Standard Bank to invest up to $200 million in OPay ahead of New York listing

Standard Bank Group plans to invest up to $200 million in OPay, the fintech whose largest market is Nigeria, as OPay prepares to list on the New York Stock Exchange, TechCentral reports.

The figure comes from OPay's registration statement with the US Securities and Exchange Commission. Standard Bank confirmed it had signed a subscription agreement but did not disclose the amount. Its subsidiary Stanbic Africa Holdings would buy the shares in a private placement alongside the IPO, subject to the offering going ahead and to regulatory approval.

The amount will be the lowest of three figures: $200 million; 0.98% of Standard Bank Group's qualifying regulatory capital, excluding unappropriated profit; or the cost of a 4.99% stake in OPay after the offering at the IPO price. With some exceptions, Standard Bank cannot sell the shares until 12 months after the date of OPay's prospectus. The filing does not yet give a share count or a price range.

Standard Bank of South Africa is one of four representatives of the underwriters, alongside Citigroup, Deutsche Bank and China International Capital Corporation. Lungisa Fuzile, chief executive of Standard Bank's Africa Regions business, will join OPay's board as a non-executive director once the placement closes.

OPay was set up in 2017 by Zhou Yahui in collaboration with Opera. Nigeria produced 89.5% of its revenue in the first half of 2026, when revenue more than doubled to $467.1 million. Revenue for 2025 was $536.3 million, up from $205.7 million in 2024.

The two companies have also signed a non-binding memorandum of understanding to explore digital banking, merchant acquiring, payments, lending, remittances and jointly developed products. Any project will need definitive agreements and regulatory approval.