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Global stock trading platform, Chaka, launches in Nigeria

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Chaka, a global trading platform that allows users to invest in stocks listed on foreign stock exchanges has launched its products in Nigeria.

L – R Head of IT, Citi Investment Capital, Tunde Fajimi; CEO, Citi Investment Capital, Seun Oluwole; CEO, Chaka, Tosin Osibodu; Growth Manager, Chaka, Feranmi Akeredolu at the launch of the global stock trading plarform, Chaka on Tuesday in Lagos, 15/10/2019.

The News Agency of Nigeria (NAN) reports that the technology-enabled platform, referred to as a digital “Investment Passport’’, offers customers access to Nigerian and global financial assets.

These include NASDAQ, the New York Stock Exchange and the Nigerian Stock Exchange offering over 4,000 assets and indexes from companies such as Apple, Alibaba, Google, the S&P 500 index and many more.

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The Chief Executive Officer of Chaka, Tosin Osibudu, said at the launch late on Tuesday that it provides opportunities for local investors to explore international markets and diversify their portfolios into African and global capital markets.

Osibudu added that it offers global citizens access to invest in local capital markets with just a click, thus bridging the gap in accessing viable investment vehicles.

On the rationale for creating the platform, Osibodu, said: “With booming growth in many nations around the world, investors can now own a stake in the growth of other economies.

“Yet, for many Nigerians, this is a daunting task. We created Chaka to fill this gap, and likewise, give the global community access to local capital markets.

“Our goal is to provide premium borderless trading and investment opportunities for Nigerian professionals and investors.

“Chaka facilitates access to assets listed on the Nigerian Stock Exchange, American Stock Exchanges as well as global blue-chip companies from 40+ countries around the world.’’

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He added that that the company was “to provide our customers with compliant access to the U.S. Stock Market, we have partnered with a U.S.-based leader in global digital trading technology, DriveWealth, LLC.

“Through this partnership we are ensuring that Nigerians can own a stake in their favourite companies in the U.S.’’

The Chaka CEO said it was ensuring regulatory compliance, proper market behaviour and security of investors, noting that all brokerage investments on Chaka were facilitated by Citi Investment Capital Ltd, a licensed Nigerian stockbroking firm registered with the Security and Exchange Commission (SEC).

Osibuda said that the company maintains a user’s brokerage account through bank-grade AES encryption software that protects the communication between the user’s device and the servers.

“All local brokerage accounts and global dollar brokerage accounts are insured by the Investors Protection Fund-based on the Nigerian Stock Exchange rules, and the Securities Investor Protection Council (SIPC) respectively.

“At a time when Nigerians seek foreign investment options to hedge against local risk, Chaka stands out to be the most technologically advanced brokerage solution offering seamless investing processes at home and abroad,’’ he said.

The CEO of Citi Investment Capital, Mr Seun Oluwole, said that his firm was pleased with partnering with Chaka which, he noted, was a catalyst for digital investment in local and foreign stocks.

Oluwole expressed the belief that the partnership was an opportunity to partake in on/offshore markets, enabling Nigerians to invest in the U.S. markets and for them to look into what we are doing here in the country and investing in them. (NAN)


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