OPay Secures Up to $200 Million Standard Bank Investment Ahead of Proposed NYSE Listing

Nigerian fintech firm OPay has secured an investment commitment of about $185 million, with a maximum of $200 million, from Standard Bank Group ahead of its proposed New York Stock Exchange listing. Standard Bank, through Stanbic Africa Holdings, plans to acquire OPay shares through a private placement alongside the proposed IPO. Its ownership will be capped at 4.99 percent after the listing, subject to regulatory approvals and the IPO going ahead. The companies are also exploring possible partnerships in digital banking, merchant payments, lending, remittances and product distribution through the OPay app. If the listing succeeds, OPay could become the first US-listed fintech with most of its customers based in Nigeria.

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