Chaka Receives SEC’s Fintech Licence, to Boost Market Inclusion
Digital investment platform, Chaka, has received a digital platform licence from the Securities Exchange Commission of Nigeria (SEC), in line with measures to ensure regulatory compliance.
This makes Chaka the first recipient of the newly created licence by the SEC, as part of the commission’s efforts to foster regulation within the investment-tech space, to ensure the safety of the investing public while encouraging innovation within the sector.
Commenting on the new licence acquisition, Co-founder & Chief Executive Officer, Chaka Technologies, Tosin Osibodu, said: “We are honoured to be the foremost fintech company to receive SEC’s first fintech licence in Nigeria, the Digital Sub-Broker licence. For us, this is an important step towards achieving our vision to level the playing field for African investors, and a defining moment for the future of digital investments in Nigeria, and Africa at large. Receiving this new licence will enable us to continue to power on our mission to enable digital investing for businesses and individuals in the country and beyond.”
According to him, as Nigeria remains an attractive hive for fintech innovation, this new licence from the SEC is the much-needed guide to help safeguard the investing public amid the ever-evolving landscape.
“This license represents a significant milestone for all players within this industry, and we are confident that it will strengthen efforts towards fostering further growth and transformation. We are proud to set this precedent and are excited for the long-term impact of this new regulation and what it signals for the future. We are also thankful for the continued trust from our investors and partners, as we remain committed to fulfilling their needs,” Osibodu added.
He noted that since Chaka’s launch in 2019, the company had remained transparent about its regulatory status, leveraging strategic partnerships with registered brokers.
“All brokerage investments on its platform are facilitated by Citi Investment Capital Limited, a duly licensed brokerage firm registered with the Nigerian Exchange Limited (NGX), Central Securities Clearing System (CSCS) and regulated by the SEC.
Meanwhile, the stock market extended its decline for the third day yesterday as the NGX All-Share Index (ASI) shed 0.11 per cent to be at 37,804.46, while market capitalisation ended lower at N19.7 trillion.
Trading activity also weakened as volume and value traded fell by 4.5 per cent and 41.2 per cent respectively to 208.4 million shares and N1.6 billion.
SOURCE: THIS DAY