Bamboo Systems Technology Limited (Bamboo), online brokerage firmon Friday, announced that it has been granted a digital sub-broker license from the Nigerian Securities and Exchange Commission (SEC).
A statement issued by the firm said the new license allows the company to operate in the Nigerian capital market and include Nigerian securities on the platform.
“The issuance of the SEC license to Bamboo ensures oversight of the relationship with the sponsoring broker, Lambeth Capital, and also empowers us to partner with multiple brokers to serve our clients,” the statement said.
He noted that the license will also allow Bamboo to increase its relationships with financial service providers to offer API services.
Founded in 2019, Bamboo is an online brokerage application that allows Africans to invest real time in local and foreign asset classes. In the app, users can invest divisible amounts in publicly listed US companies from Tesla to Apple, ETFs, mutual funds, or fixed income products.
According to the statement, Bamboo focuses on its commitment to best practices and enables retail investors to trade local securities on the Nigerian Exchange Group.
In 2021, the company said it will begin a rigorous application process for the SEC’s digital sub-broker license introduced that year. This, the brokerage firm said, included a thorough examination of finances and governance processes.
READ ALSO: Fintech firm Bamboo allows Nigerians to buy US securities yielding $15 million
Commenting on the development, Bamboo’s Chief Executive Officer (CEO) and Co-founder, Richmond Bassey, said: “We are delighted to have reached this important milestone and are committed to fulfilling our obligations as a registered digital broker.”
Since the launch of Bambu, he said he has been working to provide the best technology solutions, backed by industry best practices, to enable Nigerian retail investors to access unprecedented digital securities to build long-term wealth.
“We are grateful to collaborate with the SEC, which has demonstrated its dedication to protecting investors while allowing innovation to thrive,” Mr. Bassey said.
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