Opay Digital Services plans US IPO with $4 billion valuation target

Investing.com -- Opay Digital Services Ltd. is preparing for an initial public offering in the United States with a target valuation of approximately $4 billion, Bloomberg reported Friday.

The Nigeria-focused payments platform has reportedly appointed Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. to work on the offering. The share sale may take place later this year.

Opay Digital Services is backed by SoftBank Group Corp.

Nigeria has produced several fintech unicorns, including Flutterwave, Moniepoint, and Interswitch, which provide services to help users manage failed banking transactions, network outages, and fraud. Airtel Africa Plc is also planning to sell shares in its mobile money business as demand for mobile financial services grows in the region.

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