Afrigather Bamboo, one in every of Nigeria’s main on-line brokerage companies, has expanded into Ghana, making it the primary trans-national west-African brokerage app. Via a partnership with tenth Capital Investments, a licensed Ghanaian agency, the greater than 50,000 customers on Bamboo Ghana’s waitlist will now be capable to purchase and put money into shares from US firms like Apple Inc and Tesla.
When Bamboo raised a $15 million sequence A spherical in January, its CEO introduced that Ghana’s market was the corporate’s subsequent frontier. 9 months and one other $17.4 million increase later, the Ghana plans have turn into a actuality. In a press release shared with TechCabal, Bamboo stated it lately acquired a No Objection Letter from Ghana’s Securities and Alternate Fee (SEC) to function within the nation, enabling it to launch efficiently.
“We consider strongly that every one Africans ought to earn a return on their investments and construct intergenerational wealth. That’s why we created Bamboo: we needed to create a simple and safe approach for on a regular basis Africans to put money into the US inventory market, and finally, in all kinds of asset lessons,” stated Richmond Bassey, Bamboo CEO and co-founder.
Since its 2019 launch, Bamboo and different retail funding apps offering entry to overseas securities like Chaka, Trove and Rise have needed to take care of harsh regulatory circumstances of their house nation Nigeria. In April final 12 months, Nigeria’s Securities and Alternate Fee (SEC) labelled this class of firms as unlawful and warned operators within the capital market to desist from working with them. This was adopted by Nigeria’s central financial institution describing Bamboo as unlicensed and freezing its financial institution accounts for some time. Regardless of the struggles, Bamboo has maintained its resolve to work “very intently with regulators in Nigeria,” to make sure mutual satisfaction from each events.
Now in Ghana, Bamboo has dedicated to working with the nation’s SEC on an ongoing foundation to develop a typical regulatory framework for the retail funding business Bamboo is pioneering. Via Bamboo’s US digital investing companion, DriveWealth LLC, the Nigerian-born firm assures customers that every one accounts can declare insurance coverage of as much as $500,000 through the US Securities Investor Safety Company (SIPC). With laws and insurance coverage in place, Bamboo is able to make retail funding a norm in Ghana.
Albert Asiamah, tenth Capital Investments COO, was effusive concerning the efficiency of Bamboo’s product in Nigeria, describing the funding as splendid and helpful.
“We’re thrilled to work with [the Bamboo team] to deliver Ghanaians the chance to put money into the US and finally the native inventory market. Their impeccable monitor file in Nigeria, stellar product and academic instruments make them a really perfect collaborator,” he stated.
“Along with Bamboo, we’ve been capable of present buyers throughout Africa with reasonably priced entry to the US markets. At this time, we’re thrilled to increase that very same entry to the individuals of Ghana,” stated John Shammas, Head of Technical Gross sales at DriveWealth.
“As we proceed our worldwide enlargement, we look ahead to empowering extra prospects with the instruments they should enhance their monetary wellbeing and interact with the markets,” he added.
