Banking group Absa said the time is ripe for African fintech firms to consider public listings at home.
said the time is ripe for African fintech firms to consider public listings at home, as start-ups on the continent struggle to raise venture capital amid a global slump.
“We shouldn’t assume that the depth of liquidity on local stock exchanges is zero,” Solanke, who is Absa Securities UK’s head of fintech investment banking origination, said in an interview on the sidelines of a conference in Nairobi. “We now have sizeable pension pools investing in some African countries.”Africa has the fastest growing population in the world, with increasingly tech-savvy young people seeking ways to bypass the region’s underdeveloped legacy financial systems.
A number of African fintech companies have already listed on local exchanges, including E-Finance for Digital & Financial Investments and Fawry for Banking & Payment Technology Services in Egypt, High Payment Systems in Morocco, e-Tranzact International in Nigeria and Lesaka Technologies in South Africa.African fintech companies with geographically diversified revenues and strong growth can realistically consider international listings, Solanke said.
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