Standard Bank Group, Africa’s largest lender by assets, is considering taking a stake in Nigerian fintech giant OPay ahead of the company’s proposed initial public offering in the United States.
According to Bloomberg, the South African banking group has held preliminary discussions over a possible investment in OPay. The talks remain at an early stage and may not ultimately lead to a transaction.
OPay is reportedly targeting a valuation of about $4bn for the proposed IPO, which could take place later in 2026. Citigroup, Deutsche Bank and JPMorgan Chase have reportedly been appointed to work on the offering.
Founded in 2018, OPay has grown into a major player in Nigeria’s digital financial services sector, offering mobile payments, transfers, merchant payments, debit cards, savings and agency banking services.
Nigeria remains its biggest market. An investment document prepared ahead of the proposed IPO reportedly showed that Nigeria accounted for 88.1 per cent of OPay’s revenue in 2025.
The company reportedly processed $358bn in gross transaction value during the year, compared with $166.2bn in 2024. Monthly active users also increased from 25.1 million to 39.3 million.
OPay reportedly returned to operating profitability in 2025, although the figures have not been independently published in audited financial statements by the company.
Standard Bank already has a major presence in Nigeria through Stanbic IBTC Holdings, giving the potential investment a strategic connection to the bank’s existing Nigerian operations.
If completed, the deal could position Standard Bank to benefit from the continued expansion of Nigeria’s fintech and digital payments industry while giving OPay additional institutional backing ahead of its potential international listing.
