Standard Bank Moves to Take Stake in OPay Ahead of US IPO

Standard Bank Group, South Africa's largest bank by assets, is reportedly in discussions to acquire a stake in the Nigerian fintech firm OPay Digital Services. This potential investment is strategically timed as OPay prepares for its anticipated initial public offering (IPO) on the United States stock market.

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Standard Bank Group Ltd. is in talks to buy a stake in Opay Digital Services Ltd., as the Nigeria-focused financial technology firm prepares for an initial public offering in the US, according to people with knowledge of the matter.

Sources familiar with the matter told Bloomberg that Standard Bank aims to secure its position in OPay before the fintech company launches its IPO. While the exact size of the proposed investment and the percentage stake being sought remain undisclosed, the move signifies Standard Bank's interest in capitalizing on OPay's rapid growth and market position.

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Opay, which is backed by Softbank Group Corp. and Sequoia Capital, is working with Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co. to help list the company in New York, said the people who asked not to be identified as the information is still private.

OPay is gearing up for what could be one of the most significant African fintech listings in the U.S., with a target valuation of approximately $4 billion. The company has appointed Citigroup, Deutsche Bank, and JPMorgan Chase to manage its IPO, which is expected to take place later this year. OPay, backed by major investors like SoftBank Group and Sequoia Capital, has established itself as a leading digital payments platform in Nigeria, offering a wide range of financial services to both consumers and businesses.

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Standard Bank is seeking to buy the stake before the IPO, the people said.

The fintech's strong performance bolsters its IPO prospects. In 2025, OPay processed a gross transaction value (GTV) of $358 billion, more than doubling the $166.2 billion recorded in 2024. Its user base also expanded substantially, with monthly active users growing by 57% to 39.3 million in 2025 from 25.1 million the previous year. Daily active users saw a 50% increase in the fourth quarter of 2025, reaching 22.7 million, resulting in a daily-to-monthly active user ratio of 57.8%.

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The fintech processed $358 billion in gross transaction value (GTV) in 2025, more than double the $166.2 billion recorded in 2024, representing a 115 per cent increase in transaction value over the year.