Nearly two months after Standard Bank started talks to buy into OPay, Africa's largest lender is making it official. The bank is investing approximately $185 million in the Nigeria-focused fintech backed by SoftBank, with OPay's F-1 filing putting the figure at up to $200 million. The final amount will depend on exchange rates, Standard Bank's regulatory capital, and OPay's IPO price.
OPay has applied to list American depositary shares on the New York Stock Exchange under the ticker "OPAY." What makes this listing different from recent African market debuts is where the money goes. OPay is issuing new shares, so proceeds from both the IPO and Standard Bank's investment flow directly into the company, not into the pockets of existing shareholders.
Standard Bank's stake cannot exceed 4.99%, and its shares will be locked up for 12 months. Bloomberg reported that the bank is buying in through a private placement running alongside the IPO, a structure that ties both institutions together before OPay's first day of trading.
The deal goes beyond equity. The two companies are planning to collaborate on merchant payments, foreign exchange, and wealth products. Standard Bank's Africa CEO, Lungisa Fuzile, will also join OPay's board, which means this partnership has a seat at the table, literally.
With 16 days to Moonshot 2026 and OPay's NYSE debut on the horizon, the question now is what valuation the market puts on one of Nigeria's biggest fintech bets when it finally prices.
Originally published by TechCabal.