The Nigerian Securities and Exchange Commission (SEC) has granted a digital sub-broker license to Bamboo Systems Technology Limited, the largest online brokerage in Africa, enabling it to conduct business in the Nigerian capital market and list Nigerian securities on its platform.
The issuance of the license to Bamboo by the SEC provides control over its connection with its sponsoring broker, Lambeth Capital, as well as enables it to form agreements with various brokers to service its clients. The license will also permit Bamboo to strengthen its partnerships with financial service companies in order to provide its API services.
“We are overjoyed to have reached this significant benchmark, and we are totally dedicated to living up to our responsibilities as a registered digital broker.” Since the launch of Bamboo, we have made it our daily mission to provide Nigerian retail investors with access to an unprecedented number of digital securities so that they can build wealth over the long term.
These solutions are backed by the best industry practices currently in place. Bamboo’s CEO and co-founder, Richmond Bassey, expressed gratitude for the company’s partnership with the Securities and Exchange Commission (SEC), which has demonstrated its commitment to the protection of investors while also fostering the growth of innovation.
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The Bamboo App
The Bamboo app is 7.3 MB on the Play Store and easy to download. Over 350 reviews and 10,000 downloads give it a 4.4-star rating.
After downloading, you can start the sign-up procedure by clicking the “GET STARTED” option. Then, an emblem with the names of Nigeria and two additional African nations will appear. You enter all of your information on the account details page after selecting Nigeria.
Your personal account will be created after you enter your name, gender, date of birth, phone number, email address, and password. Nevertheless, you will be required to verify your phone number via a code and enter your bank verification number.
To accept the terms and conditions, you must enter your name and provide a pin. Start investing by filling up your investment profile and funding your account.
How to invest using the Bamboo app
The Bamboo app is simple to use. The front page features a featured theme with many stock categories, including technology, health, and blockchain.
Additionally, the app contains features like Watchlist, where you can search for and add stocks you’re interested in, learn where to get different tutorials on how to use the Bamboo app, buy and sell stocks, and more. There is a live chat option for customer service under the help symbol.
Your account must be funded with at least $20 before you can purchase stock. Either the home page or your personal profile, which displays all of your financial information, can be used to perform that action.
After entering the amount you want to deposit in dollars, it’s immediately approximated in a naira equivalent. The cost of depositing $20 is approximately N9,352 at the rate of N467 to a dollar, which is greater than the existing authorized N381 approved by the CBN.
Naira cards (N130.94) and Dollar cards ($0.58), physical or online bank transfers (N150 or N130), the Barter app (N130), wire transfers, and USD Dom Transfer can be used to pay.
Buy Apple, Alibaba, and Google stocks after funding your account. Click on a stock to check its price and buy it.
In conclusion, with N10,000 and the Bamboo app, you can earn cash. The software is so user-friendly and educational that even if you are new to investing, it will be simple to pick up your phone and get started.
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About Bamboo
Bamboo is a digital investment platform that was established in early 2019 by Richmond Bassey and Yanmo Omorogbe. It enables users to gain access in real time to buy, hold, or sell stocks.
Users of Bamboo are able to invest fractional amounts in the publicly traded firms of their choice in the United States, such as Tesla or Apple, as well as in ETFs, mutual funds, or fixed-income products. Bamboo provides its customers with a wide variety of instructional materials, including investment guidelines, for those who are new to the world of investing.
The smartphone app developed by the startup grants you free access to more than 3,000 stocks that are listed on the stock markets in Nigeria and the United States.