Chaka, a global trading platform that allows users to invest in stocks listed on foreign stock exchanges, has launched its products in Nigeria.
The News Agency of Nigeria reports that the technology-enabled platform, referred to as a digital “Investment Passport”, offers customers access to Nigerian and global financial assets.
These include NASDAQ, New York Stock Exchange and Nigerian Stock Exchange, offering over 4,000 assets and indexes from companies such as Apple, Alibaba, Google, and S&P 500 index.
The Chief Executive Officer of Chaka, Tosin Osibudu, said at the launch late on Tuesday that it provides opportunities for local investors to explore international markets and diversify their portfolios into African and global capital markets.
Osibudu added that it offers global citizens access to invest in local capital markets with just a click, thus bridging the gap in accessing viable investment vehicles.
On the rationale for creating the platform, Osibodu, said: “With booming growth in many nations around the world, investors can now own a stake in the growth of other economies.
“Yet, for many Nigerians, this is a daunting task. We created Chaka to fill this gap, and likewise, give the global community access to local capital markets.
“Our goal is to provide premium borderless trading and investment opportunities for Nigerian professionals and investors.
“Chaka facilitates access to assets listed on the Nigerian Stock Exchange, American Stock Exchanges as well as global blue-chip companies from 40+ countries around the world.”
Osibudu added that the company was founded “to provide our customers with compliant access to the US Stock Market, we have partnered with a US-based leader in global digital trading technology, DriveWealth, LLC.
“Through this partnership we are ensuring that Nigerians can own a stake in their favourite companies in the US.”
The Chaka CEO said it was ensuring regulatory compliance, proper market behaviour and security of investors, noting that all brokerage investments on Chaka were facilitated by Citi Investment Capital Limited, a licensed Nigerian stockbroking firm registered with the Security and Exchange Commission.
Osibudu said the company maintains a user brokerage account through bank-grade AES encryption software that protects the communication between the user’s device and the servers.
He said: “All local brokerage accounts and global dollar brokerage accounts are insured by the Investors Protection Fund-based on the Nigerian Stock Exchange rules, and the Securities Investor Protection Council respectively.
“At a time when Nigerians seek foreign investment options to hedge against local risk, Chaka stands out to be the most technologically advanced brokerage solution offering seamless investing processes at home and abroad.”
The CEO of Citi Investment Capital, Seun Oluwole, said his firm was pleased with partnering with Chaka, which, he noted, was a catalyst for digital investment in local and foreign stocks.
Oluwole expressed the belief that the partnership was an opportunity to partake in on/offshore markets, enabling Nigerians to invest in the US markets and for them to look into what we are doing here in the country and investing in them.
Trending
- Hajj 2024: NAHCON describes Gov. Uzodinma as pillar of support
- TUC wants FG to pay wage award for March, April
- Suspension of Dana Air hasty, punitive — Flight Dispatchers
- Ferry deaths: CILT raises alarm as over 300 die in one year
- Smuggled explosives: Customs hands over 6,240 dynamites to DSS
- Anambra: NSCDC arrests eight illegal private guards, recovers weapons
- Health Workers Week: Stakeholders suggest way out of declining workforce
- Review of: ‘Till My Change Comes,’ by Motunrayo Olumakaiye