Nigerians Buy Dangote IPO Shares Through Neighbourhood POS Shops
Buying shares in Nigeria is becoming easier for everyday people as neighbourhood Point-of-Sale (POS) agents begin helping customers subscribe to the Dangote Petroleum Refinery initial public offering (IPO).
For Mrs Oyin Alade, a regular visit to a POS stand near her home in Ojota, Lagos, recently turned into her first experience of investing in shares.
Alade usually visits the agent to withdraw ₦5,000, which she shares among her four children for transport and snacks.
But during one of her visits, the agent asked whether she had heard about the Dangote Refinery IPO.
She had heard people discussing Dangote shares but did not think the offer was meant for someone like her.
The agent explained that she could buy 10 shares for ₦5,250.
“I have always associated shares with stockbrokers, banks, wealthy people and financial experts. The thought that I could walk into the same kiosk where I normally withdrew money and leave as a shareholder was difficult to believe,” she stated.
Because she already trusted the agent, she decided to try.
“He is someone I had used repeatedly for transfers and withdrawals. He is a trusted person, so there is no need to doubt him,” she affirmed.
Within minutes, the transaction was completed, making Alade a shareholder in Dangote Refinery.
Her experience reflects a growing trend in which POS terminals, traditionally used for cash withdrawals, transfers and other payments, are becoming another channel through which Nigerians can access investment opportunities.
Students and first-time investors join
In Sapele, Delta State, Ese Oghenekome, a 400-level student of Abraka University, also discovered the Dangote IPO through a neighbourhood POS agent.
The agent explained that the offer was priced at ₦525 per share, with a minimum subscription of 10 shares.
For Oghenekome, the opportunity was unfamiliar because he had never bought shares before.
“For someone who had never bought shares before, the idea was initially unfamiliar. But the process did not require a visit to a stockbroker.”
Instead, the transaction could be started through the same POS terminal used for regular financial transactions.
“A few minutes later, the process was completed. What started as an ordinary trip to a neighbourhood POS stand ended with me being a shareholder,” he stated.
POS agents introduce customers to investing
Another POS agent, popularly known as Papa Ada, contacted Moniepoint to understand how customers could subscribe to the Dangote IPO through POS terminals.
After receiving an explanation of the process, he began informing customers about the offer.
The conversations started with people withdrawing cash, making transfers or paying bills.
“Some were curious. Some asked how much they needed. Others wanted to know whether they needed an investment app or had to visit a broker,” Papa Ada told the publication.
He explained that customers could subscribe through the POS terminal.
“By the following day, 10 customers had expressed interest in buying the shares,” he disclosed.
The development is also attracting attention from first-time investors online, with some Nigerians sharing their experiences after purchasing Dangote shares through digital financial platforms.
For many new investors, the attraction is the ability to participate without having to navigate complicated procedures or visit a traditional investment office.
Dangote IPO opens access to more Nigerians
The Dangote Petroleum Refinery IPO is being made available through Moniepoint’s banking applications and nationwide POS network through a collaboration between Moniepoint Microfinance Bank and TeamApt Ltd.
The offer allows Nigerians to subscribe at ₦525 per share, with a minimum of 10 shares, equivalent to ₦5,250, and a maximum of 500 shares per transaction.
Moniepoint says its POS network covers all 774 local government areas in Nigeria.
Babatunde Olofin, managing director and chief executive officer of Moniepoint Microfinance Bank, said the arrangement reflects the company’s approach to expanding access to financial services and investment opportunities.
“Moments like this are exactly why we built Moniepoint the way we did,” Olofin said.
Dennis Ajalie, managing director and chief executive officer of TeamApt Ltd., said the company’s payment infrastructure was helping connect the capital-market opportunity with a distribution network reaching millions of Nigerians.
For first-time investors such as Alade and Oghenekome, however, the experience began with something much simpler: a routine visit to a neighbourhood POS stand.
The development means Nigerians who may never have visited a stockbroker or investment office can now encounter an opportunity to become shareholders while carrying out everyday financial transactions.
