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Flutterwave, the Nigerian payments technology company, is providing the digital payment infrastructure for the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, enabling retail and diaspora investors to subscribe to shares online.
Investors can subscribe through Chapel Hill Denham’s subscription platform, with a minimum purchase of 10 shares at $0.40 per share, for a total investment of $4.00.
The offering is regulated by Nigeria’s Securities and Exchange Commission (SEC), with Flutterwave acting as a licensed receiving agent. Parents and guardians can also subscribe for shares on behalf of minors.
“This IPO is an opportunity for everyday Nigerians to own a stake in a significant infrastructure project that is shaping the country’s industrial future. Our role is to make participation as accessible and seamless as possible, regardless of where an investor is located or which payment channel they prefer. We’re helping make it easier for more Nigerians to participate in an important moment for the country’s capital markets,” said Olugbenga GB Agboola, Founder and CEO of Flutterwave.
New users can sign up without needing a Flutterwave account. Current users of Flutterwave for Business and Send App can subscribe using their existing accounts.
Investors can also apply via Owo by Mono on WhatsApp. If you don’t have a bank account, you’ll receive a Flutterwave Microfinance Bank account to fund your subscription.
After payment in Naira, Chapel Hill Denham processes subscriptions, and shares are assigned to successful investors through the Central Securities Clearing System (CSCS).
According to the company, payment doesn’t ensure full share allocation, and any unallocated funds will be refunded. Flutterwave previously supported MTN Nigeria’s public offering in 2021.
Flutterwave enables businesses to process local and cross-border payments across Africa and other emerging markets through a single API. The company has processed over 1 billion transactions worth more than $50 billion, and works with businesses including Uber, Air Peace, Bamboo and PiggyVest.
Flutterwave supports multiple payment methods, including local and international cards, mobile wallets, bank transfers and Google Pay, and has infrastructure in 34 African countries. Its remittance product, Send App, enables cross-border transactions from the diaspora into African countries.
The announcement comes a month after announcing partnership with US-based Caliza to offer its customers dedicated USD accounts connected to both domestic and international payment rails through a single integration.
The Nigerian company also announced a collaboration with Xara, the AI-powered banking assistant built by Xava Technologies, to power the latter’s WhatsApp-based payment solution.
This partnership comes just months after the Nigerian-founded FinTech secured strategic backing from blockchain firm Ripple and Circle Ventures.
