Standard Bank Group, Africa's largest bank by assets, is in discussions to acquire a stake in OPay before the Nigerian fintech company completes its planned listing on a US stock exchange, according to Bloomberg.

The South African banking giant aims to become a shareholder ahead of what is expected to be one of the most significant African fintech IPOs in recent memory.

OPay, which is backed by SoftBank and Sequoia Capital, has been collaborating with Citigroup, Deutsche Bank, and JPMorgan Chase to prepare for a New York listing, targeting a valuation of approximately $4 billion. That would be double the $2 billion valuation the company held after SoftBank led a $400 million funding round in 2021, and would place OPay ahead of its closest Nigerian peers: Flutterwave was valued at more than $3 billion after a 2023 funding round, while Moniepoint reached a $2 billion valuation in a 2024 raise.

Neither OPay nor Standard Bank has made an official public statement regarding the talks over the stake acquisition.

The timing of Standard Bank's interest is noteworthy. Pre-IPO stakes in rapidly growing technology companies are typically priced at a discount compared with the eventual listing price, allowing early investors to realise gains once the company goes public.

For a bank of Standard Bank's size and reach across Africa, acquiring a stake in OPay also makes strategic sense beyond financial returns. It would provide Africa's largest bank with direct exposure to one of Nigeria's most popular digital payment platforms at a time when the lines between traditional banking and fintech are increasingly blurred.

Launched in Nigeria in 2018, OPay has built one of the country's largest agent banking networks, offering mobile money, bill payments, transfers, and merchant services to millions of Nigerians, especially in areas underserved by conventional bank branches. Its approach of combining a digital app with a widespread offline agent presence has made it one of the most accessible financial platforms in the country and the primary financial services touchpoint for a significant portion of Nigeria's population. That reach is rooted in the market itself: Nigeria is Africa's most populous country, and many of its adults have long operated outside the formal banking system. Digital payment adoption accelerated sharply during the country's 2023 cash shortage, when naira redesign restrictions left many customers unable to access physical currency — a period during which activity on platforms such as OPay and Moniepoint surged.

If OPay successfully goes public in New York, it will join a small group of African-founded companies that have entered the US public capital markets. Jumia, the Africa-focused e-commerce group, listed on the New York Stock Exchange in 2019 and remains among the very few African technology companies trading on US exchanges. A New York listing would also bring OPay under US securities disclosure requirements, giving public-market investors a level of financial visibility into a large Nigerian payments operator that private peers such as Flutterwave and Moniepoint do not currently provide. The move could significantly raise the profile of African fintechs among institutional investors who have historically overlooked the sector.

The $4 billion target valuation suggests the fintech has progressed well beyond the early stages of growth. Earlier this year, the Central Bank of Nigeria granted OPay a full national license, along with Moniepoint, Kuda, and others. The license allows OPay to operate as a full-service mobile money and payment service bank. Combined with its established customer base and agent network, OPay presents a fundamentally different opportunity for public market investors than it did when SoftBank invested in 2021.

Standard Bank's interest also underscores a broader trend in African banking. Traditional banks across the continent are watching fintech companies take market share in payments, savings, and lending. By acquiring stakes in these companies before they go public, traditional banks are finding ways to remain relevant in an ecosystem that is evolving more rapidly than they can adapt organically. The talks also come at a time when venture funding across Africa has cooled from its 2021–2022 peak.