The digital investment and brokerage company Bamboo has now included Nigerian stocks on its platform after obtaining approval from the Securities and Exchange Commission (SEC). This decision was shared in a press release by the company. Bamboo will be offering local stocks from renowned Nigerian companies like Guaranty Trust Holding Company PLC, MTN, and Dangote Cement. The collaboration with stockbroking firms like Central Securities Clearing System Plc (CSCS) and Lambeth Capital will provide access to their stocks on the Bamboo platform.
This move comes more than a year after Bamboo received a digital sub-broker license from Nigeria’s SEC in March 2023. With this addition, Bamboo aims to ensure that retail investors benefit from quick trade settlement times and an efficient dividend payment system in the Nigerian capital markets. CEO and Co-Founder, Richmond Bassey, mentioned that Nigerian stocks are highly demanded by investors due to their strong returns and the ability to diversify portfolios.
Bamboo is focused on attracting younger African investors with the addition of Nigerian stocks. The Nigerian Exchange Group (NGX) experienced significant growth in 2023, outperforming the US stock market and being the top-performing stock exchange globally in January 2024. This initiative aims to engage digitally savvy investors who expect a seamless experience when buying Nigerian stocks. The company also looks to empower retail investors to leverage the potential of the Nigerian economy and diversify their portfolios with local assets.
By partnering with companies like Lambeth Capital and Central Securities Clearing System Plc (CSCS), Bamboo seeks to provide investors with advanced technology for trading Nigerian stocks. The Chairman of Lambeth Capital, Mr. Tunde Lemo, and CEO of CSCS, Dr. Haruna Jalo-Waziri, expressed enthusiasm for the collaboration and its impact on the local capital market.
The Bamboo app offers tools such as real-time price alerts, stock comparison features, price movement notifications, watchlist tracking, and seamless dividend settlements to assist users in selecting stocks and ETFs. They also provide educational resources like a stock market course and investment events to support new investors.
