Bamboo gets a digital sub-broker licence from SEC

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 Nigerian fintech startup, Bamboo, has received a digital sub-broker licence from the country’s Securities and Exchange Commission (SEC) to operate in its capital market and list securities on its platform.

The licence ensures oversight of its relationship with its sponsoring broker, Lambeth Capital, and the ability to form partnerships with multiple brokers.

It also allows the company to strengthen its relationships with financial service providers to offer its Application Programming Interface (API) services.

Launched in 2019, Bamboo is an online brokerage app that allows Africans to invest in domestic and international asset classes.

Users can invest fractional amounts in their favourite publicly traded US companies, including Tesla, Apple, exchange-traded funds (ETFs), mutual funds, and fixed-income products, via the app.

Bamboo claims it began the application process for the SEC’s digital sub-broker licence in 2021, including a thorough examination of the organisation’s finances and governance process.


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