Dangote Refinery’s share sale is open to investors across Africa, but for Zimbabweans the route in is still largely manual. Harare-based asset manager Bard Santner Investors (BSI) is handling applications through paperwork, exchange-control approvals and bank transfers rather than an app, TechCabal reported.
How the process works
- Both countries treat the purchase as an offshore investment, so BSI first obtains Zimbabwean exchange-control approval.
- Client money moves from Ecobank Zimbabwe to Ecobank Nigeria.
- Ecobank’s nominee structure in Nigeria holds the shares and submits the IPO application on BSI’s behalf.
- BSI has set a $20,000 minimum for its clients, to meet the requirement for eligible African investors and allow for changes in final allotment.
“Because of the time, we couldn’t do online applications. We are doing it more manually,” said Ngoni Chikowore, BSI’s head of asset management. The firm says it wants to automate the process so clients can eventually manage their holdings through internet banking.
The offer
The IPO offers 4.1 billion shares at ₦525 each, aiming to raise about $1.6 billion. Nigerians can buy as few as 10 shares (₦5,250). According to the prospectus, the offer closes on 13 October, with listing expected in November.
The sale has stress-tested Nigerian investment apps too: Bamboo and Cowrywise both suffered outages on 14 September, the day the offer opened. BSI said this did not affect its clients because their money moves through the banking system, which gives a clear record of each application.
Why it matters
Nigerian retail investing has become largely digital, but moving money across African borders still depends on approvals, correspondent banks and custodians. As more pan-African share offers happen, the investment platforms that can handle cross-border compliance smoothly stand to win a much larger market.
Source: TechCabal.
