Chaka Technologies has secured a first of its kind Digital Sub-Broker/Sub-Broker Serving Multiple Brokers licence from the Securities and Exchange Commission (SEC) to further protect investors and increase offerings.
The fintech company that allows Nigerians to trade foreign stocks and other global instruments is the first company to secure the license since the SEC warned that whoever deals with the likes of Chaka, Trove, Bamboo and Rise do so at his or her own risk as the commission does not regulate any of the platforms.
Three months later, Chaka secured SEC approval to offer its product within SEC stipulated guidelines.
Tosin Osibodu, the Co-founder & Chief Executive Officer, Chaka Technologies, said the company is committed to achieving borderless investment and make Nigeria’s investment climate safe and future bright for investors.
He said the company has a digital first philosophy, and will continue to promote financial inclusion in the country.
Osibodu said: “We are honoured to be the foremost fintech company to receive SEC’s first Fintech licence in Nigeria, the Digital Sub-Broker licence. For us, this is an important step towards achieving our vision to level the playing field for African investors, and a defining moment for the future of digital investments in Nigeria, and Africa at large. Receiving this new licence will enable us to continue to power on our mission to enable digital investing for businesses and individuals in the country and beyond.”
He explained that as Nigeria remains an attractive hive for fintech innovation, the new licence from the SEC is the much-needed guide to help safeguard the investing public amid the ever-evolving landscape.
This licence represents a significant milestone for all players within this industry.
“We are proud to set this precedent and are excited for the long-term impact of this new regulation and what it signals for the future. We are also thankful for the continued trust from our investors and partners, as we remain committed to fulfilling their needs,” Osibodu stated.
