Bamboo, a Nigerian investment app founded in 2019, has achieved a major milestone by obtaining a broker’s license in the United States through its affiliate, Bamboo Securities LLC.
This achievement makes Bamboo the first Nigerian fintech to directly access the US stock market, providing African investors, both retail and corporate, with an unprecedented opportunity to invest in US stocks.
Since its launch, Bamboo has enabled more than 300,000 users to invest in real-time in thousands of US and Nigerian stocks via their smartphones and computers. Obtaining this US license strengthens Bamboo’s ability to collaborate with African brokers and companies, thereby expanding its financial services offering and facilitating access for Africans to international stock markets.
This advancement comes in a context where the wealth management sector in Africa is still developing, with a limited proportion of global wealth held on the continent. Bamboo’s initiative aims to democratize investing, making global financial markets accessible to anyone with a smartphone. This move is part of a broader trend of rapid growth of fintechs in Africa, which are innovating to solve old problems in new ways, transforming access and use of financial services.
In addition to its investment services, Bamboo recently launched a new app, “Coins by Bamboo,” designed to help Nigerians in the diaspora send money quickly and affordably back to their home countries. This diversification of services demonstrates Bamboo’s commitment to meeting the varied financial needs of Africans, both on the continent and abroad.
Bamboo’s receipt of the US broker’s license represents a significant step forward for the African fintech ecosystem, illustrating the potential of African companies to integrate into global financial markets and offer innovative solutions to improve inclusion financial situation on the continent.
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