SEC issues digital broker license to Bamboo

Bamboo Systems Technology Limited has been granted a broker license by the Nigeria Securities and Exchange Commission (SSEC).

According to a statement issued by the firm on Thursday, the license will allow it to carry out tasks in the Nigerian capital market and include Nigerian securities on its platform.

Bamboo also stated that the license would allow it to expand its relationships with financial service providers in order to offer its Application Programming Interface services.

"The SEC's issuance of the license to Bamboo ensures oversight of its relationship with its sponsoring broker, Lambeth Capital, while also empowering it to enter into partnerships with multiple brokers to serve its clients," according to the statement.

The online brokerage firm stated that it has been providing the best technology solutions, supported by industry best practices, to enable Nigerian retail investors to gain access to an unprecedented number of digital securities in order to build long-term wealth.

Richmond Bassey, the firm's Chief Executive Officer and Co-Founder, described the success as a great turnaround and assured that the firm will continue to meet its committed obligations.

"We are thrilled to reach this important milestone and are fully committed to our obligations as registered digital brokers.

"We are grateful for our collaboration with the SEC, which has demonstrated its commitment to protecting investors while allowing innovation to thrive," he said.

Bamboo is an online brokerage app that allows Africans to invest in both domestic and international asset classes in real time.

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