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Trove, Bamboo Assure Nigerian Investors Assets Are Safe Following SEC Warning

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Bamboo - Investorsking.com

Trove and Bamboo, the two of the numerous fintech companies, facilitating investments in foreign assets for Nigerians in Nigeria have released statements to assured Nigerians that have invested through their platforms that their investments are safe.

The assurance came few hours after the Nigerian Securities and Exchange Commission (SEC) released a circular to warn the public against unregistered online investment and trading platforms facilitating access to foreign markets.

The SEC, in a circular titled, ‘Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets’ stated that its attention 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. These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission.”

“The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public. Accordingly, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission’s position and advised to desist henceforth.

“The Commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.”

However, Trove immediately released a statement, saying “Our attention has been drawn to the SEC circular that was recently issued.

“Please be aware that we are and will remain committed to being in compliance with all local laws and regulations. We have always maintained good standing with all existing compliance requirements and regulatory frameworks.

“Be rest assured that your funds and equities are safe and secure with Trove.

“Since the memorandum, we have been liaising with the SEC to get more clarity on the circular. We are also engaging with top level executives at our local partner brokers. Additionally, we have involved legal professionals to manage the on-going mediation.

“From all indications, we anticipate everything would be resolved.

“Kindly note that your US funds and equities are held in custody by Drivewealth LLC, a regulated broker dealer in the US and protected by the SIPC, for up to $500,000.

“You can continue your trading activities as normal as we are still fully capable of carrying out our responsibilities as usual.

“Be rest assured that we are on top of all the happenings and would actively communicate with you all as things progress. Thanks for all your support and confidence”

Bamboo also responded in a similar version to calm thousands of investors on its platform.

Richmond Bassey, CEO, Bamboo, in a statement sent to all registered investors said “We are aware of the recently released SEC circular about trading in foreign markets.

“First off, we want to assure you that your assets on Bamboo 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.

“We want to reassure you that there’s nothing to be concerned about. We are still able to carry out all our operations and will continue to do so. Should the situation change, we will inform and advise you on the best course of action.

“Thank you for your continued faith and trust in us. We will continue to put in all the hard work to serve you. Thank you.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Flutterwave, 9PSB Partner to Boost Growth of Inclusive Financial Services in Nigeria

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Flutterwave and 9PSB

Flutterwave, Africa’s leading payments technology company and Nigeria’s very first payment service bank, 9PSB on Monday entered into a partnership agreement that will help facilitate seamless financial services for Nigerians.

In a joint statement issued by both companies, the partnership seeks to create a seamless payment ecosystem by aggregating and simplifying transactions for banking agents, merchants, and consumers.

The partnership will also support the drive for economic growth through empowerment of the SME sector, entrepreneurs in FinTech and other industries, as well as contribute to the transformation of the informal sector to formal.

Speaking at the MoU signing ceremony, held at the 9PSB head office in Lagos, the Chief Executive Officer, 9PSB, Branka Mracajac remarked that the collaboration between 9PSB and Flutterwave represents an important milestone in making banking services accessible to all.

According to her, the partnership supports both companies’ commitment to expand accessibility and serve as last-mile delivery of solutions to the unbanked, under-banked and underserved. She said, “9PSB, being focused on the presence in unserved, rural, and remote areas, has a unique business model that provides Agent Banking as a Service to our partners to drive financial inclusion. Expanding on our promise to deliver relevant products, with this partnership, our existing agents, partners, and customers will have a single point of entry to enjoy various products and services provided by Flutterwave.”

With this partnership, Flutterwave and 9PSB are jointly launching a suite of products to enable other corporate entities, FinTech, technology and other industries to take advantage of the robust end-to-end system available for payments, collections, and transactions for both the banked and financially excluded Nigerians.

Commenting on the choice of 9PSB as its settlement bank, Founder and CEO, Flutterwave, Olugbenga Agboola noted that both companies share the same vision and are committed to one goal of powering seamless financial services. “At Flutterwave, we believe in an ecosystem of shared value that transforms and impacts society. We are showcasing the power of strategic partnership and cross-sectoral collaboration in advancing Nigeria’s financial ecosystem,” he said.

A paper published by the CBN—Financial Inclusion in Nigeria; Issues and Challenges, admits that there is global consensus on the importance of financial inclusion due to its key role in bringing integrity and stability into an economy’s financial system as well as its role in fighting poverty in a sustainable manner. The partnership between 9PSB and Flutterwave keys into various calls for interconnectivity and interoperability amongst stakeholders in the financial sector in accelerating the country’s financial inclusion drive to create prosperity and grow the economy.

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RobinHood, WeBull, Others Trading Apps Hit 14 Million Users Globally, Twice More than a Year Ago

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Trading App - Investors King

Over the past years, trading apps have revolutionized the way people interact with the world’s financial markets and stock exchanges, making it simple and easy to trade online, whether at home or on the go. The number of people using these apps to make investments and monitor market trends has grown constantly each year, but in 2021 it surged to all-time highs.

According to data presented by BuyShares, RobinHood, WeBull, Fidelity Investments, E*Trade and eToro, as the world’s top five trading apps, doubled the number of users in the last year to nearly 14 million as of July.

RobinHood Hit 7.3M Monthly Active Users, Double the Second-Ranked WeBull

Stock trading has been moving to mobile for quite a while, and tech companies have been working on well-designed trading platforms to provide top-notch service to a new, tech-savvy set of users. That shift first started in the United States, where Robinhood has attracted tens of millions of users. On the other hand, the European market is still fragmented, with a handful of stock-trading apps slowly expanding to new markets.

According to AirNow data, RobinHood is by far the most popular trading app in the world. In July 2020, the app had around 4.3 million monthly active users. However, user numbers spiked in the first half of 2021, reaching a peak of over 9 million in May 2021. In July, around 7.3 million people worldwide used RobinHood to trade and make investments, 70% more than in the same month a year ago.

With 2.7 million monthly active users, or twice less than the leading RobinHood, WeBull ranked as the second most popular trading app globally. However, statistics show WeBull witnessed the biggest growth, with the number of users surging by 265% year-over-year.

Fidelity Investments ranked third with 1.8 million active users, 38% more than in July 2020. Morgan Stanley’s E*Trade and eToro followed, with 1.1 million and 1 million monthly active users, respectively.

RobinHood Reached 11.9M Downloads in 2021, Close to Other Top Four Apps Combined

Stock trading app developers are constantly innovating and adding new features to make portfolio management easier to do on the go. For example, many of the latest-gen trading platforms now feature AI-based tools to help users evaluate investment risks.

Besides having the largest user base, RobinHood also witnessed the biggest number of downloads this year. In the seven months of 2021, the trading app was downloaded 11.6 million times, close to the other top four apps combined, with almost one-third of all downloads happening in January.

WeBull was downloaded 5.6 million times in this period, 2.3 million more than the third-ranked eToro. Fidelity Investments and TD Ameritrade round the top five list, with 1.9 million and 1.2 million downloads, respectively.

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Verve Partners OBMEET To Give Cardholders 50% Discount

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Verve-Investors King

In furtherance of its drive to strengthen the payment landscape across the globe, Africa’s leading payment technology and card business, Verve, has announced its partnership with OBMeet, a video conferencing and networking company, to give Verve cardholders a 50% discount on the platform.

The discount which is currently running till December 31, 2021 avails Verve cardholders added value for the services they enjoy on the OBMeet platform.

With this collaboration, Verve cardholders accessing the OBMeet no longer have to worry about the incidental challenges associated with such video conferencing and multi-streaming platforms, such as complex payment structure, capital flight, inconsistent exchange rates etc.

Speaking on the discount, Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group, said the partnership with OBMeet to reward Verve cardholders with a 50% discount on the selected packages is a demonstration of Verve’s commitment to reward its cardholders’ loyalty.

Eromosele said the firm is stirred to partner with OBMeet because they share a similar vision of delivering an invaluable experience to their esteemed customers.

She explained that the partnership will guarantee Verve cardholders faster and safer payment experiences on the OBMeet platform.

She said: “Consistent with our mantra of being ‘the rewarding way to make payments’, Verve cardholders are not only rewarded with seamless, faster, and convenient payment solutions, but they also enjoy more rewards in discounts as much as 50% on the OBMeet platform, from now till December 31, 2021.”

Vincent Ogbunude, Divisional Head of Verve, commented on the firm’s commitment to delivering top-notch digital payment solutions to Nigerians.

“It is no gainsaying that Verve has consistently delivered innovative payment solutions to Nigerians and the Africa continent.

“We are continuously seeking opportunities to ease payment pain points for Verve cardholders as well as Africans and this partnership with OBMeet is a testament to that commitment.

“We are confident that our cardholders will enjoy seamless payment on the OBMeet platform and the 50% discount offer is added value to the invaluable payment experience the Verve card provides,” he said.

Speaking on the partnership, Emmanuel Gabriel, founder of OBMeet stated that the collaboration is instrumental for companies, institutions, content creators, Small and Medium Enterprise, entrepreneurs to overcome the many challenges of capital flight, complex payment systems inherent in accessing video conferencing and multistreaming platforms.

He said: “Our focus is to give everyone around the world the opportunity to connect, build ideas and express themselves in a new way.

We are focused on creating economic value via the OBMeet communication platforms which bridge communication gaps and language barriers around the world.”

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