Standard Bank eyes OPay stake ahead of $4bn US IPO

Standard Bank Group, Africa's largest lender, is reportedly exploring a potential stake in Nigerian fintech firm OPay as the company prepares for a proposed initial public offering in the United States. Preliminary discussions have occurred between the South African banking group and the SoftBank-backed payments company, according to sources familiar with the matter.

While the talks are in their early stages and a transaction is not guaranteed, such a deal would offer Standard Bank exposure to a significant digital payments platform in Nigeria. This aligns with a broader trend of traditional financial institutions seeking opportunities within Africa's expanding fintech and digital payments sector. For OPay, an investment from Standard Bank could strengthen its institutional backing as it aims to demonstrate its business's scale and growth potential ahead of its U.S. listing.

OPay is reportedly targeting a valuation of approximately $4 billion for its potential U.S. IPO, which could occur later in 2026. Citigroup, Deutsche Bank, and JPMorgan Chase have been appointed to manage the share sale. This valuation would represent a substantial increase from its 2021 funding round, where it raised $400 million at a $2 billion valuation.

Founded in 2018, OPay has grown into a major digital financial platform in Nigeria, offering services like mobile payments, bank transfers, and agency banking. Although it has expanded into other markets, Nigeria remains its core focus, accounting for 88.1 percent of its revenue in 2025. The company processed $358 billion in gross transaction value in 2025, up from $166.2 billion in 2024, with its monthly active users increasing from 25.1 million to 39.3 million over the same period.