Why fintechs are charging ₦0 to sell Dangote shares
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.
Nigeria's largest Initial Public Offering (IPO), the Dangote Refinery offering, has drawn the attention of fintechs, yet they are not charging customers any direct fees for participating. Dangote Refinery is aiming to raise ₦2.15 trillion ($1.62 billion) from the public by October 13 by selling 4.1 billion shares at ₦525 ($0.39) each.
Major fintech platforms like Bamboo, Cowrywise, and PiggyVest are waiving fees including brokerage, stamp duty, trade alerts, and Value-Added Tax to attract more retail investors. This strategy is seen as crucial, as traditional stockbrokers alone will not suffice to achieve the goal of attracting 10 million retail investors.
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