Standard Bank considers SoftBank-backed OPay stake before US IPO

Standard Bank Group is in talks to buy a stake in Opay Digital Services, as the Nigeria-focused financial technology firm prepares for an initial public offering in the US, according to people with knowledge of the matter.

Opay, which is backed by Softbank Group Corp and Sequoia Capital, is working with Citigroup, Deutsche Bank AG and JPMorgan Chase & Co to help list the company in New York, said the people who asked not to be identified as the information is still private. Standard Bank is seeking to buy the stake before the IPO, the people said.

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African mobile-payment companies including Airtel Africa Plc’s mobile-money business and PalmPay are seeking to raise funds to expand in a region that’s among the world’s fastest growing. Mobile-money operators in sub-Saharan Africa handled $1.4 trillion of transactions in 2025, according to the GSM Association. That’s 66% of global activity.

Opay declined to comment on the matter. Standard Bank, Africa’s biggest lender by assets, said it doesn’t comment on market speculation, while remaining committed to delivering value to its clients across all markets.

The companies haven’t yet reached an agreement and there are no guarantees that the deal will be concluded, the people said.

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Founded in 2018, OPay has emerged as one of Nigeria’s top fintech platforms, serving as many as 50 million users, the people said. The company has become a key beneficiary of Africa’s rapidly growing population and shift toward mobile payments and digital banking.

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McKinsey & Co estimates that revenue at African fintechs may reach $47 billion by 2028.

Opay turned profitable last year as transaction values more than doubled to $358 billion, according to a company document seen by Bloomberg. The company also operates in Egypt and Pakistan among other countries.

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