Nigeria-focused fintech OPay filed for a US initial public offering (IPO) on October 9, with South Africa's Standard Bank Group (JSE: SBK) agreeing to invest up to $200mn through a linked private placement.

The company filed a Form F-1 registration statement with the US Securities and Exchange Commission (SEC), proposing to list American depositary shares (ADSs) on the New York Stock Exchange (NYSE) under the ticker OPAY. The offering price, number of shares and trading date remain undisclosed, with the listing subject to regulatory approval.

Incorporated in the Cayman Islands and headquartered in Singapore, OPay Limited operates primarily in Nigeria, with additional businesses in Indonesia, Egypt and Pakistan. Nigeria generated approximately 89% of its first-half 2026 revenue.

The company reported first-half 2026 revenue of $467.1mn, up 136.5% year on year, while net profit rose to $90.9mn from $21.7mn. OPay returned to full-year profitability in 2025, earning $72.5mn after a $50.8mn loss in 2024.

Consumer lending generated $236.1mn, or 50.6% of first-half revenue. Nigerian loan originations more than tripled to $927.6mn, while provisions for expected credit losses increased to $118.4mn from $38.1mn, underscoring the importance of credit risk to earnings.

OPay processed 90.1bn transactions with a gross transaction value of $558bn in the 12 months to June 2026, a measure of platform activity rather than revenue. It reported 50.1mn monthly active users and 26.8mn daily active users as of July 31.

Standard Bank plans minority investment

Standard Bank, Africa's largest lender by assets, has agreed through its subsidiary Stanbic Africa Holdings to purchase ordinary shares in OPay at the equivalent IPO price through a separate private placement. The transaction would close alongside or shortly after the US flotation, subject to regulatory approvals.

The investment is capped at $200mn, subject to further limits based on 0.98% of Standard Bank's qualifying regulatory capital and a maximum 4.99% stake in OPay's post-transaction equity. Bloomberg estimated the placement at approximately $185mn on October 9.

The companies also signed a non-binding memorandum of understanding on August 14 to explore cooperation in digital banking, merchant payments, lending, remittances and financial-product distribution. Any commercial initiatives would require separate agreements.

SoftBank Group (TSE: 9984), through entities linked to its Vision Fund, holds a 6.6% pre-IPO stake. Bloomberg reported in May that OPay was targeting a valuation of approximately $4bn, while Renaissance Capital estimated potential IPO proceeds of up to $500mn. Neither estimate represents confirmed offering terms.

Citigroup (NYSE: C), Deutsche Bank (NYSE: DB), Standard Bank and China International Capital Corporation (HKEX: 3908; SSE: 601995) are joint bookrunners.

Nigerian secondary listing planned

OPay said its board and shareholders had approved pursuing a secondary listing on the Nigerian Exchange (NGX) after the proposed NYSE flotation, subject to regulatory approvals and market conditions. No timetable has been announced.

The plan follows calls for major Nigerian fintech companies to make their shares available to domestic investors. In August, NGX Group chief executive Temi Popoola urged measures to encourage companies including OPay and PalmPay to list locally.

OPay's prospectus cautions that Nigerian-listed shares might not be directly interchangeable with US-listed depositary shares without additional cross-market arrangements.

The company intends to use proceeds from the US offering and private placement for technology investment, distribution, product development, market expansion and potential acquisitions.