OPay Profit Surges as Zenith and GTCO Face Slower Growth

OPay more than doubled its revenue and quadrupled its profit in the first half of 2026, highlighting the growing pressure fintech platforms are placing on Nigeria’s biggest banks. The company reported revenue of $467.1 million, while net income rose to $90.9 million. Nigeria accounted for almost 90% of its revenue. Over the same period, Zenith Bank reported a decline in gross earnings and net income, while GTCO recorded only marginal growth in profit before tax and a fall in profit after tax. OPay’s rapid expansion is being driven by mobile payments, agent networks, savings products and short-term digital loans. OPay reported 50.1 million monthly active users and 26.8 million daily active users by the end of July. It also processed 90.1 billion transactions worth $558 billion in the 12 months to June. Its savings balances reached about ₦1.31 trillion, while new loans originated in Nigeria rose to roughly ₦1.24 trillion in the first half. Traditional banks remain far larger, but fintech apps are increasingly becoming the preferred option for transfers, payments and small loans. OPay still faces major risks, including high credit-loss provisions, possible regulatory limits on loan rates and foreign-exchange restrictions.

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