African online brokerage app Bamboo Systems Technology Limited announced today that it has obtained a digital sub-broker license from Nigeria’s Securities & Exchange Commission (SEC).
The new authorization allows brokerage to operate in the Nigerian capital market as well as include Nigerian securities on its platform.
Richmond Bassey, CEO and Co-founder of Bamboo, said:
We are thrilled to reach this important milestone and are fully committed to our obligations as a registered digital broker.
We are grateful for our collaboration with the SEC, which has shown its dedication to protect investors while allowing for innovation to flourish.
Bamboo’s license ensures oversight of SEC over the relationship with its sponsoring broker, Lambeth Capital, while it also promotes entering into partnerships with multiple brokers to serve its clients. Furthermore, the authorization enables Bamboo to deepen its relationships with financial service providers to offer its API services.
Founded in 2019, Bamboo allows its retail investors to trade local securities on the Nigerian Exchange Group. Last year, the brokerage started the application process for the SEC’s digital sub-broker license which was introduced that year. The process included a thorough examination of its finances and governance process.
