Sylvia Duruson
Bamboo, a Nigerian-based online stock platform, has expanded its operations to South Africa, marking a significant milestone in its growth across the African continent. This move allows South African users to invest in US stocks directly from their smartphones, offering unprecedented access to global financial markets.
The expansion follows Bamboo’s acquisition of a financial services provider licence from the South African Financial Sector Conduct Authority (FSCA). This development adds South Africa to Bamboo’s operational portfolio, which already includes Ghana and Nigeria.
Richmond Bassey, CEO and Co-Founder of Bamboo, emphasized South Africa’s strong investment culture and robust regulatory framework. He noted the consistent performance of the Johannesburg Stock Exchange (JSE) All-Share index compared to other emerging markets, highlighting the country’s favorable investment climate.
Bamboo’s journey of expansion began in September 2022 with its launch in Ghana. The company partnered with 10th Capital Investments and received a No Objection Letter from Ghana’s Securities and Exchange Commission, demonstrating its commitment to regulatory compliance.
In 2024, Bamboo introduced Nigerian stocks to its platform, offering shares of blue-chip companies like Access Holdings, MTN Nigeria Communications, Dangote Cement, and Nestle Nigeria. This addition followed the acquisition of a digital sub-broker licence from Nigeria’s Securities and Exchange Commission (SEC).
Bamboo’s growth hasn’t been without challenges. In 2021, the Central Bank of Nigeria (CBN) froze the company’s account, alleging involvement in illicit forex transactions. However, the account was unfrozen in 2023, allowing Bamboo to continue its operations in Nigeria.
Founded in 2019 by Bassey and Yanmo Omoregbe, Bamboo aims to simplify investing across various asset classes. The platform provides Nigerians with resources for selecting stocks and exchange-traded funds (ETFs) to achieve their investment goals.
A key feature of Bamboo’s offering is its fixed returns and comprehensive investment education tools. These resources are particularly tailored for users investing in US stocks, who comprise approximately 75% of Bamboo’s client base.
Bamboo’s growth trajectory received a significant boost in January 2022 with a $15 million Series A funding round. Led by Greycroft and Tiger Global, this investment was earmarked for accelerating growth, expanding into new markets, and developing new products.
The company’s user base has grown impressively, with over 500,000 registered users reported. This growth reflects the increasing demand for accessible investment platforms across Africa.
Bamboo’s expansion into South Africa represents a strategic move in the fintech sector, potentially reshaping investment practices in the region. By providing easy access to US stocks and other investment opportunities, Bamboo is democratizing finance and opening new avenues for wealth creation among African investors.
As Bamboo continues to grow and expand its services, it stands at the forefront of a digital revolution in African finance. The platform’s user-friendly approach to investing, coupled with its educational resources, positions it as a key player in fostering financial literacy and investment culture across the continent.
