Bamboo has launched Nigerian stocks on its platform to allow young citizens to fully participate in the Nigerian capital market.
Bamboo is a digital brokerage firm that allows users to invest in U.S. stocks, and exchange-traded funds (ETFs).
With the launch on Tuesday, Bamboo said it will be offering local stocks, including from blue chip corporations such as Guaranty Trust Holding Company PLC, MTN, and Dangote Cement.
The company said the move is to attract a new type of retail investor who is digitally savvy and expects a seamless user experience in buying Nigerian stocks as they did with U.S. stocks.
Before now, there have been a few other platforms allowing Nigerians to trade in local stocks. These include Trove, which allows users to invest in both local and international stocks with ease. There is also Chaka, another Nigerian stock trading platform that offers a comprehensive range of investment options, among others.
What they are saying
Commenting on the launch and new partnership, Bamboo CEO and Co-Founder, Richmond Bassey said,
“We’re thrilled to finally launch Nigerian stocks on the Bamboo platform. Among our investors, local stocks are by far the most in-demand asset class and it’s clear why: the NGX delivers outstanding ROI and allows investors to diversify their portfolios.
“Not only do Nigerian investors understand local stocks better since they use these products and services daily, but they are more affordable and accessible. We’re incredibly proud to play a role in deepening African capital markets, starting with Nigeria.”
Also commenting, the Chief Executive Officer of Central Securities Clearing System Plc (CSCS), Dr. Haruna Jalo-Waziri said,
“As we witness the launch of Nigerian stocks on the Bamboo platform, we congratulate them on this milestone and will continue to support innovations that enhance investor experience and grow the capital market.”
The Chairman of Lambeth Capital, Mr Tunde Lemo, OFR, said the company was happy to partner with Bamboo in bringing their innovative trading platform to Nigerian equities.
According to him, by offering access to Nigerian stocks through Bamboo’s cutting-edge technology, the company is empowering retail investors to tap into the immense potential of one of Africa’s largest economies.
“Together with Bamboo, we are proud to play a pivotal role in unlocking new frontiers for Nigerian investors and fostering the growth of the local capital markets,” he said.
More insights
According to Bamboo, to date, most of the active NGX accounts are owned by people who are more than 50 years old. But with the digital platform, it said younger retail investors will be able to benefit from the NGX’s unbeatable financial returns and diversify their portfolios from USD-denominated assets.
In 2023, the NGX grew by 45.9% to outpace inflation and outperform the US stock market. In January 2024, the NGX was the world’s best-performing stock exchange and it has returned 31% YTD.
Bamboo said it would ensure that retail investors see the fastest trade settlement timelines and the most seamless dividend payment system available in the Nigerian capital markets.
