Bamboo Gets Digital Broker License from Nigeria’s Securities & Exchange Commission
Bamboo Systems Technology Limited, an African leading online brokerage startup, has secured a digital sub-broker license from Nigeria’s Securities & Exchange Commission (SEC) to operate in the Nigerian capital market and to offer Nigerian securities on its platform. Also, the license provides oversight of the relationship between Bamboo and its sponsoring broker, Lambeth Capital.
Moreover, the brokerage startup will now be able to enter into partnerships with multiple brokers and offer its API services to financial service providers. Also, this will allow the firm to provide its clients with a wider range of options, including local securities trading on the Nigerian Exchange Group. Bamboo’s focus on best practices will allow retail investors to trade in these securities with confidence.
In 2021, Bamboo began the process of obtaining the SEC’s digital sub-broker license, which involved a comprehensive examination of its finances and governance processes. The company’s rigorous application process highlights its commitment to operating transparently and responsibly.
Speaking on the development, Richmond Bassey, CEO and Co-founder of Bamboo said “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 protecting investors while allowing for innovation to flourish.”
Furthermore, this license is a significant milestone for Bamboo, as it demonstrates the company’s dedication to providing its clients with the best technology solutions and industry best practices. The license will allow Bamboo to deepen its relationships with financial service providers and offer its API services to a wider range of customers.
About Bamboo Systems Technology Limited
Founded in 2019, Bamboo is an online brokerage app that allows Africans to invest in real-time in local and foreign asset classes. Investing in Bamboo is simple, accessible, and affordable. 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.
Nigerian retail investors will benefit greatly from Bamboo’s license, as they will now have access to an unprecedented number of digital securities. The company’s commitment to best practices will give them the confidence they need to build long-term wealth through digital securities trading.