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Standard Bank Group has signed an agreement to invest in OPay, a Nigerian digital financial platform. While the exact amount was not disclosed, the bank said it is expected to be less than 1% of its market capitalisation.
The deal is expected to close at the same time as, or soon after, OPay’s planned initial public offering (IPO). On October 9, OPay filed a registration statement with the US Securities and Exchange Commission and applied to list its American Depositary Shares on the New York Stock Exchange.
“Africa’s growth is increasingly shaped by connectivity, digital adoption, and evolving models of economic participation. Standard Bank’s banking expertise and African footprint complement OPay’s digital financial services platform and merchant ecosystems. Together, we see potential to expand access to financial services, support cross-border commerce and deliver value to clients across Africa. This partnership is a significant step toward those goals,” said Sim Tshabalala, Chief Executive of Standard Bank Group.
Standard Bank is the largest bank in Africa by assets and operates in 21 African markets. The group says the move builds on the strategy it presented at its recent Capital Markets Day.
It adds that it will keep investing in intra-African trade, financial inclusion and opportunities for businesses and people across the continent.
The two companies also plan to look at joint work in African markets. This includes digital banking and selling selected Standard Bank products and services through OPay’s platform. Other possible areas are merchant acquiring, payments, lending, remittances and building new products together. All of these plans need final agreements and regulatory approval.
OPay, launched in 2018 after acquiring a local financial services provider, is insured by the NDIC and offers similar insurance coverage as commercial banks.
OPay provides a variety of services including payments, transfers, savings, and loans. It also offers POS services for agents and acquiring services for merchants. OPay currently serves millions of users, agents, and merchants in Nigeria.
Back in May 2026, OPay announced the expansion of its $874,884 (₦1.2 billion), 10-year scholarship programme. Now rebranded as OPay Scholars for its 2026 edition, the programme is also adding an Innovation Challenge developed in partnership with Google and OPay Futures.
