South Africa's Standard Bank Group is set to acquire a 4.99% stake in Nigerian fintech OPay, investing up to $200 million. This move comes as OPay plans to list on the New York Stock Exchange (NYSE). The investment is part of a private placement alongside OPay's initial public offering (IPO), subject to regulatory approvals. Standard Bank, which operates in Nigeria through Stanbic IBTC Holdings, will gain an equity position in one of the region's largest digital financial services platforms.
OPay's financial performance has accelerated, with revenue more than doubling in the first half of 2026. The company's revenue reached $467.1 million, up from $205.7 million in 2024. Net income also rose sharply to $90.9 million from $21.7 million in the same period. These figures demonstrate a rapid expansion in earnings alongside the growth of OPay's payments and financial services business.
The investment will be capped at the lowest of $200 million, 0.98% of Standard Bank Group's qualifying regulatory capital, or the value of a 4.99% interest in OPay calculated at the IPO price. The filing does not disclose the number of shares to be offered or the proposed price range. This development highlights the growing interest of major African banking institutions in digital financial services.
OPay's dependence on Nigeria leaves it exposed to developments in the country's regulatory and operating environment. Nigeria accounted for 89.5% of OPay's revenue in the first half of 2026. The company reported 50.1 million monthly active users at the end of July, with a gross transaction value of $339.1 billion in the first half of the year.
OPay's active users in Nigeria were about 66.1% of all active users of financial applications tracked by app-monitoring company DataSparkle during the first half of 2026. This highlights the scale of OPay's Nigerian operations and its position in the country's digital financial services market.
The proposed investment and planned NYSE listing demonstrate OPay's growth ambitions and its aim to expand its financial services offerings. The transaction could also open new avenues for collaboration between Standard Bank and OPay in payments, lending, and cross-border transactions.
The investment case for OPay is strengthened by its profits and transaction volumes. The company's revenue climbed to $536.3 million in 2025 from $205.7 million in 2024, while it swung from a net loss of $50.8 million to a net profit of $72.5 million over the period.
Key points
- Standard Bank will invest up to $200 million in OPay for a 4.99% stake.
- OPay's revenue more than doubled in the first half of 2026.
- Nigeria accounted for 89.5% of OPay's revenue in the first half of 2026.
