Standard Bank to Invest $185 Million in OPay's IPO

Standard Bank, Africa’s largest lender, is investing about $185 million in OPay, a Nigeria-focused fintech backed by SoftBank, as the company prepares to list in New York. This investment follows nearly two months of discussions regarding a stake acquisition in OPay.

The investment will occur through a private placement alongside OPay's initial public offering (IPO), with OPay’s F-1 filing indicating the investment could reach up to $200 million, contingent on exchange rates, regulatory capital, and OPay’s IPO price. Standard Bank's stake will not exceed 4.99%, and the shares will be locked up for 12 months.

Beyond equity, the two companies plan to collaborate on merchant payments, foreign exchange, and wealth products. Lungisa Fuzile, Standard Bank’s Africa chief executive officer, will join OPay’s board, enhancing OPay's capital and banking relationships as it moves forward with its IPO under the ticker “OPAY” on the New York Stock Exchange.