The Securities and Exchange Commission (SEC) has licensed Chaka Technologies Ltd. to operate a digital platform for buying and selling local stocks.
Efe Ebelo, head of corporate communications, SEC, told the Nigeria News Agency (NAN) on Wednesday in Lagos that the company’s request was approved by the committee last week.
She added that the company was licensed to operate as a (digital) sub-broker dealing in local stocks.
NAN reports that Chaka Technologies, with approval, becomes the first to acquire the digital sub-broker license introduced by the SEC in April.
The approval came after months of uncertainty over the regulation of digital commerce in Nigeria.
Confirming the approval, Tosin Osibodu, co-founder and CEO of Chaka Technologies, said in a statement that the company is satisfied with the achievement.
Chaka is pleased to announce its recent acquisition of the digital sub-broker / sub-broker serving multiple brokers through a digital platform.
“This makes Chaka the first beneficiary of this newly created license by the SEC, as part of the commission’s efforts to promote regulation within the technology investment space, to ensure the safety of the investing public. while encouraging innovation in the sector, ”Mr. Osibodu said. noted.
He said the company is honored to be the first fintech company to receive the SEC’s first fintech license in Nigeria, the Digital Sub-Broker License.
“For us, this is an important step towards realizing our vision of leveling the playing field for African investors, and a defining moment for the future of digital investments in Nigeria and Africa as a whole. .
“Receiving this new license will allow us to continue our mission of enabling digital investment for businesses and individuals in the country and beyond.
“As Nigeria remains an attractive hive of fintech innovation, this new license from the SEC is the indispensable guide to help protect the investing public in an ever-changing landscape,” Mr. Osibodu said.
He added that the license was an important milestone for all players in the industry and that it would strengthen efforts to foster the growth and transformation of the industry.
“We are proud to set this precedent and are delighted with the long-term impact of this new regulation and what it announces for the future.
“We are also grateful for the continued confidence of our investors and partners, as we remain committed to meeting their needs,” he added.
He said Chaka.com is a platform implemented by Chaka Technologies to provide technology, marketing, customer service and operations services to brokers on behalf of their clients.
“Chaka powers investment without borders for businesses and individuals in Africa. We provide unlimited access to over 4,000 stocks traded in the capital markets, ”said Mr. Osibodu.NOPE)
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