Nigerian invest-tech startup Bamboo has secured a digital sub-broker license from Nigeria’s Securities and Exchange Commission (SEC), allowing the company to operate in the Nigerian capital market as well as offer Nigerian securities on its platform.
Founded in 2019, Bamboo is an online brokerage startup that allows Africans to invest in real-time in local and foreign asset classes. Users can invest fractionable amounts in their favourite publicly-listed US companies, ETFs, mutual funds, or fixed-income products.
In a statement by the brokerage startup, "SEC’s issuance of the license to Bamboo ensures oversight of the relationship with its sponsoring broker, Lambeth Capita"
Moreover, the license will enable the company to enter into partnerships with multiple brokers and offer its API services to financial service providers. It will also allow the firm to deepen its relationships with financial service providers.
The collaboration with SEC will allow Nigerian retail investors access to an unprecedented number of digital securities on the Bamboo platform, including local securities trading on the Nigerian Exchange Group.