Chaka acquires SEC’s first Fintech license to drive digital stock trading in Nigeria

Being a firm committed to respecting and complying adequately with regulatory measures, Chaka, a digital stock trading platform has obtained a license from the Securities and Exchange Commission (SEC) to legally offer its digital services to traders within Africa’s largest economy.

Chaka is officially the first to receive this license – a newly created category that accredits the firm as a “Digital Sub-Broker/Sub-Broker Serving Multiple Brokers Through a Digital Platform”.

A circular published by the SEC at the beginning of 2021 directed digital trading platforms such as Chaka to cease offering foreign stocks to Nigerian traders.

A portion of the said circular stated that “…only foreign securities listed on any Exchange registered in Nigeria have the permission to engage in any form of transaction with the Nigerian public.”

This announcement meant that companies implicated had to take the necessary steps towards acquiring the appropriate license to enable them to continue serving their offerings to clients within the country. Chaka, which was launched in 2019, is led by co-founders Tosin Osibodu and Olaolu Ajose. Chaka facilitates borderless digital stock trading and wealth management and serves both corporations and individuals.