Bamboo launches Nigerian stocks to help Nigerians diversify portfolio (2024)

The news:

• Bamboo Global Inc, a Nigerian-based online investment and brokerage company, has launched Nigerian stocks on its platform, according to an update released on its website on Tuesday, May 14, 2024.
• Following this announcement, the platform will now offer stocks of Nigerian companies, including blue-chip firms like Access Holdings, MTN Nigeria Communications, Dangote Cement, and Nestle Nigeria.
• The investment platform will partner with stockbroking companies like Central Securities Clearing System Plc (CSCS) and Lambeth Capital, both of which will list their stocks on the Bamboo platform.

The new development comes over 14 months after Bamboo secured a digital sub-broker license from the country’s Securities and Exchange Commission (SEC).

By launching now, the company assures that it’ll offer instant trade settlements and dividend payments to its retail customers in the Nigerian capital markets

Commenting about the news, Richmond Bassey, Co-Founder and CEO of Bamboo, expressed excitement over the launch and explained that the company only decided to bring Nigerian stocks on board because they are the most in-demand asset class due to its outstanding ROI.

“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,” Bassey added.

In 2023, the Nigerian Exchange Group (NGX) ended the year with 45.9% gains amid inflation, outperforming even the US stock market.

The Nigerian stock market was ranked the world’s best-performing stock exchange in January 2024 for returning 31% Year-till-date (YTD).

With most active Nigerian Stock Exchange accounts belonging to people who are over 50 years old, Bamboo says it expects to attract younger, digitally savvy retail investors by introducing Nigerian stocks on its platform.

Bamboo was co-founded in 2019 by Bassey and Yanmo Omoregbe (COO) to make investing in all types of asset classes easy for Nigerians.

Through a mobile app, the company provide Nigerians with tools to help them pick stocks and exchange-traded funds (ETFs) to reach their investment goals.

Additionally, Bamboo offers fixed returns and an extensive collection of investment content and education tools designed for users investing in US stocks, which make up almost 75% of its client base.

Currently, the platform claims to have over 500,000 registered users and Bamboo Bootcamp, a West African investment event with over 14,000 registered attendees.

In September 2022, Bamboo announced its expansion into Ghana, allowing Ghanaians to invest in foreign companies.