Opera Limited, the Cayman Islands-registered, Chinese-owned technology company, has reported a significant increase in the valuation of its minority stake in OPay, one of Africa’s fastest-growing fintech firms. According to Opera’s latest regulatory filings to the US SEC, its 9.4% holding in the Nigerian digital payments startup was valued at $258.3 million as of December 31, 2024 — implying an overall valuation of approximately $2.75 billion for OPay.
The filings also reveal that Opera recognized $94.8 million in unrealized fair value gains from its OPay investment over the past two years — $89.8 million in 2023 and an additional $5 million in 2024. However, the company cautioned that future declines in OPay’s valuation could lead to losses, given the unpredictable nature of emerging-market fintech investments.
Founded in 2018 by Chinese billionaire Zhou Yahui, OPay has rapidly expanded across Nigeria and Egypt, positioning itself as a key player in digital payments and financial inclusion. Its services — including mobile wallets, merchant payment solutions, and peer-to-peer transfers — have gained traction in Nigeria, where traditional banking infrastructure remains limited for millions.
OPay’s growth was further accelerated by Nigeria’s controversial 2023 currency redesign, which led to cash shortages and pushed consumers toward digital alternatives. The company’s customer base reportedly grew fourfold in 2023, and Opera projects OPay’s revenue to grow at an annualized rate of 35% between 2023 and 2030.
OPay’s rise comes amid a broader slowdown in venture capital funding for African startups. While the company’s valuation has climbed steadily — from $2 billion in 2021 to nearly $3 billion today — other once-high-flying startups have struggled to maintain their valuations.
Opera’s increased stake in OPay, from 6.4% to 9.4% in 2023, signals confidence in the fintech’s long-term prospects. The company had previously classified its OPay shares as “held for sale” but reversed that stance in late 2024, suggesting expectations of a potential IPO or further valuation growth.
Despite OPay’s strong performance, Opera’s latest filings highlight potential risks:
- Market volatility: OPay’s valuation hinges on Nigeria and Egypt’s economic stability, regulatory shifts, and competition from rivals like Flutterwave and PalmPay.
- Unrealized gains ≠ cash: The $94.8 million in paper profits could vanish if OPay’s valuation declines.
Industry analysts will be watching for signs of an IPO or major funding round, which could solidify OPay’s position as Africa’s most valuable fintech. For now, its trajectory remains a high-reward — but high-risk — bet on the continent’s digital finance revolution.