO) on the New York Stock Exchange (NYSE) following a regulatory inquiry in an undisclosed foreign jurisdiction.

The development came shortly after the fintech company announced that it had priced 16 million American Depositary Shares (ADSs) at $19 each, representing the lower end of its proposed price range of $19 to $21 per share.

The offering had targeted a valuation of approximately $4 billion, marking a significant milestone in OPay’s efforts to expand its presence in international capital markets.

However, Reuters reported on Friday, October 30, 2026, that OPay had withdrawn the planned offering after disclosing an investigation by an unidentified foreign jurisdiction.

According to the company, the inquiry concerns a jurisdiction it considers immaterial to its core business operations. OPay also expressed confidence that the matter would be resolved satisfactorily in the near future.

The company maintained that the development should not be interpreted as a reflection of its financial condition, business performance, operational integrity or regulatory standing.

OPay terminates IPO agreement

In a further development reported by BusinessDay on Saturday, October 31, OPay reached a mutual agreement with its underwriters to terminate the underwriting agreement signed on October 29.

The decision means the company’s American Depositary Shares will not begin trading on the NYSE as originally scheduled.

OPay had planned to list under the ticker symbol OPAY, with Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation (CICC) among the financial institutions involved in the offering.

The company has not disclosed the identity of the foreign jurisdiction involved or provided further details about the nature of the regulatory inquiry.

What the development means for Nigerian customers

Despite the disruption to its international listing plans, OPay has assured customers and business partners that its operations remain unaffected.

The fintech company said its services in Nigeria and other markets, including Egypt, Pakistan and Indonesia, would continue normally.

Launched in Nigeria in 2018, OPay has developed into a major digital financial services provider, offering money transfers, payments, savings, credit facilities and merchant services.

The company reported serving more than 50 million users across its operating markets, according to its IPO announcement.

Its planned NYSE listing was expected to provide access to international investors and strengthen its position in the global financial technology industry.

However, the withdrawal leaves the company’s immediate plans for entering the US public market uncertain. OPay has not announced a new date for the offering.

The company said its long-term commitment to Nigeria remains unchanged and pledged to continue investing in the country’s digital financial services Sectors.

OPay withdraws its planned $304 million New York Stock Exchange IPO after a foreign regulatory inquiry, despite pricing 16 million American Depositary Shares at $19 each.