App Disruptions Hit Dangote IPO Access for Nigerians

On Monday morning, Nigerians attempting to invest in the Dangote Petroleum Refinery's initial public offering (IPO) encountered significant disruptions on the platforms of Bamboo and Cowrywise, two major investment fintechs in Nigeria. Users reported issues such as login failures, slow-loading apps, and error messages on social media.

Both companies acknowledged the disruptions on X, stating they were working to restore access. The IPO was marketed as the "people's IPO," aimed at reaching ordinary Nigerians through their phones.

In the week leading up to the IPO, Bamboo reported opening over 236,000 new accounts, with 64% funded and trading, indicating strong demand for shares. A Bamboo spokesperson expressed disappointment over the user experience, noting that despite preparations over the past 2-3 months, the actual demand exceeded their system's capacity.

Cowrywise also reported that its engineering team had restored its app after experiencing slower response times due to the surge in traffic.