Nigeria’s Securities and Exchange Commission (SEC) has warned unregistered investment-tech platforms to desist from offering foreign securities to Nigerians.

SEC in a statement on Thursday said that only registered exchanges may issue, or sell foreign securities to the Nigerian public.

Nigeria has witnessed the emergence of technology companies that are easing access to foreign and local stock markets for the average Nigerian. Such fintechs include Bamboo, Chaka and Rise.

These platforms have grown in popularity among the middle class and provide a haven to protect earnings from naira devaluations.

SEC statement means these investment platforms will have their work cut out and might only offer individuals access to only local stocks and securities, affecting the business models of these startups.

“We are still able to carry out all our operations and will continue to do so,” Bamboo said in an email statement to their customers on Friday.

“By opening a Bamboo account, you have also opened an account with our US broker partner, DriveWeath LLC. DriveWealth is licensed by the U.S. Securities and Exchange Commission and is also a member of the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities Investor Protection Corporation (SIPC),” the platform added.

http://newsstandard.ng/wp-content/uploads/2021/04/SEC-building.jpghttp://newsstandard.ng/wp-content/uploads/2021/04/SEC-building-150x150.jpgNewsStandard StaffBusinessNigeria’s Securities and Exchange Commission (SEC) has warned unregistered investment-tech platforms to desist from offering foreign securities to Nigerians. SEC in a statement on Thursday said that only registered exchanges may issue, or sell foreign securities to the Nigerian public. Nigeria has witnessed the emergence of technology companies that are easing...Nigerian News