South Africa's Absa Sees More Fintechs in African IPO Pipeline [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
NASDAQ:AMEX Investor Relations:
absa.co.za/about-us/absa-bank/investor-relations
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Source: BNN Bloomberg
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 Ltd.'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.” 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. This has cultivated a budding fintech industry, including startups such as Flutterwave Chipper Cash and Interswitch that have touted possible listings in the UK or US. Some advantages of listing dome
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