Standard Bank Group, Africa's largest bank by assets, is in negotiations with Nigerian fintech company OPay ahead of the latter's planned initial public offering (IPO) in the United States, according to a Bloomberg report.
OPay's US IPO Plans and Valuation
OPay is working with Citigroup, Deutsche Bank AG and JPMorgan Chase & Co to help list the company in New York, which is expected to take place later in 2026, according to Bloomberg. The fintech, backed by SoftBank Group Corp and Sequoia Capital, targets a US IPO valuation of $4 billion.
The amount Standard Bank intends to invest and the stake it is seeking in OPay remain unknown at this stage.
Standard Bank's Investment Strategy in Africa
The potential investment in OPay followed Standard Bank Group's disclosure that it plans to increase its investments in companies across Africa in June. The lender said it would deploy $15.4 billion to tap opportunities in Nigeria and other key markets across the continent.
OPay's Growth and Expansion
Since it was created in 2018, OPay has grown into one of Nigeria's largest digital financial platforms, offering payment, savings, credit and other financial services as a mobile money operator. In previous years, it has expanded beyond Nigeria into emerging markets across Africa and Asia, including Indonesia, Pakistan, and Egypt.
OPay is one of Nigerian fintech companies, including Moniepoint and Flutterwave, that have raised funding through foreign means over the years to finance growth and expand their operations beyond the continent. The negotiations with Standard Bank represent another step in OPay's journey toward a public listing, which could provide additional capital for further expansion.
