By Business AM
The Nigerian Securities & Exchange Commission (SEC) has granted Bamboo Systems Technology Limited , a digital sub-broker license, allowing the company to operate in the Nigerian capital market as well as include Nigerian securities on its platform.
A statement by the leading online brokerage firm in Africa, explained that the SEC licence, ensures oversight of the relationship with its sponsoring broker, Lambeth Capital, while also empowering it to enter into partnerships with multiple brokers to serve its clients. It added that the licence will also enable it to deepen its relationships with financial service providers to offer its API services, while maintaining its commitment to best practices and allowing its retail investors the ability to trade local securities on the Nigerian Exchange Group.
Bamboo said it began the rigorous application process for the SEC’s digital sub-broker licence when it was introduced in 2021. This, it said, included a thorough examination of its finances and governance process.
Commenting on the recent development, Richmond Bassey, CEO and Co-founder of Bamboo, said the company is thrilled to reach the milestone and is fully committed to its obligations as a registered digital broker.
“Since the launch of Bamboo, we work every day to provide the best technology solutions, backed by industry best practices, to allow Nigerian retail investors to access an unprecedented number of digital securities to build long-term wealth. We are grateful for our collaboration with the SEC, which has shown its dedication to protect investors while allowing for innovation to flourish,” Bassey said
Founded in 2019, Bamboo is an online brokerage app that enables Africans to invest real time in local and foreign asset classes. As such, Bamboo users can invest fractionable amounts in their favorite publicly listed US companies from Tesla to Apple, ETFs, mutual funds, or fixed income products. For users who are new to investing, Bamboo offers a wide range of educational materials from investment guides to a stock market course to regular events and webinars.
