Fintech trading platforms like Chaka, Trove, Bamboo, and Risevest that allow Nigerians to invest and trade in stocks listed on the Nigerian and foreign stock exchanges have been declared illegal by the Federal Government.
This was made known by the Securities and Exchange Commission (SEC) in a statement issued and seen by Nairametrics on Thursday.
It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on Securities Exchanges registered in other jurisdictions.
Bamboo, an
online investments platform that allows Nigerians and other users to access foreign and local securities, on Friday assured investors that their asset were safe.
The platform said this in response to the Securities And Exchange Commission’s declaration that services offered by Bamboo and other similar platforms were illegal.
Richmond Bassey, Bamboo’s Chief Executive Officer, said in a statement that investors’ assets on its platform “remain safe and easily accessible to you.”
“We are already in discussions with the SEC and our broker partner and are fully committed to working with them to ensure your interests as our users are fully protected,” he said.