Investment firm, Microtraction invests in Chaka, an investment tool for trading global and local stock markets.
Early-stage investment firm, Microtraction has invested in Chaka, an Investment tool that helps Nigerians invest in publicly traded companies in the United States, Chinese and Nigerian markets from anywhere in the world.
Microtraction’s mission is to accelerate Africa’s transition to a sustainable and developed economy and for that matter, invests in entrepreneurs who leverage technology, capital, and innovation to try and solve some of the largest problems on the continent like Chaka.
Chaka addresses the problem of inconsistency in the Nigerian economy with a tool that democratizes access to global markets in more stable currencies.
With this new tool, Nigerians can diversify their portfolio into global blue-chip companies and dollar-based assets at the same time having easy access to those at home.
The platform allows customers have access to assets listed on the National Association of Securities Dealers Automated Quotations System (NASDAQ), the New York Stock Exchange (NYSE), and the Nigerian Stock Exchange (NSE) offering users over 4,000 assets and indexes from companies over 40 countries worldwide.
The goal of Chaka is to assist existing investment managers to offer their customers over 3,500 Dollar-based investment options without floors or minimum balances, enabling them to service about 30 to 40 million Nigerians with investible income.
The platform has an app on App Store and Google Play Store allowing both amateurs and professionals to trade in global and local stock markets anywhere and at any time.
Since it launched in 2019, Chaka has been downloaded more than 18,000 times and used by more than 30,000 people.
The platform has partnered with Citi Investment Capital Ltd and a US-based global broker for local and international equities and a licensed bureau de change (BDC) for money movement.
With the help from these partners, Chaka’s offers are regulated and overseen by the SEC, NSE, CSCS in Nigeria and SEC, FINRA, SIPC, IRS in the US.
Chaka does not charge opening fees, monthly maintenance fees, and international wire costs making it affordable for everyone.