The potential investment in OPay followed Standard Bank Group’s disclosure that it plans to increase its investments in companies across Africa in June.
Africa’s largest bank by assets, Standard Bank Group is in negotiations with Nigerian fintech company OPay ahead of the latter’s planned initial public offering (IPO) in the United States.
The amount Standard Bank intends to invest and the stake it is seeking in OPay remain unknown as the fintech, backed by SoftBank Group Corp and Sequoia Capital, targets a US IPO valuation of $4 billion.
The potential investment in OPay followed Standard Bank Group’s disclosure that it plans to increase its investments in companies across Africa in June.
The lender said it would deploy $15.4 billion to tap opportunities in Nigeria and other key markets across the continent.
Since it was created in 2018, OPay has grown into one of Nigeria’s largest digital financial platforms, offering payment, savings, credit and other financial services as a mobile money operator.
In previous years, it has expanded beyond Nigeria into emerging markets across Africa and Asia, including Indonesia, Pakistan, and Egypt.
OPay is one of Nigerian fintech companies, including Moniepoint and Flutterwave, that have raised funding through foreign means over the years to finance growth and expand their operations beyond the continent.
