Standard Bank eyes stake in OPay ahead of US IPO

Standard Bank Group, Africa’s largest lender by assets, is in preliminary discussions to acquire a stake in the Nigerian fintech company OPay. The potential investment is being considered ahead of OPay’s planned initial public offering (IPO) in the United States.

OPay, which is backed by SoftBank Group Corp., is reportedly targeting a valuation of approximately $4 billion for its US listing. This would double the company’s $2 billion valuation from its 2021 funding round. The proposed IPO is expected to involve Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co.

While the talks are in the early stages and may not result in a formal agreement, the deal would provide Standard Bank with significant exposure to Nigeria’s digital payments sector. The size and structure of the potential investment have not been disclosed, and neither Standard Bank nor OPay has officially commented on the discussions.