Standard Bank Group, a financial powerhouse recognized as Africa’s largest lender by asset size, is reportedly exploring the possibility of acquiring a significant stake in OPay, a prominent Nigerian fintech company. This potential investment is being considered in the lead-up to OPay’s anticipated initial public offering (IPO) on a United States stock exchange. According to sources cited by Bloomberg, who are familiar with the matter, the South African banking conglomerate has engaged in preliminary discussions regarding a possible investment in OPay, a company that benefits from backing by SoftBank. However, it is crucial to note that these discussions are still in their nascent stages and there is no certainty that they will culminate in a definitive transaction. The specific financial commitment, including the precise amount of investment and the percentage of equity Standard Bank might acquire, remains undisclosed at this juncture. Furthermore, neither Standard Bank nor OPay has officially confirmed the imminence of any agreement.
Should this deal materialize, it would strategically position Standard Bank to gain valuable exposure to one of Nigeria’s leading digital payment platforms. This aligns with a broader trend where traditional financial institutions are increasingly keen to capitalize on the burgeoning opportunities within Africa’s rapidly expanding fintech and digital payments sector. For OPay, securing an investment from a reputable institution like Standard Bank could significantly bolster its investor profile ahead of its planned US listing. Such a partnership would also provide OPay with additional financial reinforcement as it endeavors to showcase the substantial scale and impressive growth trajectory of its operations within Nigeria.
In parallel, OPay is actively preparing for a potential IPO in the United States, with projections suggesting a possible launch later in 2026. Reports indicate that the company is aiming for a valuation of approximately $4 billion. To facilitate this ambitious undertaking, OPay has reportedly enlisted the services of major financial institutions, including Citigroup, Deutsche Bank, and JPMorgan Chase, to manage the proposed share sale. The precise timing, the overall size of the offering, and the ultimate valuation will be subject to prevailing market conditions and the level of investor interest.
An estimated valuation of $4 billion would represent a substantial leap from OPay’s last significant funding round in 2021. At that time, the fintech company successfully raised $400 million, achieving a valuation of $2 billion, according to industry experts. The 2021 funding initiative was spearheaded by SoftBank Vision Fund 2, with notable participation from other prominent venture capital firms such as Sequoia Capital China, Source Code Capital, Redpoint China, Long-Z Capital, and 3W Capital. An investment from Standard Bank prior to the IPO could introduce another substantial institutional shareholder to OPay’s roster, while simultaneously offering the South African lender an opportunity to benefit from any subsequent appreciation in the fintech company’s valuation.
Established in 2018, OPay has rapidly evolved into one of Nigeria’s preeminent digital financial platforms. Its comprehensive suite of services encompasses mobile payments, seamless bank transfers, efficient merchant payment solutions, debit card issuance, accessible savings products, and a robust agency banking network. Beyond its core market, OPay has also strategically expanded its footprint into international territories, including Egypt, Pakistan, and Indonesia. Nevertheless, Nigeria continues to serve as the central hub for its operational activities and strategic focus.
Data presented in an investment document, prepared in anticipation of the proposed IPO, reveals that Nigeria was the source of a commanding 88.1% of OPay’s revenue in the fiscal year 2025. The same document also highlighted that OPay processed an impressive $358 billion in gross transaction value during 2025, a significant increase from the $166.2 billion recorded in 2024. Over this same period, the company witnessed a substantial rise in its monthly active users, growing from 25.1 million to 39.3 million, while its revenue surged from $205.7 million to $536.3 million. Furthermore, the document indicates that OPay achieved operating profitability in 2025, although these figures have not yet been independently verified through audited financial statements published by the company.
It is worth noting that Standard Bank already maintains a considerable presence in Nigeria through its controlling stake in Stanbic IBTC Holdings. This Nigerian subsidiary offers a diverse range of financial services, including banking, investment, pension management, and asset management. Standard Bank has previously articulated its strategic intent to further deepen its investments within the Nigerian market.
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