Standard Bank Group, the South African financial services group and parent company of Stanbic IBTC Holdings in Nigeria, has agreed to invest up to $200 million in OPay Limited, positioning itself for a minority stake in the Nigerian-focused fintech ahead of its proposed New York Stock Exchange (NYSE) listing.
The investment, disclosed in OPay’s registration statement filed with the United States Securities and Exchange Commission (SEC) on 9 October 2026, remains subject to the completion of the public offering and relevant regulatory approvals.
Also read: Ronaldo, Messi lead top 10 UCL goal contributions ranking
The proposed transaction goes beyond a financial investment. Both companies intend to explore a broader commercial partnership spanning digital banking, merchant payments, lending, remittances and cross-border transactions, potentially connecting OPay’s extensive digital payments network with Standard Bank’s presence across African markets.
Under the agreement, Stanbic Africa Holdings, a subsidiary of Standard Bank Group, will acquire shares through a private placement alongside the proposed initial public offering (IPO).
The investment is capped at the lowest of $200 million, 0.98 per cent of Standard Bank Group’s qualifying regulatory capital, excluding unappropriated profit, or the value of a 4.99 per cent stake in OPay calculated at the IPO price.
The final investment amount will therefore depend on the offering’s terms and the applicable regulatory capital limit.
OPay’s filing has not yet established the final offer price, the number of shares to be sold or the company’s definitive IPO valuation.
The announcement comes as OPay reports substantial revenue growth and a return to profitability, strengthening its position as it prepares to access public capital markets.
The fintech generated $536.3 million in revenue in 2025, up from $205.7 million in 2024.
Over the same period, the company moved from a net loss of $50.8 million to a net profit of $72.5 million.
Its momentum continued in the six months ended 30 June 2026, when revenue reached $467.1 million, compared with $197.5 million in the corresponding period of 2025.
Net income rose to $90.9 million from $21.7 million, according to the company’s SEC filing.
The growth reflects the scale of OPay’s payments and financial services business.
The company reported 50.1 million monthly active users at the end of July 2026, while gross transaction value reached $339.1 billion in the first half of the year.
Gross transaction value represents the total value of transactions processed through the platform, rather than the revenue earned by OPay.
The distinction is important when assessing the company’s scale and commercial performance.
However, the company’s growing revenues also come with geographic concentration risks.
Nigeria accounted for 89.5 per cent of OPay’s revenue in the first half of 2026, leaving its performance significantly exposed to developments in the country’s regulatory, economic and financial environment.
For Standard Bank, the proposed investment offers exposure to a rapidly expanding digital financial services business while creating opportunities to strengthen its reach through technology-led distribution channels.
The bank operates across 21 African markets and has identified several areas where the two companies could complement each other’s operations.
These include distributing selected Standard Bank products through OPay’s consumer application and merchant network, expanding merchant acquiring services, developing lending products and supporting cross-border payments and remittances.
The companies are also considering jointly developed financial products intended to broaden access to financial services and facilitate trade across African markets.
However, these plans remain exploratory.
A memorandum of understanding signed on 14 August 2026 does not oblige either party to implement specific initiatives, which would require definitive agreements and regulatory approvals.
Standard Bank Group Chief Executive Sim Tshabalala said the partnership could combine the bank’s established financial services capabilities with OPay’s digital platform and merchant ecosystem.
“Africa’s growth is increasingly shaped by connectivity, digital adoption, and evolving models of economic participation,” Tshabalala said.
He added that the partnership had the potential to expand access to financial services, support cross-border commerce and create value for customers across the continent.
The proposed transaction also includes a board-level connection. Lungisa Fuzile, chief executive of Standard Bank’s Africa Regions business, is expected to join OPay’s board as a non-executive director once the private placement closes, according to the registration statement.
Fuzile previously served as chief executive of Standard Bank South Africa from 2018 to 2024 and was formerly director-general of South Africa’s National Treasury.
Standard Bank is also among the financial institutions involved in the proposed offering.
Citigroup, Deutsche Bank and China International Capital Corporation are listed alongside the bank as representatives of the IPO underwriters, while B. Riley Securities and Needham & Company are acting as co-managers.
OPay has applied to list American depositary shares on the NYSE under the proposed ticker symbol OPAY.
American depositary shares represent interests in a foreign company’s shares and allow eligible investors to trade those securities on a US exchange.
Although earlier reports have cited a potential valuation of around $4 billion, OPay’s registration statement does not confirm that figure as the final IPO valuation.
The offering’s size, pricing and timing remain subject to further disclosures and regulatory processes.
The proposed investment reflects a broader shift in African financial services, where established banks are exploring partnerships with digital platforms to reach customers, support merchants and expand payment services across borders.
For OPay, the planned listing could provide access to international public-market investors while increasing scrutiny of its financial performance, risk management and reliance on Nigeria.
For Standard Bank, the proposed stake offers a route into a fast-growing fintech business while opening the door to a potentially wider commercial relationship.
The transaction is not yet complete, and its final financial terms remain uncertain.
Also read: Ronaldo, Messi lead top 10 UCL goal contributions ranking
Its significance will ultimately depend not only on whether the IPO proceeds, but also on whether the two companies turn their proposed areas of collaboration into commercially viable services.
