OPay Restricted has disclosed a momentary funding portfolio valued at $532.94 million as of June 30, 2026, with a lot of the portfolio positioned thru Nigerian asset control corporations forward of its proposed US preliminary public providing (IPO).
The disclosure was once contained in OPay’s Shape F-1 registration commentary filed with the USA Securities and Alternate Fee on October 9, 2026 and was once received through Nairametrics over the weekend.
The portfolio represented roughly 27.9% of OPay’s $1.91 billion in general belongings and had grown from $410.45 million on the finish of 2025 and $131.35 million on the finish of 2024.
OPay portfolio yield rises to 22%:
OPay disclosed that it really works with a number of locally authorized Nigerian asset managers, with underlying investments together with treasury expenses, cash marketplace budget and different liquid tools. The investments normally mature inside of 12 months and are categorised as held-to-maturity belongings carried at amortised price.
- The corporate’s weighted-average portfolio yield larger from 19% on the finish of 2024 to 21% in 2025 and 22% through June 2026, whilst disclosed yields on asset-manager merchandise most often ranged between 14% and 24%.
- The funding portfolio larger 212.5% in 2025 and an additional 29.84% all over the primary part of 2026.
- Passion revenue rose 196.4% to $50.59 million in H1 2026 from $17.07 million a yr previous, exceeding the $47.26 million earned right through 2025.
- Funding revenue accounted for 10.8% of H1 2026 earnings, when put next with 8.6% within the corresponding duration of 2025.
- Quarterly funding revenue larger from $22.05 million within the first quarter to $28.54 million in the second one quarter of 2026.
The submitting described credit-loss allowances as immaterial however didn’t establish the asset managers, expose particular person placement quantities or separate investments controlled through 3rd events from immediately held securities.
As a result, the $532.94 million represents the portfolio’s balance-sheet wearing price somewhat than cumulative placements or an quantity held completely through asset managers.
OPay flags funding liquidity dangers:
OPay known liquidity, counterparty and investment-return dangers related to its momentary placements. The corporate mentioned agreement of controlled funding merchandise normally takes between one and 3 trade days however might be behind schedule all over classes of economic tension.
- It additionally warned that sure contractual provisions and restricted visibility into underlying holdings may just complicate get admission to to budget when wanted.
- Drive majeure clauses in some agreements may just liberate asset managers from legal responsibility for sure agreement delays, together with all over a much wider liquidity disaster.
- Some underlying investments might come with non-fixed-income belongings whose composition, length and adulthood aren’t all the time totally visual to OPay.
- Counterparty exposures come with conceivable misery, misconduct, insolvency or regulatory motion affecting asset managers, custodians and agreement suppliers.
- OPay will have to hide shortfalls on financial savings merchandise providing assured returns if funding yields decline, probably affecting benefit, money float and regulatory capital.
- OPay reported buyer financial savings of $978.94 million as of June 30, 2026, with greater than 42 million customers subscribed to its financial savings merchandise.
Versatile financial savings merchandise accounted for $847.51 million, whilst constant deposits and financial savings objectives contributed $131.43 million.
Despite the fact that the funding portfolio was once similar to roughly 54.4% of purchaser financial savings balances, the submitting didn’t identify that this share of deposits was once invested thru asset managers or file any asset-manager default or funding loss.
OPay objectives New York list:
OPay’s registration commentary proposes list American depositary stocks at the New York Inventory Alternate beneath the ticker OPAY. Then again, the offer-size and pricing fields remained clean, indicating that the submitting didn’t identify a finished IPO.
- Nairametrics up to now reported that OPay was preparing a US listing concentrated on a valuation of roughly $4 billion, whilst additionally making an allowance for an inventory at the Nigerian Alternate.
- OPay reported H1 2026 earnings of $467.06 million, up 136.5%, with internet benefit emerging to $90.87 million from $21.71 million.
- Complete-year 2025 earnings reached $536.25 million, whilst internet benefit stood at $72.47 million, when put next with a $50.83 million loss in 2024.
- Nigeria contributed 89.5% of the corporate’s earnings all over the primary part of 2026.
- Nairametrics reported that OPay processed $358 billion in gross transaction value in 2025, when put next with $166.2 billion within the previous yr.
It was once additionally reported that Stanbic Africa Holdings had agreed to speculate as much as $200 million thru a concurrent non-public placement, with a Nigerian secondary list deliberate after the NYSE debut.
As OPay approaches its proposed list, the composition of its momentary funding portfolio and its skill to handle liquidity all over simultaneous buyer withdrawals stay essential problems highlighted through the submitting.