Standard Bank plans to invest up to $200 million in OPay

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  Standard Bank Group plans to invest up to US$200-million in Nigeria-focused fintech OPay through a private placement alongside OPay’s planned initial public offering.

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  The investment is subject to the offering going ahead and regulatory approval, and the bank has not disclosed the amount.

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  OPay filed to list American depositary shares on the New York Stock Exchange under the symbol “OPAY”.

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  The companies also plan to explore digital banking and other financial services in African markets, but those plans are not binding.

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  Standard Bank’s Lungisa Fuzile is due to join OPay’s board as a non-executive director once the placement closes.

Who

Standard Bank Group, through its company Stanbic Africa Holdings, plans to invest in OPay.

What

It will buy shares in a private placement alongside OPay’s IPO, for the lowest of three amounts, capped at US$200-million.

When

OPay filed to list its shares on Friday; the source does not give the calendar date.

Where

The shares are planned to trade on the New York Stock Exchange. OPay operates in Nigeria, Indonesia, Egypt and Pakistan.

Why

The companies plan to explore expanding financial services and cross-border commerce in Africa.

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