January 8

SEC vs Chaka: Regulation May Be Coming to Nigeria’s Investment-Tech Platforms

By Alexander O. Onukwue

The consumer side of Nigerian fintech is full of new activity. Digital lenders offer loans in minutes, cryptocurrency first-movers abound, and startups are helping users invest in reliable financial assets.

In particular, the investment-tech sub-sector has appealed to many who feel uncertain about Nigeria’s economic trajectory. Millennial Nigerians have become serious about structuring and insuring their future wealth against the naira’s volatility.

One way to do this is to trade on stock markets through one of the app-based micro-investing services launched over the last 20 months. We wrote about Rise and Trove some months ago.

Chaka is one such platform. Founded in January 2019 by Tosin Osibodu, with Olaolu Ajose as the chief technology officer, the startup bills itself as an “investment passport” for users.

Photo courtesy of Exchanges Photos.

Source: Techcabal (link opens in a new window)

fintech, regulations, startups