South Africa’s Standard Bank Group is in talks to acquire a stake in Nigerian fintech company OPay Digital Services ahead of its planned initial public offering in the United States, according to Bloomberg.
The proposed investment would see Africa’s largest lender by assets take a stake in OPay before the fintech proceeds with its planned US listing, people familiar with the matter told Bloomberg.
In May, it was reported that OPay was planning a US initial public offering targeting a valuation of approximately $4 billion, with Citigroup, Deutsche Bank and JPMorgan Chase appointed to manage the offering. The share sale is expected to take place later this year.
According to Bloomberg, OPay declined to comment on the reported deal, while Standard Bank said it does not comment on market speculation, adding that it remains committed to delivering value to its clients across its markets.
The report indicated that the companies have not reached an agreement and there is no guarantee that the proposed transaction will be concluded, the people familiar with the matter said.
The amount Standard Bank intends to invest and the percentage stake it is seeking are also not yet known.
OPay is one of Africa’s unicorns and has grown into one of Nigeria’s largest digital financial platforms, offering payments, savings, credit and other financial services through its mobile-first application.
The company is backed by major global investors including SoftBank and Sequoia Capital and has expanded beyond Nigeria into markets including Egypt, Pakistan and Indonesia.
Its planned US IPO, first reported by Bloomberg in May, is expected to value the company at about $4 billion, with Citigroup, Deutsche Bank and JPMorgan working on the proposed offering.
The decision to list in the US has, however, attracted criticism from some Nigerian investors and market participants, who have questioned why a company generating most of its revenue from Nigeria would choose a foreign exchange rather than the Nigerian Exchange.
The debate gained further prominence weeks ago after Nigerian Exchange Group CEO Temi Popoola urged President Bola Ahmed Tinubu to support policies that would encourage major companies operating in Nigeria, particularly high-growth fintech firms, to list domestically.
OPay’s financial performance has strengthened significantly ahead of its proposed listing.
The fintech swung to a net profit of $72.47 million in 2025, compared with a $50.98 million net loss in 2024. Revenue also rose 161% to $536.25 million from $205.73 million, driven by higher transaction volumes, user growth and increased lending activity.
The company processed $358 billion in gross transaction value (GTV) in 2025, more than twice the $166.2 billion recorded a year earlier, according to OPay’s audited financial statements.
Its user base also expanded during the year. Monthly active users increased 57% to 39.3 million from 25.1 million, while daily active users in the fourth quarter rose 50% to 22.7 million.
Despite its expansion across several markets, Nigeria remains by far OPay’s largest market. The country accounted for 88.1% of the company’s total revenue in 2025, compared with 9.9% from Indonesia, 1.6% from Egypt and 0.4% from other markets.
OPay operates as a digital financial platform across Nigeria, Indonesia, Egypt and Pakistan, combining payment, savings, credit and lifestyle services. In Nigeria, its operations are supported by licences as a Mobile Money Operator and Microfinance Bank.
The fintech also recorded a first-attempt transaction success rate of more than 99% in the fourth quarter of 2025, underscoring the scale of its payments infrastructure.
