Chaka Technologies has said that its mission remains the same on connecting African businesses and individuals to global financial markets.
The Fintech firm prides itself as a client’s investment passport to owning US, Nigerian, Chinese and global companies like Apple, Google, Dangote, Alibaba and more from any device.
Tosin Osibodu, Co-founder and CEO, Chaka Technologies had in a statement to its stakeholders said, “At Chaka, we have always maintained a strict commitment to compliance.”
The go-to global investment platform for African businesses and individuals further noted that “From inception, we made it imperative that all equities available through Chaka’s app are offered through regulated parties like Citi Investment Capital Limited (CICL) and others who are licensed by the Nigerian SEC and other financial regulators.
“We are pleased to inform our stakeholders and the general public that Chaka has taken the necessary steps to register with the Securities and Exchange Commission of Nigeria (SEC) for a newly created license, as SEC continues to maintain its avowed intention to encourage innovation within the market space,” Chaka said.
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Recently, the Securities and Exchange Commission (SEC) warned the investing public on the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets. SEC noted this in a circular to Capital Market Operators (CMO) it issued last Thursday.
“With this conclusion, Nigerian investors continue to build and preserve wealth through digital investment opportunities, and financial firms are able to serve their customers with more investment options. Our mission remains the same,” according to Chaka’s CEO.
SEC circular reads: “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on Securities Exchanges registered in other jurisdictions. These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission.”
“The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public. Accordingly, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission’s position and advised to desist henceforth.
“The Commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums”, SEC stated.
