Nigerians now have more options to buy shares in Amazon, Google, Alibaba, as investment trading platform, Chaka launches in Nigeria. The Nigerian-based tech company operates an international and local trade platform that enables Nigerians and foreigners buy shares from US, China and 40 other countries, including Nigeria.
According to Chaka, its trading platform reduces the barriers in purchasing stocks globally, as the company provides access to over 90 international and local companies without the need to file paperwork by interested investor.
During the launch, which was attended by Nairametrics, Chaka’s Chief Executive Officer, Tosin Osibodu, said Chaka makes it easier for Nigerians to invest in stocks abroad and for individuals abroad to invest in Nigerian stocks.
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Foreign stock options: It was stated that part of the stocks available for purchase on Chaka’s trading platform include Netflix, Amazon, Google, Alibaba, and also stocks from South Africa, Brazil, and Indonesia. Nairametrics learnt that these various options are important because the market is never down everywhere in the world.
Osibodu stated that, “There are blue-chip companies from around the world, the likes of Google, Netflix, Amazon are available. We have 90 plus companies from China. Whether it’s Alibaba, Tabao.
“So really (Chaka) its giving a lot of access to opportunities to people in Nigeria to the market (local and international) of 40 plus countries. That’s the likes of Brazil, India, Indonesia, South Africa, of course, Nigeria is the home of this offer.”
Osibodu clarified that despite Chaka providing investment options in both international and African stock market, it is a Nigerian company.
He said for long, foreigners were the ones who had access to African and Nigerian stock markets, whereas, gaining access to foreign stock markets required a cumbersome process. Chaka has, however, simplified the process with its online platform.
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Chaka under regulatory rules: Chaka operates under regulatory rules because its capital market partner in Nigeria, Citi Investment Capital and its global broker partners are regulated.
“It is regulated. This is very important. It’s important that people’s money are safe. That the capital market work for the good of the people they represent, that investment are protected.
“That you dealing with reputable parties and Investing in reputable companies that abide by regulation. So everything about our offer is regulated. In Nigeria, we are regulated through our partners because we have partnership with Citi Investment Capital as well as their global broker partners.
“In Nigeria, the offer is regulated by the Securities and Exchange Commission (SEC) and the market oversees, the Nigerian Stock Exchange (NSE).
“For the global investment, the offer is regulated by the US SEC, FINTRA. We are integrated with US protocol, dual digital verification process, that makes you tax-exempt as an international investor.
“That means when you make money by investing abroad, you do not consume US Government services, so you shouldn’t pay taxes. We’ve already dealt with that through our verification process, so you do not need to file tray paperwork. Our offer is also regulated by SIPC,” Osibodu said.
Challenge for Chaka
Chaka is not the only investment platform offering stocks of multinationals and other investment opportunities to Nigerians irrespective of their social standings. Chaka’s entered into the market where the likes of Wealth.ng, I-invest, Afrinvest and MeriTrade are already known.
However, what this means is that, as the market continues to expand, Nigerians now have more investment options and the increasing competition will create better investment service for prospective investors.
Chaka should make processes narrations too .
More so contracts are not available in all the write-ups .
What is the name of the app or website
What is the name of the app or website
There should be a physical premises for investors like the way banks have to build a trust.