Nigeria has expanded its wings again outside its territory. This time it is an online brokerage firm, Bamboo, that launches in Ghana. This makes it the first trans-national West-African brokerage App.
With this expansion, more than 50,000 users on Bamboo Ghana’s waitlist will get to buy and invest in stocks from US companies like Apple Inc and Tesla.
Bamboo’s Struggle Since Emergence
Since the brokerage firm emerged in 2019, it has dealt with harsh regulatory conditions in its own very country which is very sad. Why would a country be frustrating people trying to make it work? It is so appalling.
Just last year April, Nigeria’s Securities and Exchange Commission (SEC), tagged Bamboo’s category and other companies operating in that line as illegal. It also warned them and anyone trying to venture into such a field to desist from it.
That is not all, Bamboo still had to battle with the Central Bank of Nigeria (CBN), when it described Bamboo’s operations as unlicensed and froze all its bank accounts.
Despite all its struggles, the online brokerage company has been able to maintain beauty. It is, however, working with the Nigerian regulators to ensure that both parties reach a mutual agreement and satisfaction. This is to avoid future clashes.
Achievement Despite Struggle with Regulators
Notwithstanding, Bamboo has been able to raise a $15 million (#6.4 billion) series A round in January. It also raised the sum of $17.4 million (#7.4 billion) early this month.
Not only that, Bamboo recently received a No Objection letter from Ghana’s Securities and Exchange Commission (SEC) to operate in the country, which resulted in a successful launch.
Also Read: Yellow Card Financial Secures US$40M Series B
Bamboo in Ghana: What Next?
Now that Bamboo is in Ghana, it is working with the country’s SEC on ways to develop a standard framework for the retail investment industry Bamboo is pioneering. Bamboo has assured its users that through its US digital investing partner, DriveWealth LLC, they will be able to claim insurance worth $500,000 (#250 million) via US Securities Investor Protection Corporation (SIPC).
Speaking on this new development and expansion, John Shammas, who is the head of technical sales at DriveWealth, has this to say,
“We are thrilled to work with (the Bamboo team) to bring Ghanaians the opportunity to invest in the US and eventually the local stock market. Their impeccable track record in Nigeria, stellar products, and educational tools make them ideal collaborators,”
Speaking on their collaboration, he added that, “Together with Bamboo, we have been able to provide investors across Africa with affordable access to the US markets . Today, we’re thrilled to extend that same access to the people of Ghana”.
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