An investment platform that unlocks global markets for Africans, Bamboo has entered Ghana to enable Ghanaians access foreign stocks and invest in foreign companies in their local currency.
The fintech company secured a $15 million investment fund in a series A round in January 2022, with the CEO disclosing the company’s plan to expand operations to Ghana.
Ahead of its launch in Ghana, Bamboo has partnered with 10th Capital Investments, a private equity firm focused on investing in viable prospects across Africa, and it also revealed that it has already received a No Objection Letter from Ghana’s Securities and Exchange Commission (SEC) to operate in the country.
Through Bamboo’s US digital investing partner, DriveWealth LLC, the firm assures users that all accounts can claim insurance of up to $500,000 via the US Securities Investor Protection Corporation (SIPC). With regulations and insurance in place, Bamboo is ready to make retail investment a norm in Ghana.
Speaking on Bamboo’s expansion in Ghana, the CEO, and Co-founder of Bamboo, Richmond Bassey said “We believe strongly that all Africans should earn a return on their investments and build intergenerational wealth.
“That’s why we created Bamboo: we wanted to create an easy and secure way for everyday Africans to invest in the U.S. stock market, and eventually, in all types of asset classes,”
Commenting on the partnership, Chief Operating Officer, Albert Asiamah, disclosed that working with Bamboo was a result of their experience and track record enabling investments in Nigeria.
He said, “We’re thrilled to work with Bamboo to bring Ghanaians the opportunity to invest in the U.S. and eventually the local stock market. Their impeccable track record in Nigeria, stellar product, and educational tools make them an ideal collaborator.”
Since its launch in 2020, Bamboo has grown in popularity with retail investors, claiming over 300,000 accounts in Nigeria. Its users can invest in stocks in the U.S., China, Europe, Canada, Latin America and many more.