• Saturday, June 22, 2024
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Bamboo taps NGX to offer local stocks to young Nigerians

Bamboo taps NGX to offer local stocks to young Nigerians

Bamboo has announced that it will begin offering Nigerian stocks on its app in a bid to democratise access and attract a new generation of retail investors.

“We’re thrilled to finally launch Nigerian stocks on the Bamboo platform. Among our investors, local stocks are by far the most in-demand asset class and it’s clear why: the NGX delivers outstanding ROI and allows investors to diversify their portfolios,” Richmond Bassey, Bamboo chief executive officer and co-founder said.

Bassey noted that not only are Nigerian stocks understood better, but they are also more affordable and accessible.

The investment app revealed that most of the active NGX accounts are owned by people who are more than 50 years old. This move will ensure that younger retail investors benefit from the NGX’s financial returns and diversify their portfolios from USD-denominated assets.

Bamboo noted that the NGX grew by 45.9 percent in 2023 to outpace inflation and outperform the US stock market. In January 2024, it was the world’s best-performing stock exchange, returning 31 percent.

Mr Tunde Lemo, Chairman of Lambeth Capital, stated, “We are thrilled to partner with Bamboo in bringing their innovative trading platform to Nigerian equities.

“By offering access to Nigerian stocks through Bamboo’s cutting-edge technology, we are empowering retail investors to tap into the immense potential of one of Africa’s largest economies. Together with Bamboo, we are proud to play a pivotal role in unlocking new frontiers for Nigerian investors and fostering the growth of the local capital markets.”