Systems Technology Limited (Bamboo), one of Africa’s leading online brokerage firms, has announced its licensing by Securities and Exchange Commission (SEC) Nigeria to operate in the Nigerian capital market and include Nigerian securities on its platform.
The approval by the commission granted the digital brokerage firm will help in strengthening its relationship with its sponsoring broker, Lambeth Capital, as well as legally position it to partner with multiple brokers in the Nigerian Exchange to serve its clients.
Also, the licence will also enable Bamboo to deepen its relationships with financial service providers to offer its API services as the management assures the firm’s commitment to best practices and allowing its retail investors the ability to trade local securities on the Nigerian Exchange Group.
Speaking on the approval granted the firm by the capital market regulatory commission, CEO/Co-Founder of Bamboo, Richmond Bassey, 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 protect investors while allowing for innovation to flourish”, the expert added.
Bamboo, which is an online brokerage app that allows Africans to invest real time in local and foreign asset classes, commenced the application process for the SEC’s digital sub-broker licence following the introduction in 2021 and was among the very few applicants that sailed through the process so far.
