FirstRand to buy $279 million stake in Nigerian-Lebanese tycoon Bassim Haidar’s Optasia

Africa’s most valuable lender, FirstRand Ltd., has signed a definitive agreement to acquire a 20.1 percent stake in Optasia, a Dubai-based fintech firm founded by Nigerian-Lebanese tycoon Bassim Haidar, in a deal valued at up to $279 million ahead of Optasia’s planned listing on the Johannesburg Stock Exchange (JSE).

Under the terms of the agreement, seven existing investors sold about 251.4 million shares to FirstRand at an average price of R19 ($1.1) per share, raising roughly R4.78 billion ($279 million) and valuing the company at R24 billion ($1.4 billion). 

A strategic bet on emerging market credit 

The investment coincides with Optasia’s initial public offering on the Johannesburg Stock Exchange, announced Oct. 8, and marks a significant step in FirstRand’s effort to deepen its digital and regional footprint. 

“Optasia’s ability to pre-score customers, process microloans at scale, and use mobile data sales as a credit collection mechanism is highly innovative,” FirstRand said in a statement. “It’s meeting the needs of millions of customers in 38 countries across Africa, the Middle East and Asia.” 

FirstRand Chief Executive Mary Vilakazi said the stake underscores the group’s push to harness technology to broaden access to credit. “Our interest in Optasia represents a key step in executing our growth strategy to leverage technology platforms and expand financial access across the continent,” she said.

Expanding financial access through technology 

Founded in 2012, Optasia uses roughly 5,000 data points to assess creditworthiness and deliver microloans and airtime advances to underbanked customers. Its technology allows mobile operators and financial institutions to extend small credit facilities to people with little or no banking history. 

The company partners with leading banks, including Standard Bank and Ecobank Transnational, to disburse funds, and now processes more than 30 million credit decisions daily, serving over 120 million active users. 

Haidar expands global reach ahead of IPO

Haidar, who was born in Nigeria to Lebanese parents, has spent more than a decade building Optasia into a global fintech platform. Before launching the company, he co-founded GMT, a West African procurement and logistics group that helped him establish his early wealth. 

Former FirstRand executive Michael Jordaan, who once led FNB, a FirstRand subsidiary, welcomed the deal in a post on X, calling it a smart move for the bank’s digital strategy.  As Optasia heads toward its IPO, the partnership signals growing confidence in Africa’s fintech sector, where access to mobile-based credit continues to redefine financial inclusion.