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| A look at Zhou Yahui, Opera Limited, and the major investors behind OPay’s ownership structure in 2026. |
Who Owns OPay? Full Ownership Structure in 2026
OPay is controlled by Chinese businessman Zhou Yahui, who acquired Paycom Nigeria in 2017 through Opera Software and rebranded it as OPay. As of 2026, Opera Limited (the Norwegian browser company) has become a minority shareholder, holding approximately 9.4% equity — down from its original majority stake as OPay has raised outside capital and grown independently. Major investors include SoftBank Vision Fund 2, Sequoia Capital China, IDG Capital, and Source Code Capital.
The Origin Story: From Paycom to OPay
OPay traces its roots to Paycom Nigeria Limited, founded in 2013 as a licensed Mobile Money Operator by Telnet Nigeria. It had a valid CBN license but limited market penetration for several years.
In December 2017, Opera Software — the Norwegian browser company, backed by Chinese investors — acquired Paycom Nigeria Limited rather than applying for a fresh CBN license from scratch, a process that can take years. By acquiring an existing licensed entity, Opera inherited the Mobile Money Operator license immediately and rebranded the consumer-facing product as OPay (Opera Pay) in 2018.
OPay's official legal name today remains OPay Digital Services Limited, though the original licensed entity name, Paycom, still appears on bank transfer records — a detail that confuses many users (covered in our separate guide on why "Paycom" shows up on OPay transactions).
Who Actually Controls OPay Today
Zhou Yahui, founder and chairman of Opera Software, is the individual widely credited as OPay's controlling force. Zhou built his earlier fortune in gaming before acquiring the Opera browser business in 2016 and using it as a platform to enter the African fintech market through OPay.
A note on Opera's changing role: Opera Limited (NASDAQ: OPRA) was OPay's original parent company at launch. However, as OPay raised significant outside investment and grew into an independent unicorn, Opera's ownership stake has been progressively diluted. As of 2026 securities filings, Opera holds approximately 9.4–9.7% equity in OPay, valued at roughly $295 million on Opera's own balance sheet. This makes Opera a minority shareholder today — a strategically important early backer, but not OPay's controlling owner.
Key Investors and Funding History
| Investor | Round/Year | Notes |
|---|---|---|
| Opera Software | 2017 (acquisition) | Original majority parent, now ~9.4-9.7% minority stake |
| Sequoia Capital China | 2019 | Key-stage backer during Nigerian expansion |
| IDG Capital | 2019 | Early-stage backer |
| Source Code Capital | 2019 | Early-stage backer |
| SoftBank Vision Fund 2 | 2021 ($400M) | Led Series C, pushed valuation to $2B (unicorn status) |
| SoftBank Vision Fund 2 | Later round | Follow-on investment pushing valuation toward $2.75B–$3.1B |
Corporate Structure at a Glance
Element
Detail
Legal Name
OPay Digital Services Limited
Original Licensed Entity
Paycom Nigeria Limited (founded 2013)
Acquired/Rebranded
December 2017, by Opera Software
Controlling Individual
Zhou Yahui
Major Minority Shareholder
Opera Limited (~9.4–9.7% in 2026)
Lead Institutional Investor
SoftBank Vision Fund 2
Corporate HQ
Ikeja, Lagos, Nigeria
Regulator
Central Bank of Nigeria (CBN), Mobile Money Operator license
Deposit Protection
Nigeria Deposit Insurance Corporation (NDIC)
Is OPay Nigerian-Owned?
Not primarily in capital terms, even though it's headquartered and licensed in Nigeria. OPay's ownership structure is led by a Chinese businessman and backed mainly by international capital — a Japan-founded fund (SoftBank) and Chinese venture firms (Sequoia China, IDG, Source Code). This doesn't affect OPay's regulatory standing: it operates as a fully licensed, CBN-regulated Mobile Money Operator, with customer deposits protected by the NDIC just like a Nigerian bank account.
How OPay's Ownership Compares to Rivals
| Fintech | Ownership Structure |
|---|---|
| OPay | Zhou Yahui (control) + Opera minority stake + SoftBank/Chinese VC |
| Moniepoint | Founder-led, backed by Development Partners International, QED Investors |
| PalmPay | Backed by Transsion Holdings (Tecno/Infinix parent) and NetEase |
| Kuda | Founder-led, backed by Target Global, Valar Ventures |
This context matters because it shows OPay isn't unusual in having significant foreign backing — most major Nigerian fintechs do, reflecting how capital-intensive building payment infrastructure is.
Common Misconceptions About OPay's Ownership
- "OPay is a Chinese government company" — False. Zhou Yahui is a private Chinese businessman; there's no state ownership involved.
- "Opera fully owns OPay" — Outdated. Opera's stake has been diluted to a minority position as of 2026.
- "OPay is the same company as Paycom Inc. in the US" — False. That's an unrelated American HR/payroll software company; the "Paycom" connection is purely to OPay's original Nigerian licensed entity name.
Frequently Asked Questions
Who is the real owner of OPay?
Zhou Yahui is widely recognized as the controlling individual behind OPay, having built it from the Paycom Nigeria acquisition in December 2017.
Does Opera still own OPay?
Not in majority terms. Opera Limited holds a minority stake of approximately 9.4–9.7% as of 2026, diluted as OPay raised outside capital.
Is OPay a Nigerian company?
OPay is headquartered in Nigeria and regulated by the CBN, but its capital ownership is predominantly foreign.
What was OPay called before it was OPay?
Paycom Nigeria Limited, founded in 2013, before Opera Software's December 2017 acquisition and 2018 rebrand.
Who are OPay's biggest investors?
SoftBank Vision Fund 2, Sequoia Capital China, IDG Capital, and Source Code Capital, alongside Opera Limited's remaining minority stake.
Is OPay owned by the Chinese government?
No. It's controlled by a private individual, Zhou Yahui, with backing from private venture capital firms — there's no state ownership.
