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JamboPay eyes listing on NSE

BUSINESS NEWS
By Wainaina Wambu | October 3rd 2020

E-payment 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.

The firm, under holding company Webtribe Ltd, has embarked on a business restructuring process to strengthen corporate governance ahead of the planned public offering.

JamboPay Chief Executive Danson Muchemi (pictured) also said talks with investors were at an “advanced stage” to inject money to revamp the company’s technology and boost its products and marketing.

“In the next four years, we’d like to give every Kenyan the opportunity to be a part of Jambopay,” he told The Standard in an interview.

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

Mr Muchemi said 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, JamboPay has been hit by controversies involving its work with the National Hospital Insurance Fund and the Nairobi County Government, leading to taxing court cases, which Muchemi now says the firm has overcome.

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

The firm predominantly operates in the East Africa region but also has operations in Ghana and Malawi.

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

Shoppers can order products from producers and vendors securely through the platform and have the ordered products delivered to them.

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

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