SEC Nigeria Approves Chaka as the First Licensed Digital Sub-Broker

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Wednesday, June 23, 2021 / 4:00 PM / Chaka / Header Image Credit: Chaka

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Digital Investment Platform, Chaka, has announced its recent acquisition of the Digital Sub-Broker/Sub-Broker Serving Multiple Brokers Digital Platform License by the Securities and Exchange Commission (SEC) Nigeria, in line with the digital platforms determination to ensure regulatory compliance. This makes Chaka the first recipient of this newly created license by the SEC, as part of the Commission's efforts at fostering regulation within the technology-based business environment. The licensing is designed to ensure the safety of the investing public while encouraging innovation.


Commenting on the new license, Tosin Osibodu, Co-founder & CEO, Chaka Technologies said "We are proud to be the first fintech company to receive the SEC license in Nigeria, the Digital Sub-Broker license. For us, this is an important step towards achieving our vision to level the playing field for African investors, and create a defining moment for the future of digital investments in Nigeria, and Africa at large. Receiving this new license will enable us to continue to power on our mission to enable digital investing for businesses and individuals in the country and beyond."


"As Nigeria becomes a beehive of fintech innovativeness, this new license is the much-needed guide to help safeguard the investing public in the evolving landscape. The SEC license represents a notable milestone for all players within the industry, and we are confident that it would strengthen efforts towards fostering further growth and transformation. We are happy 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 of our investors and partners, as we remain committed to fulfilling their needs.", said Osibodu.


Since Chaka's launch in 2019, the company is believed to have 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 licensed brokerage firm registered with the Nigerian Exchange Limited (NGX), Central Securities Clearing System (CSCS) and regulated by the Securities Exchange Commission (SEC), Nigeria.

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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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