Africa’s retail-investing boom is running into an infrastructure problem

A Zimbabwean investor looking to buy shares in Dangote Refinery’s $1.6 billion initial public offering (IPO) cannot simply open an app and tap “invest”. The offer is structured primarily for investors in Nigeria, leaving Zimbabweans without the same direct route available to domestic investors. Bard Santner Investors (BSI), the Zimbabwean asset manager facilitating local participation, has created a permitted cross-border route for Zimbabweans to access the offer.