South Africa’s Standard Bank Group is in talks to acquire a stake in Nigerian fintech giant OPay ahead of the company’s proposed $4 billion initial public offering in the United States.
Bloomberg reported that Africa’s largest bank by assets is considering an investment in OPay before the fintech proceeds with its planned US listing, citing people familiar with the discussions.
The potential deal has not been concluded, and there is no guarantee that an agreement will be reached. The size of the proposed investment and the percentage stake Standard Bank is seeking remain unclear.
OPay declined to comment on the report, while Standard Bank said it does not comment on market speculation.
OPay is reportedly preparing for a US IPO that could value the fintech at about $4 billion.
Citigroup, Deutsche Bank and JPMorgan Chase have reportedly been appointed to work on the proposed offering, which is expected to take place later this year.
A successful listing would mark a major milestone for OPay and underscore the growing international interest in Africa’s digital financial services sector.
OPay has emerged as one of Africa’s leading fintech companies, offering payment, savings, credit and other financial services through its digital platform.
The company is backed by major international investors, including SoftBank and Sequoia Capital, and has expanded its operations beyond Nigeria into markets such as Egypt, Pakistan and Indonesia.
OPay’s proposed IPO comes after a significant improvement in its financial performance.
The fintech recorded $72.47 million in net profit in 2025, reversing a $50.98 million net loss in 2024.
Revenue surged 161 per cent to $536.25 million, from $205.73 million a year earlier, driven by higher transaction volumes, user growth and increased lending activity.
The company’s gross transaction value also more than doubled to $358 billion in 2025, compared with $166.2 billion in 2024.
Its user base expanded significantly during the year. Monthly active users rose 57 per cent to 39.3 million, from 25.1 million, while daily active users in the fourth quarter increased 50 per cent to 22.7 million.
Despite its international expansion, Nigeria continues to dominate OPay’s business.
The Nigerian market accounted for 88.1 per cent of the company’s total revenue in 2025, compared with 9.9 per cent from Indonesia, 1.6 per cent from Egypt and 0.4 per cent from other markets.
In Nigeria, OPay operates as a digital financial services platform, with licences covering its mobile money and microfinance banking operations.
The company said its transaction infrastructure recorded a first-attempt transaction success rate of more than 99 per cent in the fourth quarter of 2025, highlighting the scale of its payments business.
