Standard Bank Group, South Africa’s largest lender, is in talks to acquire a stake in OPay Digital Services, a Nigeria-focused financial technology (fintech) firm, backed by SoftBank.
According to a report by Bloomberg on Tuesday, the South African banking group is seeking to buy the stake ahead of OPay’s planned initial public offering (IPO) in the United States.
People familiar with the matter said the discussions are at an early stage and may not result in an agreement.
The size and structure of the potential investment have not been disclosed.
Standard Bank and OPay did not comment on the discussions, according to Bloomberg.
In May, it was reported that OPay is working with Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. for an initial public offering (IPO).
Sources had said the platform, backed by SoftBank Group Corp., was considering a listing in the United States and is targeting a valuation of about $4 billion.
A $4 billion valuation would be double the $2 billion valuation OPay secured in its last major funding round in 2021.
The publication said the proposed investment would give Standard Bank exposure to one of Nigeria’s largest digital payments platforms as traditional banks seek to expand their presence in Africa’s growing fintech market.
However, Bloomberg reported that the timing, size and valuation of the IPO remain subject to market conditions and investor demand.
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