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What does Standard Bank’s plan to invest in OPay say about the state of African fintech?
It’s been widely reported that Standard Bank, Africa’s largest lender by assets, is looking at acquiring a stake in Nigerian fintech leader OPay as the SoftBank-backed payments provider prepares for a potential $4 billion initial public offering (IPO) in the U.S.
At a macro level, this potential deal highlights two major trends we are seeing on the continent’s financial landscape:
Strategic Convergence: Traditional banking giants are moving beyond defensive strategies to actively embrace rapid fintech scale. By investing in OPay — which processed more than $350 billion in gross transaction volume in 2025 — Standard Bank gains direct exposure to Nigeria’s vast pool of consumers and small merchants, both of which rely heavily on mobile money and digital agent networks.
Maturation of the Fintech Ecosystem: OPay’s potential US listing signals that African digital payment platforms are evolving from venture-backed startups into globally recognized institutional assets.
Instead of viewing mobile payment apps merely as competitors, legacy banks are using pre-IPO equity entries to bridge traditional balance sheets with modern digital platforms.
This is not the only recent example of traditional African banks—or major financial institutions operating in Africa— shifting from competing with fintechs to taking equity stakes in fintechs, acquiring them outright, or launching dedicated corporate venture capital (CVC) funds to back them.
Here are a few recent examples.
Nedbank acquiring iKhokha: In August 2025, Nedbank acquired iKhokha, a South African fintech that provides card payment hardware and point-of-sale solutions for small businesses and spaza shops. Instead of trying to build low-cost terminal networks from scratch, Nedbank used M&A to absorb an established merchant-acquiring platform.
Mastercard & Visa investments in telco-fintechs: Mastercard’s has taken a non-controlling equity stake in Airtel Money (2021) and MTN’s Fintech unit (2024).
We’ve also seen this happen in reverse (kind of), with fintechs buying neobanks, for example, in June 2025 South African fintech firm Lesaka Technologies agreed to acquire neobank Bank Zero. This transaction involved a digital fintech platform acquiring a full banking license and deposit base, uniting a digital-first frontend with a regulated balance sheet.
Here is our quick daily roundup of the African tech and business stories we think you should be aware of, but probably didn’t have the time to read. [Original sources included.]
Uganda next up to fund major infrastructure plan
Uganda is seeking parliamentary approval for a $242.6 million Citibank loan to upgrade critical road corridors in its eastern region. This initiative reflects a broader push for robust infrastructure investment across Africa that we have been covering in the context of supporting a robust digital economy. Of course physical infrastructure supports traditional trade and regional transport, but it also helps sustainably support a thriving, modern digital economy.
African Economy
TikTok exploring P2P payments
TikTok is exploring in-app peer-to-peer payments via direct messages powered by TikTok Pay. For Africa—a mobile-first region where creator commerce thrives on social platforms—native DM transfers could streamline creator monetization and cross-border social selling. Could this pose direct competition to local mobile wallets like M-Pesa?
Investing.com
Absa, DHL partner to support SMEs
Absa Group and DHL Express will launch a joint SME-focused trade initiative starting in South Africa in September, with plans to expand across Sub-Saharan Africa. The partnership combines trade finance and logistics support to provide small businesses with cross-border training, specialized funding, and export tools.
Global Trade Review
What’s the ‘scale-architecture gap’ and why is it holding Africa back?
In a LinkedIn post, The African Lens founder Farhia Noor argues that Africa’s economic system struggles to produce global giants due to a scale-architecture gap. Scaling requires patient capital, inclusive procurement, technology ownership, continental expansion via AfCFTA, and sustainable governance. Africa must build systems that repeatedly graduate competitive, African-owned companies to global scale.
Linearsend updates remittance platform
Canadian fintech Linearsend has launched Revve 2.0, an updated version of its cross-border remittance platform. The new release features a peer-to-peer (P2P) currency marketplace, enhancing flexibility, accessibility, and affordability for users making international money transfers.
Techpoint Africa
SBG, UnionPay expand e-comm payments in Africa
Standard Bank Group and UnionPay International have expanded UnionPay’s e-commerce payment acceptance across nine African countries. The initiative enables local merchants to process online transactions in USD or local currencies, boosting cross-border digital commerce, customer reach, and regional trade opportunities for African businesses.
Moneyweb
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The Africa B2B Tech Report is published by BigFive Digital, a Cape Town-based independent media company focused on The Business of African Tech.
The report is produced by Charles Laughlin, BigFive Digital’s Co-founder & Chief Content Officer. Charles is a globally experienced tech journalist, podcaster & conference producer.