Digitnomics 
South Africa’s Standard Bank Group is in talks to acquire a stake in Nigerian fintech company OPay Digital Services ahead of the company’s proposed initial public offering (IPO) in the United States, Bloomberg has reported.
People familiar with the discussions told Bloomberg that the proposed investment could see Africa’s largest bank by assets take a position in OPay before the fintech proceeds with its planned US listing.
However, the discussions are ongoing and no agreement has been reached. The amount Standard Bank is considering investing and the percentage stake it may seek have not been disclosed.
Neither company has confirmed the proposed transaction.
OPay declined to comment on the report, while Standard Bank said it does not comment on market speculation and reiterated its commitment to delivering value to clients across its markets.
The reported discussions come as OPay prepares for a potential 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.
Why Standard Bank’s interest matters
The potential investment highlights the growing convergence between traditional banking and fintech across Africa.
OPay has evolved from a mobile payments company into a broad digital financial services platform offering payments, savings, credit and other financial services.
The fintech is backed by major global investors, including SoftBank and Sequoia Capital, and has expanded beyond Nigeria into markets including Egypt, Pakistan and Indonesia.
Its recent financial performance has also strengthened ahead of the proposed listing.
OPay reported a 161 per cent increase in revenue in 2025 to $536.25 million, compared with $205.73 million in 2024.
The company also swung to a net profit of $72.47 million in 2025, from a net loss of $50.98 million a year earlier.
Its gross transaction value more than doubled to $358 billion in 2025 from $166.2 billion in 2024.
Monthly active users increased by 57 per cent to 39.3 million, while daily active users in the fourth quarter rose 50 per cent to 22.7 million.
Nigeria remains OPay’s dominant market, accounting for 88.1 per cent of the company’s total revenue in 2025.
A changing banking landscape
Standard Bank’s reported interest in OPay comes against the backdrop of increasing competition and collaboration between traditional financial institutions and fintech companies.
As digital payments and mobile financial services expand across Africa, established banks are increasingly exploring ways to participate in the growth of technology-driven financial platforms.
The potential OPay investment could therefore represent more than a pre-IPO transaction. It could also signal growing interest among traditional financial institutions in acquiring exposure to Africa’s rapidly expanding digital financial ecosystem.
Standard Bank has previously shown interest in Africa’s fintech sector. A 2026 Standard Bank research report examining African fintech identified OPay among the continent’s major superapps and highlighted the growing importance of partnerships between banks, fintechs and other financial-sector players.
There is also an existing relationship between the two organisations. OPay’s Co-Chief Executive Officer, Lars Boilesen, participated in Standard Bank’s African Markets Conference in February 2026, where the future of AI-driven payment ecosystems was discussed.
The Nigerian listing debate
The reported Standard Bank discussions also come amid renewed debate over where major Nigerian technology companies should raise capital.
OPay’s proposed US listing has attracted attention because Nigeria remains its largest market.
Some Nigerian market participants have questioned why a fintech generating the majority of its revenue from Nigeria would choose a foreign exchange instead of the Nigerian Exchange.
The debate intensified after Nigerian Exchange Group Chief Executive Officer Temi Popoola called for policies that would encourage major high-growth companies, particularly fintechs, to consider domestic listings.
For now, however, the proposed Standard Bank investment remains unconfirmed.
If completed, it would give one of Africa’s biggest banking groups a direct stake in one of the continent’s most prominent digital financial platforms at a significant stage in OPay’s growth.
Digitnomics will continue to monitor developments around the proposed transaction and OPay’s planned US listing.
Source: Bloomberg, with additional information from OPay’s reported financial performance.
