Bamboo Global Inc, a Nigerian-based online investment and brokerage company, has launched Nigerian stocks on its platform, according to an update released on its website on Tuesday, May 14, 2024.
The new development comes over 14 months after Bamboo secured a digital sub-broker license from the country’s Securities and Exchange Commission (SEC).
By launching now, the company assures that it’ll offer
instant trade settlements and dividend payments to its retail customers in the
Nigerian capital markets
Commenting about the news, Richmond Bassey, Co-Founder and
CEO of Bamboo, expressed excitement over the launch and explained that the
company only decided to bring Nigerian stocks on board because they are the
most in-demand asset class due to its outstanding ROI.
“Not only do Nigerian investors understand local stocks
better since they use these products and services daily, but they are more
affordable and accessible. We’re incredibly proud to play a role in deepening
African capital markets, starting with Nigeria,” Bassey added.
In 2023, the Nigerian Exchange Group (NGX) ended the year
with 45.9% gains amid inflation, outperforming even the US stock market.
The Nigerian stock market was ranked the world’s
best-performing stock exchange in January 2024 for returning 31% Year-till-date
(YTD).
With most active Nigerian Stock Exchange accounts belonging
to people who are over 50 years old, Bamboo says it expects to attract younger,
digitally savvy retail investors by introducing Nigerian stocks on its
platform.
Bamboo was co-founded in 2019 by Bassey and Yanmo Omoregbe
(COO) to make investing in all types of asset classes easy for Nigerians.
Gen X users are the second largest investor group on Bamboo .
Through a mobile app, the company provide Nigerians with
tools to help them pick stocks and exchange-traded funds (ETFs) to reach their
investment goals.
Additionally, Bamboo offers fixed returns and an extensive
collection of investment content and education tools designed for users
investing in US stocks, which make up almost 75% of its client base.
Currently, the platform claims to have over 500,000
registered users and Bamboo Bootcamp, a West African investment event with over
14,000 registered attendees.
In September 2022, Bamboo announced its expansion into
Ghana, allowing Ghanaians to invest in foreign companies.