Chaka, Nigeria Cross-Border Stock Broker, Gets SEC License

Chaka, Nigeria Cross-Border Stock Broker, Gets SEC Approval

By Bashir Olanrewaju

Chaka, a Nigerian fintech company that enables trading in the international stock market, has received a digital sub-broker license six months after it was restrained by the Securities and Exchange Commission.

Signing up to the new licensing category introduced in April ends months of uncertainty after the regulator described Chaka’s activities as illegal in December slammed it with a restraining order. The Lagos-based company is the first fintech company to get the license that enables “a sub-broker” to serve multiple brokers using a digital platform, the company said in a statement on its website.

“This will enable us to continue to power digital investing for Nigerian companies, retail investors, and institutional investors,” it said in the statement. .

Chaka was launched in Lagos in October 2019, with Todin Osibodu, the chief executive officer, promising subscribers trading access to 37 stock exchanges around the world, including the New York and NASDAQ platforms. Those with Chaka accounts were allowed to invest with as little as 50 dollars.