Moniepoint Microfinance Bank and financial technology company TeamApt Ltd. have partnered to expand retail access to the Initial Public Offering (IPO) of Dangote Petroleum Refinery through Moniepoint’s digital banking platforms and nationwide Point-of-Sale (POS) network.
The collaboration will allow Nigerians to subscribe to the offering through the Moniepoint Personal and Business Banking apps or at participating Moniepoint agent locations using POS terminals.
The Dangote Petroleum Refinery IPO is priced at ₦525 per share, with investors allowed to purchase a minimum of 10 shares and a maximum of 500 shares per transaction, according to the companies.
The offering provides retail investors with an opportunity to acquire shares in the 650,000-barrel-per-day refinery.
Speaking on the partnership, Moniepoint Microfinance Bank Managing Director and Chief Executive Officer Babatunde Olofin said the initiative was designed to make investment opportunities more accessible to Nigerians, including market traders, artisans and first-time investors.
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He said Moniepoint’s extensive POS network would help bring access to the offering to communities beyond traditional financial centres.
The Managing Director and Chief Executive Officer of TeamApt Ltd., Dennis Ajalie, said the company’s payment infrastructure would support the processing of retail transactions at scale.
He said the partnership demonstrated how technology, financial services and distribution networks could be combined to broaden participation in Nigeria’s capital market.
The companies said the collaboration could also serve as a model for expanding retail participation in future capital-market offerings.
