Nigerian Foremost Online Brokerage Firm, Bamboo Expands into Ghana
Bamboo, one of the top online brokerage companies in Nigeria, has entered Ghana, making it the first transnational brokerage app in west Africa.
The more than 50,000 people on Bamboo Ghana’s waitlist will now be able to purchase and invest in stocks from US businesses like Apple Inc. and Tesla thanks to a collaboration with 10th Capital Investments, a registered Ghanaian company.
The CEO of Bamboo stated that Ghana’s market was the company’s upcoming market when the company raised a $15 million series A financing in January. The intentions for Ghana have been realized after nine months and an additional $17.4 million raise.
Bamboo said in a statement provided to TechCabal that it just obtained a No Objection Letter from Ghana’s Securities and Exchange Commission (SEC) to conduct business there, allowing it to effectively start.
“We firmly believe that all Africans should generate a profit from their investments and create wealth that will last through generations. According to Richmond Bassey, CEO and co-founder of Bamboo, “we intended to build an accessible and secure mechanism for average Africans to invest in the US stock market and eventually in all types of asset classes.
Since their 2019 launches, Chaka, Trove, and Rise, retail investment applications that offer access to overseas assets, as well as Bamboo, have had to contend with onerous regulatory frameworks in their native Nigeria.
The Securities and Exchange Commission (SEC) of Nigeria declared these businesses to be illegal in April of last year and issued a warning to capital market participants not to do business with them. Following this, Bamboo’s bank accounts were briefly frozen by Nigeria’s central bank after it was declared to be operating without a license. Despite the obstacles, Bamboo has persisted in its determination to cooperate “extremely closely with regulators in Nigeria” in order to guarantee the satisfaction of all parties.
Now operating in Ghana, Bamboo has committed to continuously collaborating with the local SEC to create a uniform regulatory environment for the retail investing sector it is leading.
The Nigerian-born company, Bamboo, guarantees consumers that all accounts can obtain insurance of up to $500,000 via the US Securities Investor Protection Corporation through its US digital investing partner, DriveWealth LLC (SIPC). Bamboo is prepared to establish retail investment as the standard in Ghana by putting rules and insurance in place.
The COO of 10th Capital Investments, Albert Asiamah, gushed over how well Bamboo’s product performed in Nigeria and praised the decision to invest there.
“We’re delighted to collaborate with [the Bamboo team] to provide Ghanaians the chance to participate in the US and eventually the domestic stock market. They make the perfect collaborators because of their excellent track record in Nigeria, fantastic products, and educational resources, he said.
“With the help of Bamboo, we were able to give investors in Africa easy access to US markets. John Shammas, Head of Technical Sales at DriveWealth, expressed his excitement about giving Ghanaians the same access today.
He continued, “We look forward to providing more consumers with the tools they need to improve their financial wellbeing and connect with the markets as we continue our international expansion.
