Bamboo Introduces Nigerian Stocks to Empower Retail Investors
On 14th May, 2024, Bamboo Global Inc (“Bamboo”), Africa’s leading online brokerage firm, launched Nigerian stocks on its platform today. Bamboo is offering local stocks, including from blue chip corporations like Guaranty Trust Holding Company PLC, MTN, and Dangote Cement.
Bamboo 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.
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 30% 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.”
Mr Tunde Lemo, OFR, the Chairman of Lambeth Capital said “We are thrilled to partner with Bamboo in bringing their innovative trading platform to Nigerian equities. By offering access to Nigerian stocks through Bamboo’s cutting-edge technology, we are empowering retail investors to tap into the immense potential of one of Africa’s largest economies. Together with Bamboo, we are proud to play a pivotal role in unlocking new frontiers for Nigerian investors and fostering the growth of the local capital markets.”
Bamboo makes investing in all types of asset classes easy for Nigerians. The Bamboo app has unique tools that help users pick stocks and exchange-traded funds (ETFs) to meet their investment goals:
- Stock page with real-time price alerts
- Stock comparison page
- Price movement notifications
- Watchlist tracking stock performance
- Seamless dividend settlements
The company also offers a wide range of premium investing content and education tools tailored to users new to investing in U.S. stocks which represents nearly 75% of its user base:
- Stock Market Course: an easy-to-understand 19-episode video series that gives the basics on investing in U.S. equities
- Bamboo Bootcamp: the biggest investment event in West Africa with over 14,000 registered attendees
- Bamboo newsletter and webinars
- Free premium content at Motley Fool and mywallst.com
*As at Tuesday May 14th, 2024, 10:00am
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