Bamboo, a leading Nigerian online brokerage firm, has announced that it has launched in Ghana, a move that makes the startup the first trans-national West African online brokerage platform.
The launching aims at enabling Ghanaians to invest in foreign companies, which has now come to life through a partnership with 10th Capital Investments, a licensed Ghanaian firm. With this development, over 50,000 users on Bamboo Ghana’s waitlist will now be able to buy and invest in stocks from top companies in the USA, like Apple Inc and Tesla.
Bamboo announced its Series A round in January 2022, when it raised $15 million. This was when the company’s CEO and co-founder, Richmond Bassey, announced plans to expand into Ghana. Bamboo now claims it recently received a No Objection Letter from Ghana’s Securities and Exchange Commission (SEC) to operate in the country, enabling it to launch successfully. The startup also revealed that it had users in Kenya and South Africa and stands a high probability of launching there also.
“We believe strongly that all Africans should earn a return on their investments and build intergenerational wealth. That’s why we created Bamboo: we wanted to create an easy and secure way for everyday Africans to invest in the US stock market, and eventually, in all types of asset classes,” said Richmond Bassey.
Chief Operating Officer 10th Capital Investment, Albert Asiamah disclosed in a statement that working with Bamboo was as a result of the company’s experience and track record in enabling investments in Nigeria.
“We’re thrilled to work with the Bamboo team to bring Ghanaians the opportunity to invest in the US and eventually the local stock market. Their impeccable track record in Nigeria, stellar product and educational tools make them an ideal collaborator,” he said.
Founded by Richmond Bassey and Yanmo Omoregbe in 2019, Bamboo provides Nigerians with the opportunity to own shares in global companies, making investments simple, accessible and affordable. In the past, investing abroad from Nigeria was limited to individuals with high net worth, Bamboo provides a solution to that problem by making investing inclusive, meaning anyone can make international online investments with as low as $10.