Bamboo, a Nigerian fintech company, dominated headlines on Tuesday after securing a U.S. broker-dealer licence through its affiliate, Bamboo Securities LLC.
This landmark achievement positions Bamboo as the first financial organisation from Nigeria to offer Africans direct access to U.S. securities. It enables corporate clients and licensed brokers across Africa to facilitate investments in the U.S. stock market.
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Expanding investment opportunities
With this new licence, Bamboo aims to democratise investment opportunities for Africans. The company stated, “Licensed brokers across Africa can now provide their clients access to the U.S. stock market”.
This development is crucial as it allows retail customers and businesses to engage with an extensive range of U.S. equities, including stocks and exchange-traded funds (ETFs).
Bamboo’s CEO, Richmond Bassey, expressed his excitement about this milestone, noting that it reflects users’ trust in the platform over the past five years.
Bamboo’s mission is to empower Africans to invest globally and build wealth.
According to Bassey, “We think investing in stocks has a bright future in Nigeria. Nigerians are hungry to earn a return on their investments and build wealth”. The company has attracted over 300,000 accounts since its launch in January 2019, indicating a growing interest in foreign investments among African users.
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A step towards financial inclusion
The significance of this license extends beyond mere access; it represents a shift towards financial inclusion for millions of Africans.
Africans hold less than 1 per cent of global wealth while making up over 16 per cent of the world’s population. Bamboo’s initiative aims to change this by offering wealth-building tools and investment opportunities that were once inaccessible.
Bamboo’s services are designed to simplify the investment process. Users can trade U.S. stocks directly from their mobile devices or computers, making it easier for them to participate in international markets.
The platform also plans to collaborate with licensed broker-dealers across Africa, enhancing its offerings and user experience.
Alongside its investment platform, Bamboo has recently launched Coins by Bamboo, a remittance app designed to facilitate faster and cheaper money transfers for Nigerians living abroad.
This variety demonstrates Bamboo’s dedication to developing impactful financial solutions for communities across Africa.
Bamboo is set to reshape Africa’s investment landscape with its recent licensing achievement, empowering local investors with better access to global markets.