Nigeria’s biggest Initial Public Offering (IPO) should be a big payday for the fintechs helping investors buy it, but they are charging customers ₦0.
Dangote Refinery opened its ₦2.15 trillion ($1.62 billion) public offering on September 14, and investment platforms including Bamboo, Cowrywise, and PiggyVest are not charging users direct transaction fees after buying the offering.
These fintechs are waiving direct fees such as brokerage, stamp duty, trade alerts, and Value-Added Tax, because the bigger prize is the customer.
Dangote Refinery is offering 4.1 billion shares at ₦525 ($0.39*) each and wants to raise about ₦2.15 trillion ($1.62 billion) from the public by October 13, making it Nigeria’s biggest public share sale.
Originally published by TechCabal.