OPay filed a Form F-1 registration with the SEC on Oct 9 2026 to seek a listing on the New York Stock Exchange, and its registration documents detail employee equity. They provide information about the company’s plans for employee compensation.
The filing notes that OPay had not created a broad-based employee equity incentive programme until April 2026.
Founded in 2017, OPay has grown into a major digital-payments provider serving millions across emerging markets. The registration lists 992 staff as of June 30 2026, including 341 in technology and product development.
In April, the board approved an equity incentive plan reserving roughly 168.7 million ordinary shares, about 9.1% of the company’s capital on an as-converted basis. The shares were allocated to Bloom Haven Limited, a British Virgin Islands-registered entity serving as trustee for future employee awards.
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The prospectus states that, as of its filing date, no participant had received any award from the new plan. It is still unclear when the company will begin allocating shares to employees.
A Nigerian dispute involved a former OPay lawyer who claimed entitlement to shares under a 2020 stock-option arrangement. The National Industrial Court dismissed the claim in July 2026, finding that required exercise procedures had not been established.
OPay’s financial statements for 2024, 2025 and the first half of 2026 did not list share-based compensation expenses, relying instead on salaries and cash bonuses. No share-based expense line appears in any of the reports.
OPay’s employee compensation practices have drawn scrutiny after the company disclosed details in its registration paperwork for a planned New York Stock Exchange offering.