By Oritsetimehin Ewarami

OPay Limited (“OPay” or the “Company”) today provided an update regarding its New York Stock Exchange (“NYSE”) initial public offering (the “Offering”) with regard to a regulatory inquiry relating to a jurisdiction that is immaterial to the Company’s core business operations.

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. As such, the Company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, relating to the Offering.

As a result, the Offering will not be completed, and the Company’s ADSs will not commence trading on the New York Stock Exchange as previously scheduled.

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. The matter relates to an inquiry in a foreign jurisdiction, which is being addressed through the appropriate channels. The Company remains confident that the inquiry will be resolved satisfactorily in the near future and is actively engaging the relevant stakeholders to facilitate an early resolution.

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. OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem across Nigeria, Indonesia, Egypt, and Pakistan.

OPay’s long-term commitment to Nigeria remains unwavering. The Company will continue to deepen its investments in the country’s digital financial services sector, promote financial inclusion, support economic growth, and contribute to the development of Nigeria’s digital economy.

The Company appreciates the continued confidence and support of its stakeholders and will provide further updates as material developments occur.