Bamboo, just one of Nigeria’s leading online brokerage companies, has expanded into Ghana, generating it the first trans-national west-African brokerage application. By means of a partnership with 10th Cash Investments, a accredited Ghanaian firm, the far more than 50,000 customers on Bamboo Ghana’s waitlist will now be able to get and spend in stocks from US corporations like Apple Inc and Tesla.
When Bamboo lifted a $15 million sequence A spherical in January, its CEO declared that Ghana’s sector was the company’s following frontier. Nine months and yet another $17.four million raise later on, the Ghana options have come to be a truth. In a assertion shared with TechCabal, Bamboo reported it a short while ago been given a No Objection Letter from Ghana’s Securities and Trade Fee (SEC) to run in the nation, enabling it to start properly.
“We think strongly that all Africans ought to earn a return on their investments and create intergenerational prosperity. That’s why we produced Bamboo: we needed to create an easy and safe way for every day Africans to devote in the US stock marketplace, and at some point, in all styles of asset courses,” claimed Richmond Bassey, Bamboo CEO and co-founder.
Given that its 2019 launch, Bamboo and other retail investment decision apps delivering obtain to international securities like Chaka, Trove and Rise have had to offer with harsh regulatory conditions in their dwelling place Nigeria. In April last yr, Nigeria’s Securities and Exchange Commission (SEC) labelled this group of firms as unlawful and warned operators in the cash market place to desist from functioning with them. This was followed by Nigeria’s central lender describing Bamboo as unlicensed and freezing its financial institution accounts for a while. Despite the struggles, Bamboo has managed its solve to get the job done “very closely with regulators in Nigeria,” to guarantee mutual fulfillment from the two get-togethers.
Now in Ghana, Bamboo has committed to performing with the country’s SEC on an ongoing foundation to develop a normal regulatory framework for the retail financial commitment sector Bamboo is groundbreaking. Through Bamboo’s US digital investing lover, DriveWealth LLC, the Nigerian-born enterprise assures buyers that all accounts can declare insurance policy of up to $500,000 by way of the US Securities Investor Protection Company (SIPC). With restrictions and insurance in put, Bamboo is all set to make retail expenditure a norm in Ghana.
Albert Asiamah, 10th Funds Investments COO, was effusive about the performance of Bamboo’s product or service in Nigeria, describing the expenditure as excellent and beneficial.
“We’re thrilled to perform with [the Bamboo workforce] to convey Ghanaians the opportunity to invest in the US and at some point the nearby inventory industry. Their impeccable observe record in Nigeria, stellar merchandise and educational tools make them an great collaborator,” he stated.
“Together with Bamboo, we have been capable to offer traders throughout Africa with economical obtain to the US markets. Right now, we’re thrilled to lengthen that identical obtain to the folks of Ghana,” explained John Shammas, Head of Complex Sales at DriveWealth.
“As we keep on our worldwide expansion, we seem ahead to empowering additional buyers with the equipment they have to have to strengthen their monetary wellbeing and engage with the marketplaces,” he added.