Chaka has become the frontline Fintech company to receive the SEC’s Digital Sub-Broker and Sub-Broker Serving Multiple Brokers through a digital platform license.
This will enable the fintech company to continue powering digital investments for Nigerian companies, retail investors, and institutional investors.
Recall that a couple of months ago the Securities and Exchange Commission released a statement on the proliferation of “unregistered” online investment and trading platforms involved in facilitating purported direct access to trading in securities of foreign markets.
According to the statement, these unauthorized platform claims to have partnered with Capital Market operators (CMOs) registered with the Commission.
However, according to the Commission, it has authoritatively stated that through the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria have the permission to engage in any of form of transaction with the Nigerian public.
This development had led Chaka to take steps in registering for the “newly created license” with the Securities Exchange Commission of Nigeria (SEC).
Today, the fintech company has been granted registration and licensed by the SEC as a Digital Sub-Broker/Sub-Broker Serving Multiple Brokers through a digital platform.
This new development confirms Chaka’s status as a frontline Fintech company powering investment while also enabling individuals and businesses to invest in capital markets.
“We are committed to ensuring that our investors have the requisite safeguarding and security as any regulated financial institution, and receiving SEC’s first Fintech license demonstrates our sustained commitment to regulatory compliance.
This license is an important step towards achieving our vision to level the playing field for African investors. And just as importantly, a defining moment for the future of digital investments in Nigeria, and Africa at large.”, a statement from the platform’s website reads
Chaka is a technology solutions company on a mission to support businesses and individuals on the African continent to access borderless digital investment and wealth management opportunities.
The Chaka team combines investment expertise and best-in-class technology to provide reliable digital Investing,
trading and wealth management solutions that are easy-to-use and easy-to-integrate.
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