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Chaka secures SEC’s approval — first digital stock trading licence

Chaka secures SEC’s approval — first digital stock trading licence
June 23
20:38 2021

Chaka Technologies, a digital investment platform, has secured a licence from the Securities and Exchange Commission (SEC) to offer stocks directly to investors in the country.

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The company becomes the first to acquire the “Digital Sub-Broker/Sub-Broker Serving Multiple Brokers Through a Digital Platform Licence” introduced by the SEC in April.

The capital market regulator had warned the investing public on the proliferation of unregistered online investment and trading platforms, facilitating access to trading in securities.

Efe Ebelo, SEC’s head of corporate communications, told NAN on Wednesday in Lagos that the company’s application was approved last week by the commission.

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She also said the company was licensed to operate as a sub-broker (digital) trading on local stocks.

Speaking on the licence acquisition, Tosin Osibodu, chief executive officer of Chaka Technologies, said the licence would foster regulation within the investment-tech space to ensure the safety of the investing public and encourage innovation within the sector.

“For us, this is an important step toward 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,” he said.

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“Receiving this new licence 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 licence from the SEC is the much-needed guide to help safeguard the investing public amid the ever-evolving landscape.

“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.”

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He added that the licence represented a significant milestone for all players within the industry and that it would strengthen efforts towards fostering further growth and transformation of the industry.

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