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OPay generated about ₦575 billion from its Nigerian operations in the first half of 2026, putting the fintech ahead of Wema Bank’s ₦415.09 billion gross earnings.
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The fintech’s Nigerian revenue was about 1.4 times Wema Bank’s figure and placed it within striking distance of FCMB and Stanbic IBTC in a comparison published by data intelligence platform, Statisense.
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FirstHoldCo and Zenith Bank remained far ahead with ₦1.93 trillion and ₦1.90 trillion respectively, while GTCO recorded ₦1.11 trillion in the six months.
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The figures underline the growing competitive threat posed by digital-first financial platforms to conventional banks as payments, lending and other financial transactions increasingly migrate online.
October 17, (THEWILL) – The growing disruption of Nigeria’s banking industry by financial technology companies has taken a new turn, with OPay’s Nigerian operations generating about ₦575 billion in revenue in the first half of 2026, surpassing the gross earnings reported by Wema Bank and narrowing the gap with some established banking groups.
A comparison published on Saturday by data intelligence platform, Statisense, ranked OPay sixth among seven major financial institutions compared by revenue for the six months ended June 30, 2026.
According to the data, FirstHoldCo led the table with gross earnings of ₦1.93 trillion, equivalent to about $1.40 billion, narrowly ahead of Zenith Bank, which recorded ₦1.90 trillion, or approximately $1.38 billion.
GTCO occupied third position with ₦1.11 trillion, estimated at $805 million, while FCMB recorded ₦676.18 billion, equivalent to about $491 million.
Stanbic IBTC followed with ₦650.31 billion, put at $473 million, ahead of OPay Nigeria’s ₦575 billion, or about $417.61 million.
Wema Bank was seventh among the institutions compared, with gross earnings of ₦415.09 billion, equivalent to about $302 million.
The ranking means OPay’s Nigerian revenue was approximately 38.5 percent higher than Wema Bank’s figure (or about 1.4 times the lender’s gross earnings); although the fintech remained below Stanbic IBTC and FCMB.
The comparison, however, requires an important qualification. The figures for the listed banking institutions represent group-level gross earnings or revenue measures, while OPay’s figure relates to its Nigerian operations.
The measures are therefore useful as an indication of scale, but should not be interpreted as a like-for-like comparison of profitability or the overall financial strength of the institutions.
Statisense said the dollar equivalents were calculated using the Central Bank of Nigeria’s Nigerian Foreign Exchange Market closing rate of ₦1,376 to the dollar on June 30, 2026.
Independent financial results reviewed by THEWILL support several of the figures in the ranking. FirstHoldCo reported gross earnings of ₦1.93 trillion for H1 2026, representing a 16.7 percent year-on-year increase, alongside profit before tax of ₦653.5 billion.
FCMB Group similarly reported gross earnings of ₦676.18 billion, up 27.8 percent from ₦529.2 billion in the corresponding period of 2025, while its profit before tax almost doubled to ₦157.3 billion.
Wema Bank recorded gross earnings of about ₦415.09 billion during the period, compared with about ₦303 billion a year earlier, according to reported H1 figures.
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OPay’s Rapid Expansion
Beyond the headline ranking, OPay’s growth provides a striking indication of how rapidly digital financial platforms are expanding in Nigeria and other markets.
Regulatory filings by OPay’s parent business showed that overall revenue rose sharply from $197.5 million in the first six months of 2025 to $467.1 million in the corresponding period of 2026.
Transaction-based revenue alone jumped 86.9 percent from $69.9 million to $130.6 million, as gross transaction value on the OPay platform surged from $139.3 billion to $339.1 billion.
The company attributed the expansion partly to a rapidly growing user base. Daily active users on the OPay app increased from 17.6 million to 25.8 million during the period, alongside deeper engagement by existing customers and expansion of its merchant network.
The scale of those numbers highlights the structural shift underway in Nigeria’s financial services industry, where digital platforms increasingly compete with banks for payments, transfers, merchant transactions, savings and other everyday financial services.
Traditional banks retain significant advantages, including large balance sheets, extensive deposit franchises, corporate banking operations, international trade businesses, and lending portfolios.
But fintech companies have increasingly challenged their dominance in high-volume retail transactions by offering mobile-first services with fewer physical infrastructure requirements.
Banks Fight Back With Digital Expansion
The traditional banking industry has not remained static. FCMB, for example, generated ₦89.1 billion from its payments, lending, and wealth-management digital businesses during the first half of 2026, representing 13.2 percent of its gross earnings, as conventional financial institutions continued investing heavily in technology.
Stanbic IBTC also reported total income of ₦544.3 billion for H1 2026, alongside assets of ₦10.91 trillion and customer deposits of ₦4.62 trillion, demonstrating the broader financial scale that established banking groups still command.
The emerging contest is consequently no longer simply between banks. It increasingly pits conventional banking groups against technology-driven financial platforms capable of processing enormous transaction volumes without maintaining similarly extensive physical branch networks.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
