According to reports, Credit Bank, a Kenyan lender, intends to raise 1 billion shillings (about $6.89 million) through an initial public offering (IPO) on the Nairobi Securities Exchange (NSE).
The IPO would be the NSE’s first since the exchange listed itself in 2014, according to a Monday (August 28) Bloomberg article. The timing and quantity of the offering, however, are still pending regulatory and investor approval.
The report claims that the IPO’s main objectives are to boost capital and reward shareholders, and that Credit Bank also intends to launch an employee share ownership program.
Other IPO news from Africa includes the Tuesday, August 22, announcement of the IPO plans of Nigerian payments firm Flutterwave. At that time, Flutterwave CEO Olugbenga Agboola told Bloomberg that the company had made progress in resolving allegations of financial misconduct in Kenya, enabling it to enlist new and more significant international partners.
On August 2, Worldcoin, the identity-focused cryptocurrency created by OpenAI’s Sam Altman, was prohibited from operating in Kenya by the Ministry of the Interior, awaiting the results of an investigation.