ONE of South Africa’s biggest lenders said the time is ripe for African financial technology firms to consider public listings at home, as startups on the continent struggle to raise venture capital amid a global slump.
An initial public offering on a local exchange could make sense as an exit option for shareholders of fintechs that generate most revenue in a single local currency, according to Absa Group’s Adesoji Solanke.
“We shouldn’t assume that the depth of liquidity on local stock exchanges is zero,” Solanke, who is Absa Securities UK Ltd’s head of fintech investment banking origination, said in an interview on the sidelines of a conference in Nairobi. “We now have sizable pension pools investing in some African countries.” – moneyweb.co.za