OPay is one of Nigeria’s most-used money apps. Its first public financial statements have now put a number on a problem many borrowers and bankers already suspected. A lot of loans are not coming back.
In circulation, the story reads like this: “OPay lost ₦150 billion in loans because Nigerians refused to pay back.” The headline travels well. The filing behind it tells a more careful story, and the difference matters for anyone who borrows on a phone.
What OPay’s filing actually says
OPay filed a registration statement (Form F-1) with the US Securities and Exchange Commission on 9 October 2026. It seeks a New York listing under the ticker OPAY. The filing covers the first half of 2026 and opens the books on a fast-growing lending business.
The figures that matter most come from the filing, as Nairametrics reported:
Meanwhile, the company is profitable. Revenue reached $467.06 million, and profit after tax hit $90.87 million. Lending income of $236.12 million now makes up just over half of revenue. Nigeria supplies about 89.5% of it.
Where does the ₦150 billion figure come from?
The filing reports dollars. It gives no naira total for write-offs. Therefore, any naira figure depends on the exchange rate that a writer picks.
At an illustrative ₦1,500 to the dollar, $113.15 million is roughly ₦170 billion. At the same rate, ₦150 billion equals about $100 million. So the viral number does not match the filing, and the Gazette could not trace it to any source.
The honest summary is simple. OPay wrote off a very large sum in six months. The exact naira value moves with the exchange rate. The ₦150 billion label is unconfirmed.
Two ways to read the same loan book
The filing also reports a bad-loan ratio. OPay defines a non-performing loan as one that is 90 days or more past due. On that measure, its ratio stood at 4.3% on 30 June 2026. It was 4.6% at the end of 2024, 5.2% at the end of 2025 and 4.8% a year earlier.
So both numbers are true at once. The ratio is modest, and the write-offs are very large. One measures loans still on the books. The other measures loans already removed.
A write-off is not proof that Nigerians “refused” to pay
A write-off is an accounting step. A lender removes a loan from its books when it judges the money unlikely to come back. The step says nothing about why the borrower stopped paying.
The last point does happen. A lender-software founder told TechCabal in 2025, “People are borrowing from different lenders without the intention of paying back.” However, nothing in OPay’s filing measures intent. It reports unpaid balances, not motives.
Bigger loans, longer terms, higher prices
The filing points to lender choices as well. OPay says its bad-loan ratio rose in the last quarter of 2025 and the first quarter of 2026. It blames a deliberate, temporary widening of its risk appetite for larger and longer loans. The ratio then fell in the first half of 2026 after OPay tightened consumer lending and moved toward merchant loans.
The scale of that expansion is striking. OPay originated $1.56 billion in Nigerian loans in the 12 months to 30 June 2026. Its quarterly borrowers in Nigeria are now more than seven times the number in early 2024. The company funds most of these loans from its own balance sheet, so every unpaid naira is its own loss.
Pricing also plays a part. The filing admits that OPay charges interest rates on certain Nigerian credit products that are higher than those typically seen. It adds that current Nigerian law permits this. Meanwhile, the filing shows a risk-adjusted net interest margin of 21.1%, up from 19.2% a year earlier.
Bigger loans at higher prices raise the odds of default. Blaming borrowers alone ignores that.
What OPay says it is doing
OPay says it has tightened consumer lending. It is shifting toward merchant loans, which it regards as lower risk. The overdue share also improved, from 34.2% in December 2025 to 27.4% in June. However, the overdue amount grew, from $93.71 million to $113.80 million.
In other words, the rate is getting better while the pile is getting bigger. Growth in new lending explains part of that.
A sector-wide problem, with new rules
OPay is not alone. The number of approved digital lenders rose from 173 in April 2023 to 461 in August 2025, according to figures from the Federal Competition and Consumer Protection Commission (FCCPC). The The Central Bank of Nigeria, which sets interest rates and manages the naira.’s Q2 2025 Credit Condition Survey reported higher default rates for secured and unsecured lending. The IMF has also warned that rising bad loans in non-bank lenders and fast-growing fintech lending pose risks to financial stability.
Regulators have responded. The FCCPC’s 2025 digital lending regulations took effect in July 2025, and the compliance deadline passed on 5 January 2026. According to reports, the rules ban abusive recovery tactics and stop apps from reading customers’ contact lists and photos. They also require lenders to disclose all fees and to lend only to people who can repay. Reported penalties reach ₦100 million or 1% of annual turnover.
Therefore, the OPay numbers are best read as a sign of how quickly consumer credit has grown. Fast growth brings fast losses when incomes stay under pressure.
What borrowers should do
If you use a loan app, a few habits protect you.
Also remember that a write-off by a lender does not automatically cancel what you owe. Treat any loan as a debt until the lender confirms in writing that it is settled.
