OPay’s $1.28 lending problem in Nigeria
OPay generated $2.55 in revenue for every $10 lent in H1 2026 but set aside $1.28 for expected credit losses in Nigeria
Via TechCabal
Every $10 (₦13,329.7) borrowed from OPay generated $2.55 (₦3,399.07) in loan-financing revenue in H1 2026. The figure includes late-payment penalties, not just interest, and offers a glimpse into the revenue lenders need to cover the risk of borrower defaults.
The fintech generated $236.12 million from $927.6 million in loans originated in Nigeria, according to its public offering prospectus. But OPay set aside $118.36 million for expected credit losses, equivalent to $1.28 (₦1,706.20) for every $10 lent. After provisions, roughly $1.27…
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