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Standard Bank Group, Africa’s largest lender by assets, is considering an investment in Nigerian fintech OPay Digital Services as the payments company prepares for a potential listing in the United States that could value it at about $4 billion.
The proposed investment is still at an early stage, with discussions ongoing and no guarantee that an agreement will ultimately be reached. The potential deal was reported by Bloomberg, citing people familiar with the matter. Neither the size nor structure of the possible investment has been disclosed.
Standard Bank Eyes Growing African Fintech Market
A stake in OPay would give Standard Bank exposure to one of Nigeria’s largest digital payments businesses at a time when traditional financial institutions are increasingly seeking opportunities in Africa’s fast-growing fintech ecosystem.
The South African banking group has been expanding its digital payments ambitions and has identified the continent’s growing use of electronic financial services as an opportunity to increase fee-based income beyond conventional lending.
Standard Bank reportedly processed more than R164 trillion in payments in 2025, serving about 20 million customers alongside its correspondent banking relationships.
For the bank, an investment in OPay could provide access to a large customer and small-business base that increasingly relies on digital wallets and mobile payments rather than traditional banking channels.
OPay Targets $4bn Valuation
The potential Standard Bank investment comes as OPay works towards a possible US initial public offering.
The Nigerian-focused fintech is reportedly targeting a valuation of approximately $4 billion, with Citigroup, Deutsche Bank and JPMorgan Chase involved in preparations for the proposed offering. The timing and final terms of the IPO remain subject to market conditions and investor demand.
A $4 billion valuation would represent a significant increase from OPay’s previous major funding round.
The company was valued at about $2 billion in 2021, when it raised $400 million in a funding round led by SoftBank Vision Fund 2, with participation from Sequoia Capital China, Source Code Capital, Redpoint China, Long-Z Capital and 3W Capital.
OPay’s Business Has Expanded Beyond Payments
OPay has grown from a payments-focused fintech into a broader digital financial-services platform serving consumers and businesses.
Its operations have included digital wallets, payments and lending, with Nigeria remaining its principal market.
Recent financial results have strengthened the company’s case ahead of a possible public offering. OPay reported $72.47 million in net profit for FY2025, reversing a $50.98 million loss recorded a year earlier.
Revenue also rose 161% to $536.25 million, while gross transaction value more than doubled to $358 billion. Monthly active users reached 39.3 million, representing a 57% increase.
Lending activity expanded sharply as well, with new loans originated rising to $938.3 million, while quarterly unique borrowers in Nigeria increased to 4.6 million.
Profitability Strengthens IPO Story
The shift into profitability could make OPay a more attractive proposition for prospective public-market investors.
Its operating income moved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025, while non-GAAP EBITDA swung from a $33.6 million loss to a $113.2 million profit.
Operating cash flow also increased significantly to $152.2 million, suggesting that the improvement was accompanied by stronger cash generation rather than being limited to accounting earnings.
OPay ended 2025 with approximately $274.3 million in cash, while Nigeria accounted for 88.1% of its 2025 revenue.
Potential Deal Highlights Bank-Fintech Convergence
A Standard Bank investment would underline the growing overlap between Africa’s traditional banking industry and its rapidly expanding fintech sector.
Rather than competing solely with digital platforms, established banks are increasingly looking at partnerships, investments and other ways to gain exposure to fintech-driven payment growth.
For OPay, securing another major institutional investor before a US listing could strengthen its profile with international investors and potentially provide an additional reference point for its valuation.
However, the discussions remain preliminary, and there is no certainty that Standard Bank and OPay will reach an agreement.
If completed, the investment would nevertheless mark another significant development in OPay’s journey from a fast-growing African fintech to a potential publicly traded financial technology company.
