Opay has secured board and shareholders’ approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX) following the completion of its proposed primary listing on the New York Stock Exchange (NYSE).

It is a move that could allow Nigerian investors to own shares in the fintech company.

The company disclosed this in its Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026.

However, OPay stated that shares traded on the NGX may not be interchangeable with its American Depositary Shares (ADSs) on the NYSE unless arrangements are established to facilitate transfers between the two markets.

The company said the proposed Nigerian listing would depend on market conditions and compliance with applicable Nigerian laws and regulatory requirements, including the Investments and Securities Act, 2025, the Securities and Exchange Commission’s rules and regulations, and the NGX Rulebook.

It also noted that the absence of such arrangements could limit investors’ ability to transfer their holdings between the two markets, fragment liquidity and result in price differences or increased volatility.

The disclosure highlights a potential challenge for Nigerian investors seeking to participate in the ownership of the fintech company through the domestic stock market.

American Depositary Shares are securities issued by a depositary bank to represent shares in a foreign company. They enable investors to gain exposure to the company through a United States stock exchange without directly buying its underlying shares in another market.

The proposed Nigerian listing follows the company’s planned initial public offering (IPO) in the United States. OPay has applied to list its ADSs on the NYSE under the ticker symbol OPAY, but the offering remains subject to final exchange approval and other applicable requirements.