Standard Bank Group is in preliminary talks to acquire a stake in Nigerian fintech company OPay ahead of a potential US initial public offering that could value the payments platform at about $4 billion, according to people familiar with the matter cited by Bloomberg.
The discussions are at an early stage and could end without a transaction. Neither Standard Bank nor OPay has announced a deal, while the size of any potential investment and the percentage stake under consideration have not been disclosed.
The reported talks come as OPay steps up preparations for a possible US listing later in 2026. The fintech has appointed Citigroup, Deutsche Bank and JPMorgan Chase to work on the proposed offering, which is targeting a valuation of approximately $4 billion. The timing and eventual size of the IPO remain subject to market conditions and investor demand.
Founded in 2018, OPay has grown into one of Nigeria’s largest digital financial services platforms, providing payments, transfers, merchant services, savings, lending and agency-banking products.
The company’s reported 2025 performance strengthens the case for a public-market debut. OPay processed about $358 billion in gross transaction value, more than double the $166.2 billion recorded in 2024, while monthly active users rose to 39.3 million from 25.1 million, according to figures cited in reports based on documents prepared ahead of the proposed IPO.
Revenue reportedly climbed 161% to $536.3 million, while OPay swung to a net profit of roughly $72 million from a loss of about $51 million a year earlier. The figures point to a business moving beyond rapid customer acquisition toward stronger earnings and cash generation.
OPay’s proposed valuation would also mark a significant increase from its $2 billion valuation following a $400 million funding round in 2021 led by SoftBank Vision Fund 2.
For Standard Bank, an OPay investment would provide direct exposure to Africa’s expanding digital-payments economy and complement its existing banking footprint in Nigeria through Stanbic IBTC.
Standard Bank describes itself as Africa’s largest banking group by assets, with R3.6 trillion in assets and operations in 21 African countries. Its own strategy highlights fintech, data and payments among structural trends shaping the continent’s financial-services opportunity.
The potential investment also illustrates how established banks are increasingly seeking strategic exposure to fintechs rather than relying solely on competition with them.
A $4 billion OPay valuation would put the Nigerian fintech among Africa’s most closely watched technology companies seeking international public-market capital.
The opportunity comes with risks. OPay’s heavy exposure to Nigeria leaves its future valuation sensitive to naira volatility, regulation, competition and changes in consumer spending. International investors will also scrutinise whether its rapid transaction growth can translate into sustainable dollar returns.
Opera, which retains a 9.5% interest in OPay, has itself warned that valuing the private fintech involves significant uncertainty, using scenarios ranging from $200 million to $6 billion in its 2025 reporting.
For now, both transactions remain prospective. Standard Bank’s reported interest is not yet a completed investment, while OPay’s $4 billion IPO target remains a proposed valuation rather than a confirmed market price.
