The Securities Exchange Commission of Nigeria (SEC) has granted Chaka, a digital investment platform, license as Digital Sub-Broker/Sub-Broker Serving Multiple Brokers through a Digital Platform.
This makes Chaka the first recipient of this newly created license by the SEC, which is in line with 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.
Commenting on the new license acquisition, Tosin Osibodu, Co-founder & Chief Executive Officer, Chaka Technologies said: “We are honoured to be the foremost fintech company to receive SEC’s first Fintech license in Nigeria, the Digital Sub-Broker license.
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.”
“As Nigeria remains an attractive hive for fintech innovation, this new license from the SEC is the much-needed guide to help safeguard the investing public amid the ever-evolving landscape. This license represents a significant milestone for all players within this industry, and we are confident that it will strengthen efforts towards fostering further growth and transformation. We are proud to set this precedent and are excited for the long-term impact of this new regulation and what it signals for the future.
We are also thankful for the continued trust from our investors and partners, as we remain committed to fulfilling their needs”, said Osibodu.
Since Chaka’s launch in 2019, the company has remained transparent about its regulatory status, leveraging strategic partnerships with registered brokers. All brokerage investments on its platform are facilitated by Citi Investment Capital Limited, a duly licensed brokerage firm registered with the Nigerian Stock Exchange (NSE), Central Securities Clearing System (CSCS) and regulated by the Nigerian Securities Exchange Commission (SEC).