Africa’s largest bank, Standard Bank Group, is in talks with Nigerian fintech company OPay. This is ahead of OPay's plan for an initial public offering (IPO) in the United States.
OPay has teamed up with Citigroup, Deutsche Bank AG, and JPMorgan Chase & Co to help list the company in New York. This listing is expected to happen in 2026, according to Bloomberg.
The specific amount that Standard Bank wants to invest and the stake it aims to acquire in OPay are not yet known. OPay, which has backing from SoftBank Group Corp and Sequoia Capital, is aiming for a valuation of $4 billion when it goes public in the US.
Standard Bank Group's interest in OPay comes after the bank announced plans to boost its investments in companies across Africa in June.
The bank stated it would invest $15.4 billion to explore opportunities in Nigeria and other important markets across the continent.
Since its launch in 2018, OPay has become one of Nigeria’s top digital financial platforms. It offers services like payments, savings, credit, and more as a mobile money operator.
In recent years, OPay has expanded beyond Nigeria into other growing markets in Africa and Asia. This includes countries like Indonesia, Pakistan, and Egypt.
OPay is among several Nigerian fintech firms, such as Moniepoint and Flutterwave, that have secured foreign funding to support their growth and expand operations outside Africa.
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