OPay H1 2026 Revenue Surges 136% to $467M as Lending Overtakes Payments
OPay reported H1 2026 revenue $467.06 million, up 136.5% YoY; profit after tax $90.87 million, more than quadrupled. Lending income $236.12 million (50.6% of revenue) surpassed payment income $130.55 million (27.9%). Loan issuance in Nigeria tripled to $927.63 million; unique borrowers rose from 3.5M to 6.7M.
OPay's shift to lending as main revenue source raises questions about sustainability amid rising credit costs. Expected credit-loss expenses jumped 210.3% to $118.36 million (25.3% of revenue); write-offs up 520.5% to $113.15M. Overdue loans amount increased but share of total loan book fell due to faster growth. The company's Nigerian lending (about 85% of credit income) ties performance to local borrowers' repayment ability.
OPay says it tightened consumer lending and shifted to lower-risk merchant loans; future profitability depends on balancing loan growth with collections. For investors considering its upcoming US and Nigerian secondary listings, the key is whether OPay can sustain earnings while managing credit risk. Will you view OPay's lending expansion as a strength or a risk to its long-term returns?
Replies (1)
This is very interesting. At the same time, no surprises here. In this economy, folks are taking the money wherever they can.
We worry about paying it back later on.