Standard Bank Group is considering buying a stake in Nigerian fintech company OPay as the payments company prepares for a possible U.S. initial public offering that could value it at about $4 billion, according to people familiar with the matter.

The talks are still preliminary, and the companies have not reached an agreement. The size of any potential investment and the stake Standard Bank may seek are not known.

There is also no guarantee that a deal will be completed. Standard Bank and OPay did not comment on the discussions.

For Standard Bank, the investment would provide exposure to one of Nigeria’s largest digital payments businesses as banks compete for a bigger share of the country’s fast-growing fintech market.

For OPay, bringing in a major African bank could strengthen its investor base ahead of a U.S. listing.

The possible deal comes as OPay prepares to test international investor demand. The company is working with Citigroup, Deutsche Bank and JPMorgan Chase on a proposed U.S. IPO that could take place later this year.

OPay targets $4 billion valuation

The proposed IPO could value OPay at about $4 billion, roughly twice the $2 billion valuation reached after its 2021 funding round.

OPay raised $400 million in that round, led by SoftBank Vision Fund 2, with Sequoia Capital China and other investors also participating.

The listing would give investors a chance to buy into a Nigerian payments company that has expanded well beyond traditional banking. Its services include digital payments, transfers, savings, lending and point-of-sale services for merchants and agents.

Nigeria remains OPay’s main market

OPay has built much of its business in Nigeria, where digital payments and mobile financial services have grown rapidly.

According to figures in an investment document, the company processed $358 billion in transaction value in 2025, up from $166.2 billion a year earlier, while revenue rose to $536.3 million from $205.7 million.

The company’s growth has made Nigeria central to its plans for an international listing. OPay is backed by SoftBank and other major investors and also operates in markets including Egypt, Pakistan and Indonesia.

Standard Bank deepens fintech focus

Founded in 2018, OPay is a financial technology company focused on digital payments and financial services in emerging markets.

Its products include payments, transfers, savings, lending and point-of-sale services, with Nigeria serving as its core market.

Standard Bank operates in Nigeria through Stanbic IBTC Holdings and has identified technology-enabled financial services as an area for growth.

The group says it serves about 20 million customers across its businesses and remains focused on expanding its African operations.

A stake in OPay would give the South African lender a direct interest in a large digital payments network while adding another link between traditional African banks and fintech companies.

It would also give OPay a potential strategic investor before it approaches public-market investors.

For now, both the Standard Bank investment and OPay’s U.S. IPO remain subject to negotiations and market conditions. Any changes to the proposed deal, valuation or listing plans could affect the final terms.