Grace Ashiru
Bamboo Systems Technology Limited (“Bamboo”), an online broker in Africa, said that the Nigerian Securities & Exchange Commission had given it a digital sub-broker license (SEC). The firm can now sell Nigerian securities on its platform and work in the Nigerian capital market.
By giving Bamboo a license, the SEC can keep an eye on its relationship with its sponsoring broker, Lambeth Capital, and also give it the freedom to work with more than one broker to serve its clients.
The license will also allow fintech to strengthen its relationships with financial service providers to offer its API services.
Bamboo is focused on its commitment to best practices and letting its retail investors trade local securities on the Nigerian Exchange Group.
In 2021, the fintech company started the complicated process of applying for the SEC’s new digital sub-broker license. This included a careful look at its finances and how it was run.
We’re excited to reach this critical milestone, and as a registered digital broker, we’re ready to do everything we need to do.
Since the start of the fintech, we have worked daily to provide the best technology solutions, backed by best practices in the industry, so that Nigerian retail investors can access a vast number of digital securities to build long-term wealth.
“Bamboo’s CEO and co-founder, Richmond Bassey, said, “We are grateful for our work with the SEC, which has shown its commitment to protecting investors while letting innovation grow.”
