Financial technology company OPay Limited has announced that it will not proceed with its planned initial public offering on the New York Stock Exchange (NYSE), citing a regulatory inquiry in an undisclosed foreign jurisdiction.

The company said it reached the decision after discussions with the underwriters responsible for the proposed offering, resulting in the mutual termination of an underwriting agreement dated October 29, 2026.

In a statement announcing the development, OPay said its American Depositary Shares (ADSs) would no longer begin trading on the NYSE as previously scheduled.

The decision represents a halt to the company’s immediate plans to access the United States public equity market, although OPay did not indicate whether it intended to revive the offering after the regulatory matter had been resolved.

According to the company, the inquiry concerns a jurisdiction that does not represent a material part of its core business operations.

However, OPay did not identify the country involved, the regulatory authority conducting the inquiry or the nature of the matter under examination.

OPay said it remained confident that the regulatory inquiry would be resolved satisfactorily but considered it prudent to discontinue the offering for the time being.

The company explained that the decision followed consultations with its underwriting partners.

“The Company is confident that the inquiry will be concluded satisfactorily in the near future; however, after careful consideration and discussions with the underwriters, the Company determined that not proceeding with the Offering at this time would be the most prudent course of action,” the statement said.

It added that both parties had agreed to terminate the underwriting agreement relating to the proposed public offering.

The termination means the planned sale of securities will not be completed under the announced arrangement.

It also means that investors will not be able to trade OPay’s proposed ADSs on the NYSE according to the original listing timetable.

American Depositary Shares are securities that allow investors in the United States to hold interests in shares of companies incorporated outside the country.

They are commonly used by international companies seeking access to American capital markets.

For companies pursuing public listings, regulatory inquiries can create additional disclosure and compliance considerations, particularly where the matters under review have not been fully resolved.

OPay maintained that the withdrawal of its offering should not be interpreted as evidence of weaknesses in its financial performance or business operations.

The company said the regulatory matter was being addressed through the appropriate channels and expressed confidence in an early resolution.

“OPay wishes to emphasise that this development should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing,” it stated.

According to OPay, the inquiry relates to a foreign jurisdiction and does not affect its principal business activities.

The fintech company also reassured customers and business partners that the decision would not interrupt its services in Nigeria.

It said operations would continue normally across the markets where it maintains a business presence.

“This development has no impact on OPay’s business operations, regulatory standing, or service delivery in Nigeria or any other market in which the Company operates,” the statement said.

OPay identified Nigeria, Indonesia, Egypt and Pakistan among the markets covered by its continuing operational commitments.

The company said it remained committed to serving customers, merchants, agents, business partners and employees.

In Nigeria, OPay provides digital financial services through a network that includes mobile payment users, merchants and agents.

The company has established a presence in Nigeria’s digital payments sector, where financial technology providers support electronic transactions and other financial services.

Despite the cancellation of its initial public offering on the NYSE, OPay said it would continue investing in Nigeria’s digital financial services industry.

The company identified financial inclusion, economic growth and the development of the digital economy among its continuing priorities.

“OPay’s long-term commitment to Nigeria remains unwavering,” the statement said.

It added that the company intended to deepen its investments in the sector and maintain its relationships with customers and business partners.