Bamboo launches Nigerian stocks to deepen retail capital markets

Bamboo Global Inc, an online brokerage firm, yesterday launched on its platform Nigerian stocks including blue chip corporations like Guaranty Trust Holding Company PLC, MTN, and Dangote Cement.

In a statement, Bamboo said it is ensuring that retail investors will see the fastest trade settlement timelines and the most seamless dividend payment system available in the Nigerian capital markets.

The company said: “Bamboo looks to attract a new type of retail investor who is digitally savvy and expects a seamless user experience in buying Nigerian stocks as they did with U.S. stocks. To date, most of the active NGX accounts are owned by people who are more than 50 years old.

“In turn, younger retail investors will be able to benefit from the NGX’s unbeatable financial returns and diversify their portfolios from USD-denominated assets. “In 2023, the NGX grew by 45.9% to outpace inflation and outperform the US stock market. In January 2024, the NGX was the world’s best-performing stock exchange and it has returned 31% YTD.”

Commenting on the launch and new partnership, Richmond Bassey, Bamboo CEO and Co-Founder, said, “We’re thrilled to finally launch Nigerian stocks on the Bamboo platform. Among our investors, local stocks are by far the most in-demand asset class and it’s clear why: the NGX delivers outstanding ROI and allows investors to diversify their portfolios.

“Not only do Nigerian investors understand local stocks better since they use these products and services daily, but they are more affordable and accessible. We’re incredibly proud to play a role in deepening African capital markets, starting with Nigeria.”

Dr. Haruna Jalo-Waziri the Chief Executive Officer of Central Securities Clearing System Plc (CSCS) said, “As we witness the launch of Nigerian stocks on the Bamboo platform, we congratulate them on this milestone and will continue to support innovations that enhance investor experience and grow the capital market.”

<<Vanguard>>