Standard Bank Weighs OPay Stake Ahead of Proposed $4bn US IPO

• Standard Bank is considering a stake in OPay ahead of the fintech’s proposed US IPO, which could value the company at about $4 billion.

• OPay’s Nigerian business accounted for 88.1 percent of its revenue in 2025, while gross transaction value more than doubled to $358 billion.

• The potential investment would give Standard Bank exposure to Nigeria’s fast-growing digital payments market while strengthening OPay’s institutional backing ahead of the proposed listing.

August 19, () — Standard Bank Group, Africa’s largest lender by assets, is considering taking a stake in Nigerian fintech company OPay ahead of its proposed initial public offering (IPO) in the United States.

Bloomberg reported that the South African banking group has held preliminary discussions over a potential investment in OPay, citing people familiar with the matter.

The talks remain at an early stage and may not result in a transaction. The size of the potential investment and the percentage stake being considered have not been disclosed.

Neither Standard Bank nor OPay has confirmed that an agreement is imminent.

Standard Bank Eyes Pre-IPO Opportunity

A potential investment would give Standard Bank exposure to one of Nigeria’s largest digital payments platforms as traditional financial institutions increasingly seek opportunities in Africa’s growing fintech sector.

For OPay, securing another major institutional investor ahead of its proposed listing could strengthen its investor base and provide additional backing as it seeks to demonstrate the scale and growth potential of its Nigerian business.

Standard Bank already has a significant presence in Nigeria through Stanbic IBTC Holdings, in which it holds a controlling stake.

OPay Targets $4bn Valuation

The discussions come as OPay prepares for a possible US IPO later in 2026, with the company reportedly targeting a valuation of about $4 billion.

Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to work on the proposed share sale, according to earlier reports.

The timing, size and eventual valuation of the offering will depend on market conditions, regulatory approvals and investor demand.

A $4 billion valuation would represent a significant increase from OPay’s 2021 funding round, when it raised $400 million at a valuation of $2 billion.

The 2021 round was led by SoftBank Vision Fund 2, with participation from Sequoia Capital China, Source Code Capital, Redpoint China, Long-Z Capital and 3W Capital.

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Nigeria Drives OPay’s Growth

Despite OPay’s expansion into other markets, including Egypt, Pakistan and Indonesia, Nigeria remains central to its business.

Figures contained in an investment document prepared ahead of the proposed IPO showed that Nigeria accounted for 88.1 percent of OPay’s revenue in 2025.

The company processed $358 billion in gross transaction value during the year, up from $166.2 billion in 2024.

Monthly active users also increased from 25.1 million to 39.3 million, while revenue rose from $205.7 million to $536.3 million.

OPay also returned to operating profitability in 2025, according to the document, although the figures have not been independently published in audited financial statements by the company.

The growth could strengthen OPay’s case for a higher valuation as it approaches the public market.

For Standard Bank, an investment before the IPO could provide an opportunity to participate in any future increase in OPay’s value while expanding its exposure to Nigeria’s digital financial services market.

For OPay, the potential deal could provide another major institutional shareholder as it seeks to transition from a privately held fintech into a publicly traded company.

The proposed investment therefore adds another significant development to OPay’s preparations for what could become one of Africa’s notable fintech listings.