Driven by the need to improve wealth generating avenues for its customers, especially Nigerians, Chaka, a global trading platform has been launched in Lagos.
The platform is designed to allows users invest easily in stocks listed on NASDAQ, the New York Stock Exchange and the Nigerian Stock Exchange says Tosin Osibodu, CEO Chaka.
According to him the ability to own a stake in the growth of other economies across the world is a daunting task for Nigerians. But with the introduction of Chaka, investment opportunities throughout the globe is now at the fingertips of every Nigerian and likewise, the global community now has access to local capital markets.
This, he further explained is the reason behind the product’s slogan tagged-“Your Investment Passport”. Similarly, Osibodu said, the technology enabled platform offers over 4000 assets and indexes from companies such as Apple, Alibaba, Google, the S&P 500 index coupled with other global blue-chip companies from 40+ countries around the world.
The product is backed with protection of local (Nigerian Stock Exchange and Securities and exchange commission) as well as foreign (US Securities and Exchange Commission, Financial Regulatory Authority) regulators, says Osibodu.
Furthermore, “to provide our customers with compliant access to the US stock market, we have partnered with a U.S. based leader in global digital trading technology, DriveWealth, LLC,” Osibodu disclosed.
In order to ensure regulatory compliance, proper market behaviour and security of investors, the investment app boss added that all brokerage investments on Chaka are facilitated by Citi Investment Capital Limited, a licensed Nigerian stockbroking firm registered with the Security and Exchange Commission (SEC).
Chaka maintains a user’s brokerage account through bank-grade AES encryption software that protects the communication between the user’s device and the servers. All local brokerage accounts and global dollar brokerage accounts are insured by the Investors Protection Fund -based on the Nigerian Stock Exchange rules- and the Securities Investor Protection Council (SIPC) respectively.
Features such as fractional investing is also facilitated by Chaka all in a bid to provide opportunities for Nigerians who seek foreign investment options to hedge against local risk.
Chaka’s Fractional Investing technology, enables investors buy a whole stock as well as fractions and enables diversification with indexes with over 6000 products to build a well rounded portfolio, Osibodu added.
Also present at the launch were Tunde Fagimi, Head IT Citi investment Capital, Seun Oluwole, Chief Executive Officer Citi Investment capital and Feranmi Akeredolu – Growth Manager Chaka.