Nigerian fintech firm Bamboo has been granted a digital sub-broker licence from the country’s Securities and Exchange Commission (SEC), which will enable it to list securities on its platform and operate in the capital market. It will allow the firm to build stronger relationships with financial service providers and partner with several brokers, as well as ensuring oversight of its sponsorship broker, Lambeth Capital. Bamboo is an online brokerage app that allows Africans to invest in both domestic and international assets. Through the app, users can invest fractional amounts in exchange-traded funds, mutual funds, fixed-income products, and their favourite publicly traded US companies such as Apple and Tesla.
Bamboo began the application process for the digital sub-broker licence from the SEC in 2021. The application process included a thorough examination of the firm’s finances and governance process. This licence has given Bamboo a boost and now enables it to expand its services in the African market. Bamboo’s goal is to make investments accessible to everyone in the African region, allowing the app to take on a significant role in the region’s investment ecosystem. As we reported in September 2022, Bamboo also announced that it has launched in Ghana, enabling Ghanaians to invest in foreign companies. This move to Ghana is expected to increase its reach in the African market and strengthen its positioning as a major player in the continent’s fintech landscape.
Bamboo’s move is a significant step in its expansion plan in Africa, as it is well-positioned to meet the demand of people who are seeking to invest in assets with as little as a few dollars. It also provides a huge opportunity for the fintech startup to deepen its investment offerings and provide financial services in other African countries. The company is committed to ensuring that its platform is easily accessible and affordable for all Africans, regardless of their location. This development is expected to be a turning point in the African fintech industry, as it further highlights the potential and growth prospects of the region.
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