Leading digital brokerage – Bamboo – has launched Nigerian stocks on its investment platform. The introduction allows Bamboo’s predominantly youthful user base to trade local equities like Guaranty Trust, MTN Nigeria, and Dangote Cement alongside U.S. and other international stocks and ETFs already offered.
The innovative fintech firm says the expansion caters to high investor demand for affordable ways to capitalize on the Nigerian Exchange’s blistering performance, which saw 45.9% growth in 2023 outpacing global indexes.
“Nigerian stocks are by far the most in-demand asset class among our investors. The NGX delivers outstanding returns, and now young, digital-savvy traders can easily buy local blue chips they know and use daily,” Bamboo CEO and co-founder, Richmond Bassey, said.
Unlike most NGX trading accounts currently dominated by older investors, Bamboo aims to open up the booming market to a new generation through its user-friendly mobile platform and vast educational resources on investing fundamentals.
Partnering with established brokers Central Securities Clearing System (CSCS) and Lambeth Capital, Bamboo has pledged the fastest trade execution and dividend payouts available for these new Nigerian stock listings.
“We are empowering retail investors to tap into the immense potential of one of Africa’s largest economies. Together with Bamboo, we’re unlocking new frontiers for Nigerian investors,” Lambeth Chairman, Tunde Lemo, said.
The expansion builds on Bamboo’s specialist expertise in fractionalized stock ownership, with over 75% of its 500,000 registered users focused on U.S. equities facilitated via the app’s commission-free brokerage capabilities.
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Following its launch into Ghana last year, the Nigerian stock offering cements Bamboo’s position at the vanguard of a new wave of wealth generation across West Africa, catalyzed by digital investment tools tailored to the region’s rapidly growing consumer class.
It also heralds the potential for capital markets across the continent to be turbocharged by a surge of eager younger participants, injecting new liquidity while gaining investment education through Bamboo’s multimedia content platforms.