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OPay has withdrawn its planned New York Stock Exchange listing following a regulatory inquiry involving a foreign jurisdiction.
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The fintech and its underwriters mutually agreed to terminate their October 29, 2026 underwriting agreement.
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The company said the development does not affect its operations, financial condition, or services in Nigeria and other markets.
October 31, (THEWILL) – OPay Limited has suspended its planned listing on the New York Stock Exchange (NYSE) following a regulatory inquiry relating to a foreign jurisdiction which the fintech company described as immaterial to its core business operations.
In a statement obtained exclusively by Nairametrics, the company said it had mutually agreed with its underwriters to terminate the underwriting agreement signed on October 29, 2026.
The decision effectively halts the planned trading of its American Depositary Shares (ADSs) on the NYSE, which was expected to proceed under the ticker symbol OPAY.
The development comes shortly after OPay announced that it had raised $304 million in its US initial public offering, selling 16 million ADSs at $19 each and securing an implied valuation of approximately $4 billion.
Regulatory inquiry stalls US market debut
OPay said the regulatory inquiry concerns a foreign jurisdiction that it considers immaterial to its core business operations.
The company did not identify the jurisdiction, the regulator involved, or the specific issues under review in its statement.
It also did not disclose whether the inquiry was directly connected to its ownership structure, business activities, or regulatory obligations in any of its operating markets.
The withdrawal marks a reversal of its planned entry into the US public market, which would have provided the fintech with access to international investors and a platform to raise capital for its expansion plans.
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OPay says operations remain unaffected
Despite the suspension, OPay said the development would not affect its business operations, financial condition or service delivery in Nigeria and other markets where it operates.
The company reiterated its commitment to investing in Nigeria’s digital financial services sector and said it would provide further updates as material developments occur.
Founded in 2018, OPay provides digital payments, transfers, savings, credit and merchant services across emerging markets.
The company said it had more than 50 million users across Nigeria, Egypt, Pakistan and Indonesia.
Its planned IPO had attracted attention as one of the major international capital-market moves by a fintech with substantial operations in Nigeria.
The suspension now leaves the timing and prospects of its NYSE listing uncertain.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
