Standard Bank Group, Africa’s largest banking group by assets, is considering acquiring a stake in Nigerian fintech company OPay, as the digital payments firm prepares for a potential listing on a US stock exchange. The proposed investment would give the South African banking group exposure to one of Nigeria’s leading digital financial services platforms ahead of its expected entry into public markets.
Discussions between Standard Bank and OPay remain at an early stage and could still end without a deal. Neither company has publicly confirmed that an agreement has been reached, according to a report by BusinessDay.
OPay Targets $4 Billion Valuation
The potential transaction comes as OPay advances preparations for a US initial public offering that could value the company at about $4 billion. OPay has reportedly engaged Citigroup, Deutsche Bank, and JPMorgan Chase to advise on the proposed share sale, which could take place later this year. The banks are expected to play key roles in coordinating the offering, although the timing, size, and final structure of the IPO have yet to be determined.
A report by Punch said a $4 billion valuation would represent a major increase from the $2 billion valuation OPay achieved after raising $400 million in a 2021 funding round led by SoftBank. The fintech was later valued at approximately $3.1 billion based on Opera Limited’s disclosed valuation of its 9.5 per cent stake in OPay in 2025. A successful US listing at the targeted valuation would position OPay among the most valuable Nigeria-focused technology companies to access international public markets.
Banking Giant Bets on Digital Finance
OPay has established a significant presence in Nigeria through mobile payments, money transfers, and other financial services, benefiting from the country’s rapid shift towards digital transactions. For Standard Bank, an investment could deepen its exposure to Africa’s fast-growing fintech ecosystem. The group already has a substantial Nigerian presence through Stanbic IBTC and has increasingly focused on digital financial services.
The possible deal also reflects a broader shift in the relationship between traditional banks and fintech companies. Rather than viewing digital platforms solely as competitors, major financial institutions are increasingly seeking strategic investments and partnerships that allow them to benefit from fintech-led disruption in payments, lending, and consumer finance.
IPO Will Test Investor Appetite
OPay’s proposed listing will also test international investors’ appetite for African fintech companies, particularly whether rapid user growth and transaction volumes can translate into sustainable public-market valuations. The company may face scrutiny over Nigeria’s currency volatility, intense competition, and its ability to generate durable dollar-denominated returns.
If completed, the IPO would follow US market debuts by African technology companies such as Jumia and IHS Holding, while standing out for OPay’s strong focus on financial services and the Nigerian market. For now, Standard Bank’s potential investment remains preliminary. But if completed, it could give the banking giant a foothold in OPay before its public-market debut and potentially allow it to benefit from future growth in the fintech’s value.
