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JamboPay eyes stock exchange listing

By Wainaina Wambu | October 3rd 2020 at 11:00:00 GMT +0300

Danson Muchemi, CEO JamboPay, during an interview with The Standard at his office on October 2, 2020. [Elvis Ogina, Standard]

E-payments services firm JamboPay has announced plans to list at the Nairobi Securities Exchange (NSE) in the next four years targeting to raise Sh9.6 billion. 

This has seen the firm, whose holding company is Webtribe limited, embark on a business restructuring process meant to strengthen corporate governance ahead of the planned public offering.

JamboPay chief executive Danson Muchemi also said that talks with investors were at an “advanced stage” that would see money injected to prop the company’s product, revamp the technology and also market the products.

“In the next four years we’d like to give every Kenyan the opportunity to be a part of Jambo pay.”

“We are working out the governance building the structures we are going to strengthen our products and address certain market segments,” he added.

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Muchemi also said that the company also plans to diversify into financial services including digital insurance and money transfer services and spread operations across Africa.

Over the last few years, the firm has been hit in controversies involving its work with the NHIF and the Nairobi County government leading to taxing court cases, which Muchemi now says the firm has overcome.

“The legal challenges really affected our attractiveness in terms for investments. We are happy that these are now behind us” he said.

The firm operates in the East African region and also has operations in African countries such as Ghana and Malawi.

JamboPay recently ventured into e-commerce targeting Kenya’s small and medium enterprises, farmers, and vendors through a platform known as the JamboPay Market.

Shoppers can order products from genuine producers, farmers, and vendors securely through the platform and have the ordered products delivered to their homes or offices.

The ecommerce platform is the company's first B2C product. "We have lined up a number of exciting new B2C products in coming months," said Muchemi.

JamboPay NSE JamboPay Market Webtribe Danson Muchemi
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