Nigerian investtech startup Bamboo has been granted a digital sub-broker license from Nigeria’s Securities and Exchange Commission (SEC), allowing the company to operate in the Nigerian capital market as well as include Nigerian securities on its platform.
Founded in 2019, Bamboo is an online brokerage app that allows Africans to invest real-time in local and foreign asset classes. Users can invest fractionable amounts in their favourite publicly-listed US companies, ETFs, mutual funds, or fixed income products.
SEC’s issuance of the license to Bamboo 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. The license will also enable Bamboo to deepen its relationships with financial service providers to offer its API services.
“We are thrilled to reach this important milestone and are fully committed to our 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,” said Richmond Bassey, CEO and co-founder of Bamboo.