𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗕𝗼𝗼𝗺: 𝗣𝘂𝘀𝗵 𝗚𝗿𝗼𝘄𝘀 𝗳𝗼𝗿 𝗡𝗶𝗴𝗲𝗿𝗶𝗮𝗻𝘀 𝘁𝗼 𝗢𝘄𝗻 𝗦𝘁𝗮𝗸𝗲𝘀 𝗶𝗻 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗚𝗶𝗮𝗻𝘁𝘀!

Reported by Weng Patrick Atokor | Journalist at Weng Global

Nigeria’s rapidly expanding fintech industry is facing a growing call for greater local ownership, as technology-driven financial companies increasingly attract international investors and consider listing their shares on foreign stock exchanges.

The debate has intensified around some of the country’s biggest fintech companies, including OPay, amid reports that the payments platform is preparing for a possible United States initial public offering (IPO).

The development has raised questions about whether Nigerians who have helped build the market through their patronage should also have greater opportunities to own shares in the companies operating within the country.

OPay has emerged as one of the most prominent players in Nigeria’s digital financial services industry. The company has built a large customer base by providing digital payments, transfers and other financial services to Nigerians.

In May 2026, Bloomberg reported that OPay was working with Citigroup, Deutsche Bank and JPMorgan Chase as it prepared for a potential US IPO. The proposed listing was reportedly targeting a valuation of about $4 billion, although the final timing and terms of any offering remained subject to change.

The possibility of an overseas listing has renewed concerns among some Nigerian financial and technology experts that the country could lose part of the wealth created by its technology sector if successful Nigerian-focused companies primarily raise capital and create ownership opportunities outside the domestic market.

𝗪𝗵𝗲𝗿𝗲 𝗧𝗵𝗲 𝗟𝗼𝗰𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗗𝗲𝗯𝗮𝘁𝗲 𝗖𝗼𝗺𝗲𝘀 𝗙𝗿𝗼𝗺

Nigeria has become one of Africa’s most important fintech markets.

The country’s large population, growing smartphone adoption, widespread use of digital payments and demand for alternatives to traditional banking have created an environment where fintech companies can scale rapidly.

Companies such as OPay, Flutterwave, Paystack and Moniepoint have become major names in Nigeria’s financial technology ecosystem.

Their growth demonstrates the commercial potential of solving everyday financial problems through technology.

However, critics argue that customer adoption alone does not automatically translate into ownership.

A technology company may have millions of users in Nigeria while its major shareholders remain international investors.

This is at the centre of the current argument: Nigerians provide the market, but who ultimately benefits when the value of these companies increases?

Technology and financial markets expert Tunji David previously warned that Nigeria could lose significant wealth generated by its fintech industry if major technology companies continue to pursue foreign stock-market listings.

He argued that Nigeria has created an environment capable of producing valuable technology companies but could miss out on the broader wealth-creation opportunities associated with ownership and capital-market participation.

𝗪𝗵𝘆 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗙𝗶𝗿𝗺𝘀 𝗟𝗼𝗼𝗸 𝗔𝗯𝗿𝗼𝗮𝗱

While concerns about local ownership are growing, fintech companies also have strong reasons to consider international markets.

A listing in the United States can potentially provide access to a much deeper pool of institutional investors and international capital.

Foreign exchanges can also offer greater visibility, potentially attract international analysts and provide companies with opportunities to raise substantial amounts of capital for expansion.

For a fintech company with ambitions beyond Nigeria, an international listing can therefore be strategically attractive.

OPay’s reported plans illustrate this argument.

According to Bloomberg, the company is considering a US listing with a target valuation of approximately $4 billion. The proposed transaction would potentially place one of Nigeria’s most recognisable fintech brands before a global investor audience.

BusinessDay has also argued that a US listing could offer OPay deeper capital markets, greater global visibility and stronger analyst coverage, even while raising the question of whether a Nigerian or dual listing could provide greater benefits for the domestic market.

The challenge, therefore, is not necessarily whether Nigerian fintech companies should access foreign capital.

Rather, the debate is about how they can access global capital without leaving Nigerian investors with limited opportunities to participate in their ownership.

𝗖𝗼𝘂𝗹𝗱 𝗗𝘂𝗮𝗹 𝗟𝗶𝘀𝘁𝗶𝗻𝗴 𝗕𝗲 𝗧𝗵𝗲 𝗔𝗻𝘀𝘄𝗲𝗿?

One proposal gaining attention is the possibility of dual listings.

Under such an arrangement, a fintech company could maintain access to a major international exchange while also giving investors in Nigeria an opportunity to buy and trade its shares locally.

For Nigerian investors, such a model could provide a direct connection between the growth of the country’s technology sector and personal wealth creation.

It could also deepen the Nigerian capital market by introducing a new generation of technology companies to the Nigerian Exchange.

The idea is particularly significant because many Nigerians already interact with fintech companies on a daily basis.

Customers transfer money, pay bills, receive salaries, operate businesses and conduct other financial transactions through digital platforms.

Allowing such users to become shareholders, where legally and commercially feasible, could transform the relationship between consumers and technology companies.

Instead of simply being customers, Nigerians could become part-owners.

𝗟𝗼𝗰𝗮𝗹 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗙𝗮𝗰𝗲𝘀 𝗔𝗻 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆

The debate also presents an opportunity for Nigeria’s capital-market regulators and institutions.

If the country wants to retain more of the wealth generated by its technology sector, experts and policymakers may need to examine how the domestic capital market can become more attractive to fast-growing technology companies.

This could involve improving listing processes, strengthening investor education, expanding access to investment products and making it easier for retail investors to participate in public offerings.

A strong technology sector without corresponding local ownership opportunities could produce an uneven outcome.

Nigeria could become excellent at producing technology companies while the largest financial gains from their growth accrue predominantly to investors outside the country.

That is the concern behind the current calls for greater local participation.

𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗪𝗶𝗹𝗹 𝗔𝗹𝘀𝗼 𝗕𝗲 𝗞𝗲𝘆

However, attracting Nigerian investors requires more than simply putting shares on the market.

Fintech companies preparing for major public listings will also need strong corporate governance, transparency and financial reporting.

The Guardian reported in July that Nigerian fintech companies pursuing US listings could face pressure to strengthen governance, disclosure and internal controls before becoming global publicly traded brands.

The report noted concerns about the gap between the speed at which some fintech companies expand and the development of institutional governance structures capable of supporting that growth.

This means the local ownership debate must go hand in hand with investor protection.

Nigerians should not simply be given access to fintech shares. They also need confidence that companies are properly governed, financial information is reliable and minority shareholders are adequately protected.

𝗧𝗵𝗲 𝗕𝗶𝗴𝗴𝗲𝗿 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗡𝗶𝗴𝗲𝗿𝗶𝗮

The fintech boom has demonstrated that Nigeria can produce companies with international relevance.

The next question is whether the country can ensure that Nigerians participate meaningfully in the financial value created by those companies.

Foreign investment remains important. International capital can provide the resources required for expansion, innovation, job creation and entry into new markets.

But local participation is equally important if Nigeria wants its technology revolution to translate into broader wealth creation.

The emergence of OPay and other major fintech companies has therefore created a conversation that extends beyond one company or one potential IPO.

It is about who owns the future of Nigeria’s digital economy.

As Nigerian fintech firms become more valuable and increasingly look towards global markets, policymakers, investors and industry leaders face a strategic choice: allow Nigeria to remain primarily the market where fintech companies build their businesses, or create stronger pathways for Nigerians to also become owners of the companies they helped make successful.

For a country seeking to develop a stronger capital market and retain more value from its technology sector, the difference could be significant.

The fintech revolution may have started with digital payments and financial inclusion.

Its next chapter could be about ownership.

𝗦𝗼𝘂𝗿𝗰𝗲𝘀

• Bloomberg
• The Guardian Nigeria
• BusinessDay Nigeria
• Techpoint Africa