Africa’s largest bank by assets just signaled where it believes the future of the continent’s financial industry is heading. Standard Bank Group is in talks to acquire a pre-IPO stake in OPay Digital Services, the Nigerian fintech preparing for a landmark public offering in the United States.
The South African lender wants to close the investment before OPay begins trading on the New York Stock Exchange later this year. If the listing proceeds at its targeted valuation, it would become one of the most significant African fintech debuts on Wall Street to date.
You do not see a 163-year-old banking institution chase a fintech startup every day, especially one that only turned profitable for the first time last year. The pursuit suggests a broader strategic pivot that could reshape how legacy banks in Africa compete with digital-first challengers across the continent.
Neither company has confirmed an agreement, and the transaction could still collapse before a final structure is reached. But the fact that these discussions are underway tells you something about where African finance is heading next.
Standard Bank targets OPay as the fintech nears its New York debut
Standard Bank is in active discussions to purchase a stake in OPay ahead of the fintech’s planned US listing, Bloomberg reported on August 18, 2026. OPay has engaged Citigroup, Deutsche Bank, and JPMorgan Chase to manage a New York Stock Exchange offering that could value the company at roughly $4 billion.
The size of Standard Bank’s proposed investment and the percentage stake it is seeking have not been disclosed, Bloomberg noted. OPay declined to comment on the reported talks, while Standard Bank said it does not comment on market speculation.
Standard Bank’s interest comes during a period of aggressive digital expansion at the lender. The bank posted record headline earnings of R26.1 billion ($1.59 billion) in the first half of 2026, with its Africa Regions business contributing 40% of group earnings, TechCabal reported. Domestic payment values rose 11% during that same period, and 69% of the bank’s transactional clients were using digital channels by June 2026.
“We are investing deliberately in the capabilities that will define the future of financial services, technology, payments and AI,” Sim Tshabalala, Standard Bank Group CEO, said in the bank’s 2026 strategy update, FAnews reported.
OPay’s financial turnaround strengthens its case for a $4 billion listing
OPay swung to a net profit of $72.47 million in 2025 after recording a $50.98 million net loss the previous year, Nairametrics reported. Revenue surged 161% to $536.25 million, fueled by higher transaction volumes, expanding user adoption, and a fast-growing lending business.
Key OPay financial metrics for 2025
- Gross transaction value: $358 billion, up from $166.2 billion in 2024
- Monthly active users: 39.3 million, a 57% year-over-year increase
- EBITDA: $113.1 million profit, compared to a $33.6 million loss in 2024
- Revenue from Nigeria: 88.1% of total company revenue
- Cash position: $274.3 million, up 162% from the prior year
Source: OPay audited financial statements for 2024 and 2025, via Nairametrics
The company was founded in 2018 and now serves roughly 50 million users across Nigeria, Egypt, Pakistan, and Indonesia. SoftBank Group and Sequoia Capital are among its earliest institutional backers, and a successful IPO at $4 billion would double the $2 billion valuation from its 2021 Series C round, Innovation Village noted.
If Standard Bank closes a pre-IPO deal, the 163-year-old lender would gain direct exposure to one of Africa’s fastest-growing consumer finance platforms. For OPay, a strategic anchor investor from the continent’s largest traditional bank could strengthen institutional confidence ahead of its Wall Street debut.
Nigeria’s domestic listing debate grows louder as OPay looks to Wall Street
OPay’s decision to list in New York instead of Lagos has drawn criticism from Nigerian investors and capital market leaders. Temi Popoola, CEO of NGX Group, addressed the issue during a meeting with President Bola Ahmed Tinubu on August 6, 2026.
“It’s a free market, but we should also allow locals to participate in the wealth that these companies are creating,” Popoola said, naming OPay and PalmPay as fintechs that should pursue dual listings, Nairametrics reported.
The broader market data supports Popoola’s urgency about keeping African fintech value on the continent. Mobile money providers across sub-Saharan Africa processed $1.4 trillion in transactions in 2025, accounting for 66% of global mobile money activity, the GSMA’s State of the Industry Report found. Africa’s digital payments market is projected to reach $1.5 trillion by 2030, a Mastercard-commissioned report by Genesis Analytics estimated.
What you should watch as OPay’s IPO approaches
Standard Bank’s pursuit of an OPay stake represents more than a single pre-IPO investment play in the African fintech space. It reflects a growing tension between Africa’s legacy financial institutions and the digital platforms that are rapidly absorbing their customer base at scale. The outcome of these talks, and OPay’s eventual IPO pricing, will signal how global investors value African digital finance going forward.
Key takeaways
- Standard Bank is in talks to acquire a pre-IPO stake in OPay, though no agreement has been reached yet
- OPay is targeting a $4 billion valuation for its planned New York listing later in 2026
- The fintech turned profitable in 2025 with $536.25 million in revenue and $358 billion in transaction volume
- Nigeria generates 88.1% of OPay’s revenue, fueling debate over whether the company should list domestically as well
- Africa’s digital payments market processed $1.4 trillion in mobile money transactions in 2025, the GSMA reported
