Standard Bank Weighs OPay Stake Ahead of $4B IPO

STARTUP VENTURE CAPITALAugust 20, 2026 at 8:24 PM UTC

TLDR

Standard Bank Group considers buying stake in Nigerian payments company OPay for possible US stock-market listing at $4 billion valuation
OPay, with Citigroup, Deutsche Bank, and JPMorgan Chase, plans IPO in 2026; Nigeria is primary revenue source
Investment in OPay would give Standard Bank exposure to millions of users, potential institutional shareholder status pre-IPO

Standard Bank Group is considering buying a stake in Nigerian payments company OPay as the fintech prepares for a possible US stock-market listing that could value it at about $4 billion. The talks are at an early stage and may not result in a deal. The size and structure of any investment have not been disclosed.

OPay is working with Citigroup, Deutsche Bank and JPMorgan Chase on the proposed IPO, which could take place later in 2026. A $4 billion valuation would be twice the $2 billion value OPay secured when it raised $400 million in 2021 from investors led by SoftBank Vision Fund 2.

Nigeria remains the main source of OPay’s business. Figures circulated ahead of the IPO showed the country accounted for 88.1% of revenue in 2025. Gross transaction value rose to $358 billion from $166.2 billion in 2024, while monthly active users increased to 39.3 million from 25.1 million. Revenue reached $536.3 million. The figures have not been published by OPay in audited financial statements.

For Standard Bank, a stake would add exposure to a payments platform with millions of users and merchants. The Johannesburg-based lender had R3.6 trillion in assets at the end of 2025 and operates in Nigeria through Stanbic IBTC. Standard Bank processed more than R164 trillion of payments across its network in 2025, involving about 20 million clients and correspondent-banking relationships.

An investment before the IPO could also give OPay an institutional shareholder before it approaches US investors. For Standard Bank, it would provide a route into payment volumes that have shifted from bank branches toward mobile apps, transfers and agency networks. OPay and Standard Bank have not confirmed that a transaction will take place.

Key Takeaways

A Standard Bank investment would show how the line between African banks and fintech companies is changing. OPay built scale by serving customers through transfers, wallets, cards and agents rather than relying on branches, while Standard Bank already has the balance sheet, licenses and corporate relationships of a bank operating across the continent. A stake would let Standard Bank gain exposure to OPay’s payment volumes without building the same network from scratch. It could also give OPay a banking partner and a new valuation reference before its planned US IPO. The timing matters. OPay is seeking about $4 billion after reporting growth in transaction value, users and revenue, but much of the financial information linked to the IPO has not been released in audited public accounts. Investors will need to judge how much of that growth can translate into profit and cash flow. Nigeria is another issue because it generated 88.1% of OPay’s reported 2025 revenue, leaving the business exposed to one market despite operations elsewhere. If Standard Bank proceeds, the deal would be another example of banks responding to fintech growth through ownership and partnerships rather than competing only through their own digital products.

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