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MYDAWA: Kenyan E-pharmacy Business, Has Received a $1.2 Million Award from the Gates Foundation

Abdulquadri Ayilara
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MYDAWA: Kenyan E-pharmacy Business, Has Received a $1.2 Million Award from the Gates Foundation

MYDAWA, a Kenyan e-health business, has received a US$1.2 million grant from the Bill and Melinda Gates Foundation to expand access to Pre-Exposure Prophylaxis (PrEP) treatments through its e-pharmacy approach, aiding Kenya’s HIV/AIDS fight.

Through relationships with healthcare practitioners and suppliers, MYDAWA enables users to obtain authentic high-quality medicines, health and wellness goods in a convenient manner. Over 80,000 people have joined up to utilize it.

Because of the stigma associated with HIV and the public nature of the existing onboarding approach, the startup’s virtual, discreet, and convenient PrEP service delivery could broaden PrEP’s reach. The Bill and Melinda Gates Foundation has given a $1.2 million grant to assist increase access to this technology.

This is in keeping with the Gates Foundation’s mission of accelerating the global reduction of HIV infection and saving lives through enhanced HIV prevention and treatment strategies. The foundation has given more than $3 billion in HIV funding to organizations all across the world to date.

MYDAWA CEO Tony Wood stated, “MYDAWA will adapt its present approach to offer a seamless end-to-end customer-centered delivery solution for anyone needing PrEP across the country.”

“Specifically, this investment will increase PrEP delivery online by leveraging MYDAWA’s well-established business.” We will build this model in collaboration with the University of Washington, Jomo Kenyatta University of Agriculture and Technology, Fred Hutchinson Cancer Research Center, Jhpiego, and Audere, and evaluate its practicality, acceptability, and effectiveness in extending PrEP’s reach. We’ll also gather the data and lessons gained needed to support policy changes and donor commitment to this method.”

MYDAWA had previously received US$3 million from the Africa HealthCare Master Fund to help speed up a projected countrywide expansion.

Creditclan, Leading Credit Infrastructure Company, Partners Banks, Pivots to BNPL Officially

Hassan Barakat
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Creditclan, Leading Credit Infrastructure Company, Partners Banks, Pivots to BNPL Officially

Creditclan, a leading credit infrastructure startup has announced its pivot into the Buy Now Pay Later (BNPL) category which is now gaining momentum in the credit ecosystem across Africa. This follows a successful six-month trial period in which they switched from credit software as a service to the BNPL platform.

Creditclan is a BNPL platform helping banks, merchants, schools, and other businesses offer pay later option to consumers across Africa.

The startup focused on the often overlooked alternative channels for consumer credit during this time by building very strong technology and data anchors required for ecosystems like schools, merchants, hospitals, as well as partnering with financial institutions to offer consumers pay later options at their point of transaction.

BNPL at Creditclan
BNPL at Creditclan

Creditclan and Its Unique BNPL Approach

Creditclan uses a rich set of BNPL APIs to support both direct to market and embedded financing strategies. Creditclan provides a pure funding relationship with financial institutions, allowing them to obtain new clients at a cheap acquisition cost while still receiving a return on their balance sheet at the point of sale. Financial institutions can use the embedded play to connect directly to their current client channels and begin playing in the BNPL market without having to perform the grafting themselves. The credit infrastructure company uses its deep experience of the infrastructure market to offer a unique BNPL viewpoint that no other operator in the industry can match.

“We provide the channels to reach clients at their point of transaction,” explains Femi Bejide, CEO and founder, “using our cocktail of data points to achieve swift credit judgments, comparable to the tech we use to power many of the lending apps in the ecosystem.” As a result, banks and other financial institutions can collaborate on funding directly through our channels or through an embedded API infrastructure via their preferred terminals, mobile, web, or chat.”

Its Achievements So Far

To date, Creditclan has been able to onboard 4,000+ schools with its credit-for-good campaign, an increase of over 100 percent quarter over quarter. The company’s quick acceptance of its school-now-pay-later vertical has been fueled in part by a focus on parents who are underbanked or unbanked, with many parents able to pay their children’s fees on a weekly basis.

Furthermore, with over 7,500 merchants registered for the asset finance play during the period, up more than 50% year on year, the focus has been on partnering with micro to small scale businesses looking to scale their transactions with credit, a category that accounts for over 80% of businesses in Nigeria and across Africa.

Creditclan’s advantage, according to Soji Okunuga, CTO and co-founder, is its extensive expertise of credit from its Software-as-a-Service (SaaS) days previous to the pivot, when 100+ retail lenders and financial institutions used the lending management software, bank statement analysis, credibility engine, or collection service.

“We ethically dimension data from everywhere possible, especially alternative channels like social and psychometric tests, as well as cashflow, identity, and credit history analysis, which allow us to make decisions quickly within minutes even when there isn’t enough legacy data available for prospective consumers.” He explains. Our funding partners can then use 250+ analysis points to establish their eligibility preferences and make a disbursement decision at the point of transaction.”

Its Growth Targets

Creditclan believes it will easily reach 150,000 merchants by Q2 2022, due to a strong ground game, as many new businesses across many sectors begin to give pay-later options to their clients, resulting in a combined 93 percent acquisition rate across channels. During the same time frame, the firm will have clustered 20,000 schools, and Creditclan will look at additional channels pay later can be extended to, such as medicals, rent, and insurance, starting with Nigeria and expanding to other African countries, with the continuous partnership with banks.

“We’ve been operating in stealth mode so far,” Femi says, “and now it’s time to provide the results that will promote wider consumer credit adoption across the continent.” We believe that we are the startup that can assist close the gap in this $2 trillion market. We believe we have the technology, staff, and relationships in place to accomplish this.”

Senior Mobile Developer at Horizontal

Abidemi Ogunyemi-Aderibigbe
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Senior Mobile Developer at Horizontal

Horizontal is looking for a senior mobile developer experienced with Android and iOS native development. Your primary focus will be on leading our mobile team to develop and maintain Horizontal’s apps. Apply to join a young and growing team developing technology for human rights!

About Horizontal

Horizontal is a nonprofit organization serving frontline defenders, activists, and journalists through digital security support and tool development. We leverage technology to empower grassroots communities to work safely from surveillance, censorship, and repression.

Working at Horizontal

Horizontal’s values drive both our collaboration with partners and our work internally. We believe in the power of group consensus in decision-making, and strive to ensure that all team members are heard and contribute to the success of the organization. Just as important as the success of projects is each team member learning, growing, and feeling fulfilled in their work.

We are a distributed team, with members located on different continents. Team members are free to work from wherever they want as long as they have a good enough connection to join our online meetings and collaborate effectively. While we make sure to respect each other’s boundaries and work/life balance, remote work requires some flexibility to accommodate different time zones.

We are a small team in a young and growing organization. We are intentional in how we develop our organizational culture and processes and hope to recruit someone interested in being part of this journey and investing themselves for the medium to long-term. 

As a community-centered organization, diversity of life experiences makes a big difference in how we identify needs, and design and implement solutions. As a result, we deliberately seek applicants with different perspectives, identities, and experiences to build an inclusive workplace to better inform our programs and processes. Horizontal is an equal opportunity employer and encourages people of all races, genders, ages, abilities, orientations, ethnicities, and national origins to apply.

Women, People of Color, LGBTQ+, and disabled folks are highly encouraged to apply and self-identify in the application.

The job role

Commitment: Part-time or full-time
Location: Remote
Deadline: December 10th, 2021, but we review applications as we receive them, so the earlier you apply the better!

Responsibilities As a senior mobile developer:

  • Developing new Android and iOS apps and adding features to existing apps.
  • Leading the high-level design and core architecture of mobile systems.
  • Ensuring the success of our mobile apps, including security, performance, and stability.
  • Leading a team of mobile engineers, including providing mentoring, code review, support, and spearheading the adoption of new best practices.
  • Translating designs and wireframes into high-quality code.
  • Identify ideas to improve system performance and impact availability.
  • Development of technical specifications and plans.
  • Troubleshooting, fixing bugs, and improving app performance.
  • Documentation of systems and development processes.

What we need (required qualifications):

  • You resonate with Horizontal’s values.
  • You have at least 5 years of experience developing Android and iOS native apps, from complex UIs to reliable remote API access and data storage.
  • You have experience working on security-focused applications and cryptography.
  • You have experience with automated testing (UI testing and Unit testing)
  • You are familiar with modular application architectures and design patterns like MVVM
  • You are familiar with hacking with Linux OS or have some backend development skills.
  • You have experience working with Git.
  • You have strong leadership skills. You are able to effectively advocate for preferred ideas, give constructive feedback to empower teammates, and identify areas for improvement in our development processes.
  • You pay extremely close attention to details.
  • You are flexible. We are a distributed team and remote work isn’t for everyone: it requires discipline and the ability to work independently, communicate daily over several different platforms, and be flexible to accommodate meetings across multiple time zones. You should also be able to work on multiple projects simultaneously.
  • You are naturally curious, willing to learn from others and to work collaboratively. We’re always striving to get better at what we do and learn new skills or tools, and are not scared to say “I don’t know, I’ll research it”.

What we would like (preferred qualifications):

  • You have experience working on civic tech, human rights, internet freedom, social justice, or activism (not necessarily as a developer).
  • You are fluent in a language other than English.

What we DON’T need:

  • You don’t have to be completely fluent in written and spoken English. We just need you to understand and speak English well enough to ensure that we can work together effectively. 
  • You don’t need formal education. We are looking for skill and passion more so than degrees.

If you meet the requirements for our senior mobile developer, hurry and apply below:

Apply Here

Senior Database Administrator – Ms SQL (Banking)

Abidemi Ogunyemi-Aderibigbe
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Senior Database Administrator – Ms SQL (Banking)

About Company

A financial institution that offers online/internet banking, retail banking, corporate banking, investment banking, and asset management services.

Job Description

A top-tier bank is in need of a senior Ms SQL Database Administrator to keep their databases running.

Location: Lagos, Nigeria (Onsite)

Experience: Senior level

Contract Duration: 11 Months (full-time)

Salary: N400,000 – N550,000

Contact: Ossy Ekwueme (sales@cousant.com)

Responsibilities

  • Build database systems of high availability and quality depending on each end user’s specialized role
  • Design and implement database in accordance to end users information needs and views
  • Define users and enable data distribution to the right user, in the appropriate format, and in a timely manner
  • Use high-speed transaction recovery techniques and backup data
  • Minimize database downtime and manage parameters to provide fast query responses
  • Provide proactive and reactive data management support and training to users
  • Determine, enforce and document database policies, procedures, and standards
  • Perform tests and evaluations regularly to ensure data security, privacy, and integrity
  • Monitor database performance, implement changes, and apply new patches and versions when required

Requirements for Senior Database Administrator

  • Has at least 5 years experience in Microsoft SQL Server Database Administration.
  • Knowledge of other popular databases will be added advantage
  •  Experience in troubleshooting and resolving database integrity issues,
  • performance issues, blocking and deadlocking issues, replication issues
  •  Knowledge of query optimization
  •  Expert knowledge of Database Clustering, High Availability (Always ON) and
  • Disaster Recovery (DR) options for MS SQL databases
  •  Knowledge of indexes, index management, and database statistics
  •  Good communication and documentation skills
  •  Strong knowledge of indexes, index management, integrity checks, configuration
  • and database patching
  •  Candidate must be able to build database systems of high availability
  •  The candidate must be able to provide proactive and reactive data management
  • support
  •  The candidate must be able to implement the release of database changes
  •  Experience in the implementation of database replication solutions
  •  Knowledge of users access permissions and privileges
  •  Proficient in MS SQL Server 2016 and above
  •  Proficient with Linux and Windows Operating System
  •  Good knowledge of database backup and recovery
  •  Knowledge of Oracle Golden gate will be added advantage

Apply Now

Gozem, Francophone African Super App Raised $5M Series A Funding

Hassan Barakat
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Gozem, Francophone African Super App Raised $5M Series A Funding

Gozem, a francophone African super app that provides diverse services such as transport, e-commerce, and financial services has raised $5 million in Series A funding.

The company which is based in Togo and Singapore has received investment from AAIC, Thunes (TransferTo), Momentum Ventures (SMRT), Innoport Ventures (Schulte Group), CMC Ventures (National Express), and Liil Ventures (Mobility ADO).

In previous seed rounds, it has raised $7 million via three tranches from investors such as U.S. firm Plug and Play Ventures, Launch Africa, BANSEA, and Virtual Network. The multi-vertical application has raised over $12 million in total.

The startup was founded by Gregory Costamagna, Raphael Dana, and Emeka Ajene.

Gozem expanded its transportation verticals to include taxi and tricycle services in numerous cities in Togo and Benin as part of a bid to emulate the Grab and Gojek model in Southeast Asia.

As the COVID-19 pandemic spread, the platform ceased its regional expansion and shifted its focus vertically.

It pioneered e-commerce and logistics, letting merchants post an inventory of things that customers demand and have them delivered by its drivers.

The company then offered its drivers an asset finance option, using a lease-to-own model for automobiles and related equipment.

Costamagna, the chairman, stated that the three verticals work together to improve drivers’ disposable income. Gozem’s philosophy is that it produces a win-win situation in which its drivers become the future generation of middle-class Africans while their super app ambitions run smoothly.

“As a result, folks [merchants, suppliers, companies] that are interested in working with them [riders] will work hard and give a variety of services to our customer base,” he explained.

“And when we do so, we improve their disposable income by giving them more passengers, more delivery trips, and finding organizations that want to utilize delivery services by adding more merchants to our platform and finding companies who want to use delivery services.”

We also lower their operating costs through asset finance because they don’t have a formal alternative, and what they do have is usually informal and pricey.”

Gozem has offered up to 1,500 vehicles to drivers since launching the lease model. Costamagna stated in a statement that the financing will assist Gozem reach a population of over 200,000 people by 2025.

With over 800,000 registered users and over 5 million journeys completed, Gozem has expanded to 13 cities, including Gabon and Cameroon. The firm’s founders believe the company is aiming to provide digital banking services and financing to its users.

It’s a concept that other super app firms in Africa have used in the past, including Nigeria’s OPay (which has since canceled its super app intentions to focus on its financial services branch) and, more recently, SafeBoda. Other firms, like Yassir, which focuses on North Africa, are also aiming to offer banking and payment services.

In all of the cities where Gozem operates, the company wants to employ its current network of marketplace users (drivers and merchants) as agents. Individual users can exchange cash for mobile money via the Gozem app in this way.

“I believe we have a great differentiator. Generally speaking, our competitors are telcos that provide mobile money services, as well as standalone digital wallets,” Costamagna explained. “What we’re attempting to provide is an integrated wallet solution that is part of a broader set of services.” As a result, this is the most significant market distinction.

Francophone Africa had been largely left out of the tech and startup disruption sweeping across other African regions, particularly Nigeria, Kenya, South Africa, and Egypt, until it minted its first unicorn in the form of fintech startup Wave, which shed some light on the opportunities that abound in the market. They told me that it was the same reason why the founders established Gozem in the first place.

“Nearly 95 percent of the money and attention always goes to four or five African countries: Nigeria, Ghana, Kenya, South Africa, and Egypt, Dana said. “However, Francophone Africa is a bit sidelined when it comes to all the major traction.” We’ve noticed a lot of great prospects in Francophone as a nice market.”

Having founded firms in Singapore before Gozem, Dana and Costamagna welcomed Ajene on board, bringing his on-the-ground African experience to a team with extensive Southeast Asian market understanding.

After three years, Gozem now has 250 staff across four marketplaces. The Series A funding will be used to grow into other Francophone African countries, such as the Democratic Republic of Congo, Senegal, and the Ivory Coast. While offering its financial services, the corporation is also trying to strengthen its asset financing approach.

“The markets in which we operate on the continent are considered second-tier African markets by some.” We do, however, have a chance and believe in the approach we’re pursuing. As we’ve stated across all of our verticals, it’s truly a wide berth where there’s less competition. “We want to be embedded across the area over the next year,” Ajene added, noting that Gozem is now active in four nations.

Payourse A Nigeria-Based Startup Raises $600 Fund To Build A Web3 Powerhouse

Boluwatife Aponmade
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Payourse A Nigeria-Based Startup Raises $600 Fund To Build A Web3 Powerhouse

Payourse, a Blockchain firm based in Lagos, Nigeria has raised $600k in pre-seed funding to build a Web3 powerhouse.

Bashir Aminu, the CEO of Payourse told Techpoint Africa on a call that it took some time before everything came to be and before the pre-seed fund could be realized. The fundraising pre-seed saw participation from Michael Ugwu, one of the biggest NFT collectors, Flori Ventures, Olumide Soyombo of Voltron Capital, and Allegory Capital. The pre-seed funding also saw the participation of other investors like CELO co-founders, Marek Olszewski and Rene Reinseberg, Kola Aina of Ventures platform, Angel Touch Holdings, and Oluwatobi Anisere.

This funding is the company’s first real pre-seed funding, with a combination of $100,000 raise from Michael Ugwu, in March 2021, another $100,000 from Flori Ventures in July 2021, and another raise from Oluwatobi Anisere, co-founder, John Anisere’s brother in 2020.

Aminu says they never actually reached out to investors. Michael Ugwu had sent a direct message to one of the co-founders on Twitter, Flori Ventures, and Olamide Soyombo , Founder of Volton Capital got introduced through a partner.

Payourse was founded in September 2019 by Bashir Aminu (CEO) and John Anisere (CTO) with the aim and purpose of solving the issues of accessibility and adoption of the Web3 economy by way of providing the core infrastructure and necessary tools that will help African businesses build user-friendly crypto and Web3 products.

Bashir Aminu got the idea of building a platform that collects wallet addresses and generates shareable links while he was still working at Busha as its first product designer, a crypto exchange that recently just raised a $4.2 million pre-seed funding. He shared the idea with John Anisere, who was his colleague and a front-end designer at Busha.

Anisere bought the idea and they launched into action after deliberating on a few concepts. In September 2019, Coinprofile was launched as a pet project and the company’s first product.

Due to a seamless experience and ease of use, Coinprofile began to gain traction amongst crypto users. The more people got on their product, the more the founders realized how important their product is, Hence, they continued to look for products fit for the market, they also took customers’ feedbacks to improve Coinprofile.

Aminu said to TechCabal, “In May 2020, after acquiring a handful of users and considering the feedback and requests we’ve pulled, we added a remittance functionality that allows users make payment with their wallets”.

According to Aminu, the CEO, during the process of building plenty of Web3 tools and APIs around Coinprofile products, it became clear that they have not only built a great crypto tool, they have also built great infrastructures, powerful and flexible enough for other businesses to build and thrive on.

The company announced last month that it would be bringing together all its present and future products under a parent company, Payourse. The parent company has three main functions to power its infrastructure; wallets, remittances, and liquidity. The company said it has started building uses cases to show its ambition to power the next hundreds of crypto-enabled businesses, it has built Simpa, which is a fast no-code and an easy platform made available to anyone to quickly start a fully customizable crypto exchange as fast as possible.

Payourse believes that the future of finance and in Africa is on crypto, and thus, is determined to help more African businesses and individuals get in line, by being the go-to platform for anything concerning crypto anywhere in the world. Payourse already marked Kenya and Ghana as the next markets to carry out that ambition.

First Offline Event By Binance to Hold In Cameroon

Boluwatife Aponmade
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First Offline Event By Binance to Hold In Cameroon

Binance is the world’s biggest crypto exchange and blockchain ecosystem will hold its maiden offline event for crypto fans and enthusiasts in Cameroon. The aim is to continue its mission to increase the freedom of money, drive the adoption of blockchain and aid greater financial accessibility for Africans.

The offline event will hold on the 4th of December, 2021, and on the 11th of December, 2021. The blockchain will take its efforts into Douala and Yaounde, two major cities in Cameroon.

As a frontier in blockchain education, Binance makes sure that crypto enthusiasts have access to the right information about how the crypto ecosystem works. Binance Masterclass started in January 2020, it provided insights about crypto trading to careers in the blockchain ecosystem. Binance has provided free crypto education to over 400,000 Africans since then.

At the end of 2020, more than 70,000 Africans were educated in the first year of the Masterclass launch, Binance has since doubled down on its efforts in providing educational resources to more than 177,000 Africans in Q1 in 2021 and more than 179,500 in Q2 in 2021.

The physical events taking place in Cameroon will hold on December 4, 2021, 9 am-2 pm at Aurelia Palace, Nylon Bastos in Yaounde while it will hold on December 11, 2021, 9 am-2 pm at Serena Hotel, Akwa Nord in Douala.

Blockchain enthusiast and local entrepreneur, Junie Maffock, will be joining attendees, where they will learn about the Binance ecosystem, fundamentals of blockchain, trading fundamentals, how to set up a Binance account, and lots more. There will also be loads of fun, giveaway, and engaging games.

This offline event is not, however, Binance’s first education effort in Francophone Africa. Binance hosted its first-ever masterclass in July 2021, it was dedicated to French-speaking Africans to indicate the kick-off of its crypto education efforts.

“The African continent holds some unique opportunities for cryptocurrency adoption and development. As such, we see blockchain education as vital in actualizing these opportunities. It is also clear that the potential of Francophone Africa to be a core part of this development is endless and we are committed to ensuring that more people have access to the right information”, Francophone Africa Lead at Binance, Carine Dikambi has said.

UNICEF, Liquid Technologies Partner on Giga Initiative

Mena Adediran
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UNICEF, Liquid Technologies Partner on Giga Initiative

Giga is working to bridge Africa’s digital divide, and UNICEF, in partnership with Liquid Intelligent Technologies, is going to support the initiative. 

UNICEF with Liquid Intelligent Technologies made the announcement public on Wednesday, December 1st, that they will be working together to support Giga’s project which is to connect every school to the Internet as well as expose every young African to “information, opportunity, and choice.”

Liquid Technologies is providing data needed to map and assess the location and internet access of every school in Africa. This mapping termed “Project Connect” serves as the groundwork for Giga to perform its activities. 

In addition to this, Liquid will provide Giga with information about schools’ nearness to telecommunications infrastructure. It will also monitor internet connectivity along the way on a platform to be developed. 

Kenya is the starting point of this collaborative project, after which other countries will be included such as Zambia, South Africa, Botswana, Tanzania, Zimbabwe, Uganda, and Rwanda. 

Thomas Davin, the Director of the Office of Innovation, UNICEF, explained that the partnership will enable Giga to gather a much-needed understanding of the “connectivity landscape” in Kenya and other parts of Africa. He admitted that the knowledge gathered will help UNICEF get more schools to access the Internet.

Addressing the partnership too, Ben Roberts, Group Chief Technology Officer at Liquid Intelligent Technologies, said; “The Giga Initiative from UNICEF and ITU echoes Liquid’s sentiment of creating a digitally resilient economy in Kenya and Africa at large. There is no better place to start than our schools that shape the minds of our children, thereby securing our future.

“This initiative also reiterates the vision of our parent company – Cassava Technologies, of creating a digitally connected continent that leaves no African behind,” Roberts shared.

South African PropTech Firm, E4, Plans Expansion 

Mena Adediran
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South African PropTech Firm, E4, Plans Expansion 

E4 (styled e4), a property technology firm in South Africa, has made plans to expand to European markets, kick-starting this expansion journey in the UK. Simon Slater, the Executive Director, has moved to the UK to serve as the head of operations.

In a statement made by e4 on December 1, Slater’s role has been explained to build e4’s relationship with mortgage banks, conveyancing firms, and other UK partners.

The statement further shared that Slater will get support from a “global team” of analysts,  developers as well as other staff in the expansion process.

Furthermore, e4 expressed; “Having worked on international opportunities remotely now for the past two years, we are at a stage where we need to rapidly set up a full client team on the ground in the UK and grow the international development teams in Mauritius to develop UK solutions.”

e4 has been operating for 21 years in the South African property technology industry as a provider of digital tools which aid real estate agencies and financial service providers with managing their services.

e4’s clientele in South Africa ranges from law firms to notable lenders, and as such the company will target that market in the UK.

“We are setting our clients up for the future of mortgage processing and transaction management as the world’s most valuable industry − real estate − undergoes a long-awaited digital transformation. With the backing of e4 in South Africa, we are ideally placed to make a real difference in the UK Proptech market,” Slater said.

MTN NG Offers Shares Sale to Retail Investors

Mena Adediran
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MTN NG Offers Shares Sale to Retail Investors

MTN Nigeria has commenced a nationwide initiative to sell off about 575 million shares in MTN Group to retail Investors on December 1, 2021. To achieve this, a roadshow has been organized which started off in Abuja and will continue to every other state, over the next two weeks.

Speaking on this development, Ralph Mupita, MTN Group President and CEO, expressed that MTN Group is set to allow broad ownership in their companies; “This offer is the first phase of that process in Nigeria, as we progressively reduce our shareholding from 78 percent to 65 percent over time.”

This initial public offering sale began on December 1, at 8:00 am, and is scheduled to end on December 14 at 5:00 pm.

The cost of a share is N169. The minimum amount of shares public retail investors can buy is 20, and there is 1 free share on every 20 purchased to attract a lot of buyers. However, the free share is subject to retail investors who will hold the shares for a minimum of 12 months.

The cost of an MTN NG share as listed on the stock market as of Tuesday, November 30, was N190, meaning that a N21 discount was provided to the public.

However, by Wednesday, December 1, the share price in the stock market depreciated to N171, a 10% reduction that came after the public offering announcement. Sources say that this price depreciation was prompted by sell-offs of the company’s shares due to investors’ “negative sentiment” to the public offering. At market close, the MTN NG share at N171 was the lowest price traded.

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