Gone are the days when owning shares in big tech companies was considered a privilege opened to people with deep pockets. Well, not anymore. Trove Finance, a Nigerian micro-investing platform, sets out to democratize wealth, allowing individuals with little to own stocks in big companies like Apple, Facebook, Amazon, and the likes.
Technology that Empowers Traders
The co-founder and CEO of Trove Finance, Oluwatomi Solanke, highlighted that Trove had built technology enabling individuals and financial institutions to access and trade in global securities.
According to Solanke, Trove has built mobile and web platforms that allow over 200,000 Nigerians to trade stocks of well-known companies like Amazon, Facebook, and Google. He claims that these companies allow traders to own global companies from the convenience of their mobile devices by enabling them to buy shares in small increments.
Trove has built APIs that permit financial institutions like banks, broker-dealers, and asset managers to provide their customers the same ability to own some of the most well-known brands in the world.
Promoting Financial Literacy With Trove University
The stocks of well-known brands including Netflix, Dangote, Apple, Facebook, Jumia, and Twitter are traded on Trove. According to Solanke, the company also promotes financial literacy through Trove University, an app that teaches traders the basics of global trading and investment.
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He further said that those with very little money could trade global stocks for as little as N5,000 and Nigerian stocks as low as N1,000. He claimed that Trove helps individuals and companies own stock in US, Chinese, and Nigerian companies.
Trove is helping young Nigerians, especially students, to make money as they trade in globally renowned stocks, Solanke said. He stated that the company is blazing the trail on the African continent, being the first fintech firm to allow people access to what was before now considered an elite privilege.
While some banks in Nigeria offer higher interest rates to customers who save money with them, other banks only exist to make profits and post eye-catching figures at the end of the fiscal year.
A regulatory body like the Central Bank of Nigeria (CBN) has established a minimum interest rate of 1.5%.