In line with the order by the Securities and Exchange Commission (SEC) for investment startups to register on or before June 30th, Chaka has become the first fintech to receive the Digital Sub-Broker/Sub-Broker Serving Multiple Brokers through a digital platform license from SEC. The startup made this know in a press statement.
The statement reads: “On March 26, we published a statement stating that Chaka had taken steps to register for a “newly created license” with the Securities and Exchange Commission of Nigeria (SEC).
“Today, we are happy to announce that we have been granted registration and licensed by the SEC as a Digital Sub-Broker/Sub-Broker Serving Multiple Brokers through a digital platform.
“This license cements Chaka’s status as a frontline Fintech company powering investing for Nigerian companies, retail investors and institutional investors. As such, Chaka’s operations remain within SEC’s purview as we accelerate our mission to enable individuals and businesses to invest in capital markets.
“We are committed to ensuring that our investors have the requisite safeguarding and security as any regulated financial institution, and receiving SEC’s first Fintech license demonstrates our sustained commitment to regulatory compliance.
“This license is an important step towards achieving our vision to level the playing field for African investors. And just as importantly, a defining moment for the future of digital investments in Nigeria, and Africa at large.”
Chaka which was founded in 2019 by Tosin Osibodu is a financial technology company lowering access barriers between African and global capital markets. The company provides a regulatorily compliant platform for African individuals and businesses to invest and trade in global capital markets. The service currently provides access to 3,000+ assets in 40+ countries including US, China, UK and more.
