Standard Bank Group, Africa’s largest lender by assets, is considering taking a stake in Nigerian fintech company OPay ahead of the company’s proposed initial public offering in the United States.

The South African banking group has held preliminary discussions over a possible investment in the SoftBank-backed payments company, according to Bloomberg, citing people familiar with the matter.

The talks are still at an early stage and may not result in a transaction.

The size of the potential investment and the percentage stake being considered have not been disclosed. Standard Bank and OPay have also not confirmed that an agreement is imminent.

A deal would give Standard Bank exposure to one of Nigeria’s major digital payments platforms as traditional financial institutions increasingly seek opportunities in Africa’s expanding fintech and digital payments market.

For OPay, an investment by Standard Bank could strengthen its institutional investor base ahead of the proposed US listing and provide additional backing as it seeks to demonstrate the scale and growth potential of its Nigerian business.

Meanwhile, OPay is preparing for a possible US initial public offering later in 2026, with the company reportedly targeting a valuation of about $4bn.

Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to work on the proposed share sale, according to earlier reports. The timing, size and eventual valuation of the offering will depend on market conditions and investor demand.

A $4bn valuation would represent a significant increase from OPay’s last major funding round in 2021, when fintech raised $400m at a valuation of $2bn, experts say.

The 2021 funding round was led by SoftBank Vision Fund 2, with participation from Sequoia Capital China, Source Code Capital, Redpoint China, Long-Z Capital and 3W Capital.

An investment by Standard Bank before the proposed IPO could provide OPay with another major institutional shareholder while giving the South African lender an opportunity to participate in any future increase in the fintech’s valuation.

Founded in 2018, OPay has developed into one of Nigeria’s largest digital financial platforms, offering services including mobile payments, bank transfers, merchant payments, debit cards, savings and agency banking.

The company has also expanded into markets such as Egypt, Pakistan and Indonesia, but Nigeria remains at the centre of its operations.

Figures contained in an investment document prepared ahead of the proposed IPO showed that Nigeria accounted for 88.1 per cent of OPay’s revenue in 2025.

The document also indicated that OPay processed $358bn in gross transaction value during the year, compared with $166.2bn in 2024.

Its monthly active users increased from 25.1m to 39.3m over the same period, while revenue rose from $205.7m to $536.3m.

The company also returned to operating profitability in 2025, according to the document, although the figures have not been independently published in audited financial statements by OPay.

Standard Bank already has a significant presence in Nigeria through Stanbic IBTC Holdings, in which it holds a controlling stake.

The Nigerian group provides banking, investment, pension and asset management services, while Standard Bank has previously indicated plans to deepen its investment in the country.

Airtel Africa Plc has formally announced the purchase and planned cancellation of 927,133 of its ordinary shares, acquired between 10 and 14 August 2026, as part of its ongoing share buyback initiative.

Executed through Barclays Capital Securities Limited, the transactions took place across several major trading venues, including the London Stock Exchange, BATS Europe, CHI-X Europe, Aquis Exchange, and Turquoise. Across the five-day trading period, share prices ranged from a low of 323.00 GBp to a high of 329.60 GBp.

The transaction volume varied throughout the week, opening with 499,275 shares purchased on Monday at a volume-weighted average price of 325.0613 GBp. Buying continued with 83,351 shares on Tuesday at an average of 323.7478 GBp, 290,000 shares on Wednesday at 325.2560 GBp, 26,499 shares on Thursday at 325.0749 GBp, and concluded with 28,408 shares on Friday at an average price of 326.5127 GBp.

Since launching the buyback initiative on 22 May 2026, the company has repurchased a cumulative total of 18,338,632 ordinary shares at an overall volume-weighted average price of 337.11 GBp per share.

In tandem with the transaction details, Airtel Africa revealed an amendment to its agreement with Barclays Capital Securities Limited, expanding the financial scope of the buyback. Under the modified agreement, the maximum aggregate limit for discretionary purchase orders has been raised by $15m, shifting the cap from $50m to $65m.

All other baseline conditions from the May announcement remain intact, leaving the programme structured in two parallel streams.

The revised framework pairs a non-discretionary component, under which Barclays independently trades between $50m and $60m worth of shares, alongside the expanded discretionary component allowing Airtel Africa to issue specific purchase instructions for up to $65m.

The telecommunications firm reconfirmed that the sole objective of these repurchases is to reduce the company’s capital, confirming that every share acquired through the programme will be cancelled.

The expanded capital return strategy comes as Airtel Africa continues to navigate severe foreign exchange pressures across key African markets, particularly in Nigeria, its largest market, where local currency devaluations have significantly impacted reported earnings and dollar-denominated revenue figures over the past year.

Share buybacks are increasingly being leveraged by cross-listed telecommunication giants operating in emerging markets as a tool to support earnings per share, offset foreign exchange headwinds, and efficiently deploy surplus capital when management views market valuations as undervalued.

By systematically repurchasing and cancelling shares on the London Stock Exchange, Airtel Africa reduces its total floating share count. This capital reduction mechanism automatically boosts key shareholder metrics, such as net asset value and EPS, without requiring additional dividend payout commitments during volatile market cycles.

Trading activity on the FMDQ Exchange reached N426.51tn between January and July 2026, as strong foreign exchange transactions and demand for Open Market Operations bills drove activity across Nigeria’s financial markets.

The figure is contained in the FMDQ Newsletter Edition 141 for July 2026.

It represents a sharp increase from the N249.18tn recorded in the first four months of the year. Between May and July alone, an additional N177.3tn was recorded.

The seven-month turnover is already about 63 per cent of the N676.71 trillion recorded for the entire 2025 financial year.

The latest performance reflects increased activity across the FX, fixed-income and money markets as banks and investors manage liquidity and seek returns in an environment of elevated interest rates.

Foreign exchange transactions accounted for the largest share of FMDQ turnover during the period.

FX trading generated N143.34tn, representing 33.6 per cent of total turnover. FX derivatives contributed another N17.72tn.

Together, the two FX-related segments recorded N161.07tn, accounting for about 37.8 per cent of activity on the Exchange.

OMO Bills followed with N126.35tn in turnover, representing 29.6 per cent of the total.

The strong activity in OMO bills points to sustained demand for short-term CBN instruments as investors seek attractive yields and financial institutions manage liquidity.

Meanwhile, government debt instruments remained a major source of activity during the seven-month period.

OMO bills, treasury bills, FGN bonds and Sukuk collectively generated approximately N202.55tn, equivalent to about 47.5 per cent of total FMDQ turnover.

Treasury bills accounted for N37.02tntn, while FGN Bonds contributed N38.84tn.

Repurchase agreements and open repos recorded N59.3tn, while unsecured placements and takings added N2.66tn.

Combined turnover from these money-market liquidity instruments stood at about N61.98tn.

Eurobonds generated N930.47bn while Sukuk bonds recorded N330.60bn.

FMDQ’s dealing-member activity was heavily concentrated among major financial institutions.

Stanbic IBTC Bank ranked as the largest dealing-member bank between January and July, followed by First Bank of Nigeria and Coronation Merchant Bank.

The top 10 dealing-member banks accounted for 75.27 per cent of total market turnover, equivalent to approximately N321.02tn.

The three largest banks alone accounted for 52.27 per cent of the activity recorded by the top 10, representing about N169.40tn in transactions.

The figures highlight the significant role of major banks in providing liquidity across Nigeria’s foreign exchange, fixed-income and money markets.