Click For Photo: https://techcrunch.com/wp-content/uploads/2019/11/Chaka-Nigeria-Africa-Stock-Trading-Interface.jpg?w=400
Fintech startup Chaka aims to open up online investingd to Africa’s most populous nation, Nigeria.
The seed-stage company recently went live with its mobile-based platform that offers Nigerians stock trading in over 40 countries.
Chaka - Positions - Passport - Investing - Startup
Chaka positions itself as a passport to local and global investing. The startup has created an API and interface that allows Nigerians with a bank account (and who meet KYC requirements) to create trading accounts to purchase global blue chip and local Nigerian stocks.
Investors can get started with as little as 1000 Naira or $10 to create a local and global wallet to trade, according to Chaka founder and CEO Tosin Osibodu.
Platform - Partnerships - Brokers - Stock - Purchases
The platform has partnerships with two brokers to facilitate stock purchases: Citi Investment Capital and U.S. based DriveWealth.
“Embedded in our offer is the ability to buy on the local stock market…we make it more seamless than usual, and assets…from this whole universe outside the continent,” said Osibodu.
Nigerian - Stock - Exchange - Platform - Listings
The Nigerian Stock Exchange has been upgrading its platform to digitize and accommodate more listings. It has a five-year partnership with NASDAQ and Airtel Africa listed on the NSE in July.
On the Chaka’s addressable market, “Our outlook is that within Nigeria…between one and two million people are strongly in the market for this product,” Osibodu said.
Chaka - Stocks - Product - Road-map - Equities
Chaka looks to offer more than stocks. “Our product road-map includes not just equities, but other investment products people are interested in — mutual funds, fixed income products, and eventually even cryptocurrencies — so that really expands our bounds,” said Osibodu.
Chaka’s fee structure is 100 Naira (or 3%) for local trades and $4.00 for global trades.
Chaka - Amounts - Funding - Founder - Investor
Chaka hasn’t disclosed amounts, but confirms its has received pre-seed funding from Nigerian founder and investor Iyinoluwa Aboyeji, aka E.
The startup is in a unique position in...
Wake Up To Breaking News!