Nigeria’s Bamboo has extended its services to South Africa, enabling customers to invest in US stocks through their smartphones.
The new development was followed by the company’s acquisition of a financial services provider license from the South African Financial Sector Conduct Authority (FSCA). The Nigeria-based online stock platform, which already operates in Nigeria and Ghana, was founded in 2019 by Richmond Bassey and Yanmo Omoregbe.
In 2024, Bamboo added Nigerian stocks, broadening its investment options. Its growth was significantly bolstered by a $15 million Series A funding round in January 2022, led by Greycroft and Tiger Global. Despite challenges, including a 2021 account freeze by the Central Bank of Nigeria (CBN), the e-commerce platform has grown its customer base to over 500,000.
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Bamboo emphasizes regulatory compliance, partnering with 10th Capital Investments in Ghana and acquiring a digital sub-broker license from Nigeria’s Securities and Exchange Commission (SEC). The company’s strategic move into South Africa highlights the region’s favourable investment climate and regulatory framework, advancing financial literacy and democratizing finance across Africa.
