The planned transactions would give OPay access to public equity capital and a banking partner as it expands its financial services business.

The company submitted its registration statement to the U.S. Securities and Exchange Commission on October 9, 2026, and applied to trade American depositary shares under the ticker “OPAY.”

Its preliminary prospectus did not disclose an offering price, share count, or confirmed listing date, leaving the amount to be raised and the final valuation undetermined.

The filing shows revenue rising to $467.1 million in the six months ended June 30, 2026, from $197.5 million a year earlier.

Net income increased to $90.9 million from $21.7 million. Loan financing generated $236.1 million, or 50.6% of revenue, while transaction-based services contributed $130.6 million, making lending the company’s largest revenue source.

OPay began offering digital payments in Nigeria in 2018 and subsequently narrowed its business toward financial services after pursuing services such as motorcycle bookings and food delivery.

Backed by investors including SoftBank, it raised $570 million in venture funding between 2018 and 2021. Nigeria now accounts for nearly nine-tenths of its revenue, making the country central to its business performance and investment case.

Standard Bank’s investment would be made through its subsidiary, Stanbic Africa Holdings.

The agreement limits the subscription to the lowest of $200 million, the dollar equivalent of 0.98% of Standard Bank’s qualifying regulatory capital excluding unappropriated profit, or the value of a 4.99% stake in OPay at the IPO price.

Standard Bank said the investment is expected to close alongside or shortly after the IPO, subject to completion of the offering and applicable regulatory approvals.

The banking group operates across 21 African markets, providing a potential route for collaboration beyond OPay’s core Nigerian business.

The companies are exploring cooperation in payments, merchant payment acceptance, lending, remittances, and the distribution of selected banking products through OPay’s consumer and merchant platform.

These initiatives could connect OPay’s digital distribution with Standard Bank’s banking capabilities, although implementation still requires definitive agreements and regulatory approvals.

“Standard Bank’s banking expertise and African footprint complement OPay’s digital financial services platform and merchant ecosystems,” said Sim Tshabalala, chief executive of Standard Bank Group.

OPay also plans to pursue a secondary listing in Nigeria after its New York debut, potentially allowing domestic investors to participate in a business whose revenue is concentrated in their market.

The company cautioned that securities traded in Lagos might not be exchangeable for its New York-listed depositary shares, which could restrict transfers between markets and lead to differences in liquidity and prices.