Bamboo secures digital broker licence from SEC

Bamboo Systems Technology Limited (Bamboo), an online brokerage firm, on Thursday, announced that it has been granted a digital sub-broker licence from Nigeria’s Securities and Exchange Commission (SEC).

A statement issued by the firm said the new licence allows the company to operate in the Nigerian capital market and include Nigerian securities on its platform.

“SEC’s issuance of the licence to Bamboo ensures oversight of the relationship with its sponsoring broker, Lambeth Capital, while also empowering it to enter into partnerships with multiple brokers to serve its clients,” the statement said.

It noted that the licence will also enable Bamboo to deepen its relationships with financial service providers to offer its API services.

Established in 2019, Bamboo is an online brokerage app that allows Africans to invest in real-time in local and foreign asset classes. On the app, users can invest fractionable amounts in their favourite publicly listed US companies from Tesla to Apple, ETFs, mutual funds, or fixed-income products.

According to the statement, Bamboo is focused on its commitment to best practices and allowing its retail investors the ability to trade local securities on the Nigerian Exchange Group.

In 2021, the firm said it began the rigorous application process for the SEC’s digital sub-broker licence which was introduced that year. This, the brokerage firm said, included a thorough examination of its finances and governance process.

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Commenting on the development, the Chief Executive Officer (CEO) and Co-founder of Bamboo, Richmond Bassey, said: “We are thrilled to reach this important milestone and are fully committed to our obligations as registered digital brokers.”

Since the launch of Bamboo, he said they work 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 protect investors while allowing for innovation to flourish,” Mr Bassey said.