Kenyans Face Higher Minimum Investment Amount for Dangote IPO Through NSE

Hello and welcome to the Money News Roundup. Today, we cover the new investment requirements for Kenyans joining the Dangote refinery IPO through the NSE and the World Bank’s planned investment in Quickmart.

Kenyans Need Ksh107,000 Minimum to Invest in Dangote Refinery IPO Through NSE

Kenyans will need at least Ksh107,000 to invest in Nigeria’s Dangote Petroleum Refinery IPO through Global Depository Receipts (GDRs) that will trade on the NSE.

As reported by the Business Daily, the CMA-approved offer price for each GDR is Ksh53.50, with investors required to purchase a minimum of 2,000 units. Additional investments can be made in multiples of 100 GDRs, with no maximum limit.

CMA cleared Renaissance Capital (Kenya) Limited to facilitate investments through GDRs.

The GDRs represent ownership of Dangote refinery shares, allowing Kenyan investors to participate through the local market and trade in Kenyan shillings.

The minimum investment is significantly higher than in Nigeria, where investors can purchase at least 10 shares for about Ksh492.50 to Ksh510.

The Dangote IPO seeks to raise Ksh207.5 billion through the sale of 4.1 billion shares, representing 3.4% of the refinery.

The GDRs are targeted for listing on the NSE on December 8, 2026.

Meanwhile, CMA has approved seven Kenyan firms to facilitate local investors’ participation in the IPO. As announced by CMA, the firms are CPF Capital & Advisory, SBG Securities, Francis Drummond & Company, National Bank of Kenya, Sterling Capital, Kestrel Capital and AXYS Investment Bank.

Also Read: How Kenyans Can Invest in the Dangote Refinery IPO 

Safaricom Launches Shariah-Compliant Money Market Fund 

Safaricom has partnered with GulfCap Investment Bank to launch the Ziidi Shariah Money Market Fund, allowing customers to invest from Ksh100 through My OneApp or by dialling *334#.

As reported by Capital Business, the fund targets investors seeking Shariah-compliant investments that adhere to Islamic finance principles, including the prohibition of interest (riba).

Safaricom CEO Peter Ndegwa said the product aims to make investing affordable and accessible while accommodating customers’ values.

GulfCap CEO Saud Shahbal said the fund will invest in short-term instruments held in Shariah-compliant banks, preserving capital and daily liquidity while generating returns from permissible activities.

World Bank to Invest Ksh1.94 Billion in Quickmart IPO for 6.5% Stake

The International Finance Corporation (IFC), the World Bank’s private investment arm, has committed Ksh1.94 billion ($15 million) to Quickmart’s Ksh15 billion IPO, giving it a 6.5% stake in the retailer.

The Business Daily reports that the investment will see the IFC acquire 258.67 million shares, equivalent to about 13% of the shares being offered to investors.

Quickmart’s IPO values the supermarket chain at Ksh30 billion, with existing shareholders offering 2 billion shares, representing 50% of the company.

The IFC’s investment is subject to approval by its board and will make it one of Quickmart’s largest shareholders if the offer is fully subscribed.

The move marks the IFC’s return to Kenya’s retail sector after it sold its stake in Naivas in 2022. The corporation had invested Ksh1.8 billion ($15 million) in Naivas in 2020 before the stake was sold for about Ksh15 billion (US$119.68 million).

Govt Signs Ksh389 Billion Electric Vehicle Manufacturing Deal

The government has signed a Ksh389.43 billion ( $3 billion) MoU with Endelevu Enterprise Corporation to establish an electric vehicle manufacturing ecosystem in Kenya.

As reported by Citizen Digital, the project will include an assembly plant producing 50,000 four-wheel vehicles annually, another producing 100,000 two-wheelers, 1,000 solar-powered charging hubs and a digital platform supporting 100,000 electric vehicles.

Ruto said the investment could create 2,000 direct jobs, over 20,000 indirect jobs and 80,000 additional opportunities in fleet management and services.

He directed government agencies to fast-track approvals and infrastructure development.

Govt Warns Saccos Against Risky Investments as Portfolio Hits Ksh99.8 Billion

The State Department for Co-operatives has cautioned Saccos against investing members’ savings in high-risk special funds and offshore placements.

As reported by the Business Daily, PS Patrick Kilemi urged sacco managers to prioritise prudent investments, warning against chasing higher returns at the expense of members’ money.

Sacco investment portfolios rose 63% to Ksh99.81 billion in 2025, up from Ksh61.21 billion in 2024, according to SASRA data.

Holdings in collective investment schemes, including money market funds and unit trusts, more than tripled to Ksh19.55 billion. Government securities remained popular, with investments increasing to Ksh23.64 billion from Ksh21.35 billion.

KRA Expands Transfer Pricing Checks on Multinational Firms

The National Treasury has expanded transfer pricing regulations, allowing KRA to scrutinise at least 25 transaction categories involving related multinational companies, up from about 10 previously.

As reported by the Business Daily, the rules require firms to disclose transaction values, currencies, contractual terms, financial statements and relationships between connected entities.

Transfer pricing determines prices charged between related subsidiaries and affiliates. However, some multinationals allegedly manipulate these transactions to shift profits and reduce taxable income in Kenya.

The expanded checks cover intercompany loans, royalties, guarantees, insurance, business restructurings, derivatives and cost-sharing arrangements.

Airtel to Launch Virtual Card in Kenya to Rival M-Pesa GlobalPay

Airtel Money plans to launch a virtual Mastercard in Kenya, allowing customers to make international online payments directly from their mobile wallets.

As reported by the Business Daily, the Airtel Money Global Pay Card will enable purchases on platforms such as Amazon and eBay, alongside subscriptions to services including Netflix.

The rollout will place Airtel in direct competition with Safaricom’s M-Pesa GlobalPay, a virtual Visa card launched in 2022. Airtel said the card is already available in Uganda, Zambia and Tanzania, where it has issued over 875,000 cards since 2025. 

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