Africa's biggest bank targets stake in OPay ahead of IPO - Report

Africa's largest bank by assets, Standard Bank Group, is reportedly in negotiations to acquire a stake in Nigerian fintech firm OPay. This move comes as OPay prepares for a planned initial public offering (IPO) in the United States.

OPay is working with financial giants Citigroup, Deutsche Bank AG, and JPMorgan Chase & Co. to facilitate its listing in New York, which is anticipated to occur later in 2026. While the specific investment amount and stake Standard Bank seeks are not yet known, OPay is targeting a valuation of $4 billion for its U.S. IPO. The fintech company is backed by major investors SoftBank Group Corp and Sequoia Capital.

This potential investment by Standard Bank aligns with its broader strategy. In June, the bank disclosed plans to significantly increase its investments in companies across Africa, earmarking $15.4 billion to capitalize on opportunities in Nigeria and other key markets on the continent.

Since its inception in 2018, OPay has rapidly grown into one of Nigeria's leading digital financial platforms. It offers a comprehensive suite of services, including payments, savings, and credit, operating as a mobile money provider. The company has expanded its reach beyond Nigeria, establishing a presence in emerging markets across Africa and Asia, including Indonesia, Pakistan, and Egypt.