The fintech company Optasia garnered considerable interest following its listing in November 2025, hailed as the largest enterprise to debut on the JSE in several years.
It satisfied all the essential criteria: a financial services entity within the tech sector, bolstered by well-known entrepreneurs, securing billions of rand in funding from one of South Africa’s major banks, while management projected remarkable growth.
Optasia raised R6.5 billion at its public offering, initiating its JSE journey at around R20 per share.
Nevertheless, the share price experienced a steep drop from its high of nearly R22.50 in February, falling by 40% to a low of R13.33 during the last week of June.
Although it has since recovered, the current price of under R15 remains almost 30% less than its initial listing price.
In a recent update, management stressed that their outlook is positive. In the interim trading update for the first half of the financial year ending June 2026, the company reported being “pleased” to present strong financial results.
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The company reported that its micro-financing services (MFS) and airtime credit services (ACS) are continuing to grow, supported by its geographic and product diversification strategy.
“MFS now constitutes approximately 72% of revenue, serving as the primary growth driver,” as noted in the trading update.
“Performance during this period was aided by significant growth in multiple markets—including Ghana, Pakistan, Indonesia, and Congo-Brazzaville—helping to offset the temporary disruption of ACS in Nigeria.”
The directors expressed their belief that this performance demonstrates the resilience of Optasia’s platform and the robustness of the group’s diversified operating model.
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Based on preliminary management accounts for the six months ending 30 June 2026, Optasia expects revenue growth of between 50% and 60% compared to the same period last year, with normalized net income anticipated to increase by 30% to 40%.
The group has also introduced three new deployments and entered two additional markets, Gabon and South Sudan.
Challenges
However, challenges have emerged. In April, the Nigerian government prohibited cellular companies from offering airtime on credit—the small loans that allow consumers to purchase airtime when funds are short.
These minor loans were only temporarily resumed in June.
In another announcement, Optasia indicated that the fundamental regulations surrounding ACS “remain suspended pending the resolution of ongoing legal disputes.”
Optasia has affirmed its commitment to restoring this service, which is crucial for connectivity access for millions in Nigeria.
The company also disclosed that one of its non-executive directors had resigned, and the newly nominated replacement chose not to accept the board position at the last moment.
Some positive news
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However, positive developments have emerged, alleviating initial concerns about the share’s high valuation of 22 times earnings—particularly for a relatively unknown new firm dealing in small amounts within transactions against a backdrop of weak African currencies.
FirstRand revealed that it has increased its stake in Optasia to 26% by purchasing an additional 6% for nearly R1.5 billion.
FirstRand initially acquired its 20% stake when Optasia listed in November 2025.
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A press release concerning the transaction stated that 74.1 million shares were purchased at R20 each from an entity associated with one of Optasia’s founders, non-executive director Bassim Haidar.
Unit trusts selling … and buying
It is noteworthy that unit trusts had been liquidating significant amounts of the share during the first quarter of 2026, when it was still trading around R18 to R20.
ProfileData statistics reveal that unit trusts were net sellers of 16.6 million Optasia shares from the end of December 2025 to the end of March 2026.
Ninety One unit trusts, among the largest shareholders of the company at the end of December, sold millions of shares. The Ninety One Equity Fund disposed of its entire holding of approximately 3.5 million Optasia shares, while the Ninety One SA Equity Fund also divested a substantial portion.
Various unit trusts managed by 36One Asset Management, Bateleur Capital, and Investec also offloaded millions of shares, with some completely exiting their positions in Optasia.
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Conversely, the Nedgroup Investments Opportunity Fund emerged as a significant shareholder, acquiring an additional one million shares, raising its total holdings to 11.7 million shares. By the end of March, it became the unit trust with the largest stake in Optasia.
Justin Hollis, head of equities at Abax Investments, which manages the Nedgroup Investments Opportunity Fund, believes Optasia still represents a growth opportunity.
“The main market discourse surrounding Optasia revolves around the scale and sustainability of its revenue and earnings growth in light of challenges in Nigeria and the risks associated with the MTN partnership. Divergent viewpoints on this matter divide cautious perspectives from those that are more favorable.
“From our standpoint, Optasia stands out as one of the most significant growth narratives on the JSE,” Hollis asserts.
“The company has recently reported a robust first-half performance (adjusted earnings before interest, tax, depreciation, and amortization increasing by 40% to 50%) and reaffirmed their guidance for the financial year 2026.
“The first-half results illustrate that Optasia’s geographic and product diversification have effectively absorbed the challenges faced in Nigeria, with micro-financing solutions (MFS) acting as the principal growth driver (72% of total revenue).”
He notes that “occasional regulatory challenges” in Africa are not unexpected, acknowledging that all telecommunications operators have already reinstated airtime credit services in Nigeria.
“Despite anticipating strong earnings growth in the medium term, the share price has struggled (decreasing by 35% since the end of January 2026). It provides attractive value.”
Hollis also highlights recent statements in accordance with JSE regulations showing that the chief executive and other directors have acquired substantial quantities of shares.
“The CEO’s share purchases demonstrate insider confidence, while [the increase in FirstRand’s stake] affirms the platform’s strategic importance across Africa.”
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