Bamboo, a Nigerian online brokerage startup, announced that it has launched operations in Ghana.
Launched in January 2020 by CEO Richmond Bassey and COO Yanmo Omorogbe, Bamboo is a Fintech startup that offers a digital platform that gives customers unrestricted access to trade in over 3,000 stocks listed on the U.S. stock exchange, right from your mobile phone or computer.
Early this year, the startup raised $15 million to scale its technology infrastructure for smoother operations and expand into other African countries. It mentioned that it was planning to launch in three new countries – Ghana, Kenya and South Africa.
According to the startup, nearly 50,000 people have signed up on the waitlist to download the Bamboo app. Bamboo will join the likes of Investsika to offer Ghanaians an easy and secure way to invest in the US stock market
Bamboo said it recently received a No Objection Letter from Ghana’s Securities and Exchange Commision (SEC) for its operations. The company says it plans to work closely with the SEC on an ongoing basis to develop regulation for the retail investment industry. Bamboo has partnered with licensed Ghanian broker, 10th Capital Investments. Through Bamboo’s U.S. digital investing partner, DriveWealth LLC, all Bamboo accounts are insured up to $500,000 via the US Securities Investor Protection Corporation (SIPC).
Things have not been rosy for the online brokerage firm in Nigeria. In April last year, Nigeria’s Security and Exchange Commission (SEC) warned that online investment and trading platforms should stop selling securities of foreign companies listed on Securities Exchanges outside Nigeria.
In August of the same year, the Central Bank of Nigeria (CBN) was granted a request to freeze the accounts of Bamboo and five other Fintech companies for 180 days as it was investigating ‘illegal foreign exchange transactions’ carried out by the startups”. They were accused of sourcing foreign currency illegally to buy foreign securities.
However in October 2021, the accounts of Bamboo and the other Fintechs were unfrozen.
“We believe strongly that all Africans should earn a return on their investments and build intergenerational wealth. That’s why we created Bamboo: we wanted to create an easy and secure way for everyday Africans to invest in the US stock market, and eventually, all types of asset classes,” said Richmond Bassey, Bamboo CEO and co-founder.
“We’re thrilled to work with Bamboo to bring Ghanaians the opportunity to invest in the US and eventually the local stock market. Their impeccable track record in Nigeria, stellar product and educational tools make them an ideal collaborator,” said Albert Asiamah, 10th Capital Investments CEO.
“Together with Bamboo, we’ve been able to provide investors across Africa with affordable access to the U.S. markets. Today, we’re thrilled to extend that same access to the people of Ghana,” said John Shammas, Head of Technical Sales at DriveWealth. “As we continue our international expansion, we look forward to empowering more customers with the tools they need to improve their financial wellbeing and engage with the markets.”
