Nigerian fintech startup Chaka has acquired the Digital Sub-Broker/Sub-Broker Serving Multiple Brokers Through a Digital Platform License from the Securities Exchange Commission of Nigeria (SEC), in line with its measures to ensure its regulatory compliance.
Chaka is a platform that provides tech services, marketing, customer service and operations to brokers on behalf of their customers. It provides unrestricted access to more than 4,000 stocks trading on capital markets, and is fully licensed by the SEC.
It has now become the first recipient of the newly-created brokers license by the SEC, as part of the commission’s efforts to foster regulation within the investment-tech space and to ensure the safety of the investing public while encouraging innovation within the sector.
“For us, this is an important step towards achieving our vision to level the playing field for African investors, and a defining moment for the future of digital investments in Nigeria, and Africa at large. Receiving this new license will enable us to continue to power on our mission to enable digital investing for businesses and individuals in the country and beyond,” said Tosin Osibodu, co-founder and chief executive officer (CEO) of Chaka.
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