Bamboo, a Nigeria-based online stock investment platform, has extended its reach to South Africa, marking a key step in its African expansion. This move grants South African investors direct access to US stocks via their smartphones, broadening opportunities in global financial markets.
The expansion follows Bamboo’s successful acquisition of a financial services provider license from the South African Financial Sector Conduct Authority (FSCA). With this approval, South Africa joins Bamboo’s growing footprint, which already includes Nigeria and Ghana.
Bamboo CEO and Co-Founder Richmond Bassey highlighted South Africa’s strong investment culture and regulatory environment, pointing to the Johannesburg Stock Exchange’s (JSE) steady performance among emerging markets as a favorable factor.
Bamboo first expanded beyond Nigeria in 2022, launching in Ghana through a partnership with 10th Capital Investments and securing a No Objection Letter from Ghana’s Securities and Exchange Commission. In 2024, the company added Nigerian stocks to its offerings, featuring top companies like MTN Nigeria, Dangote Cement, and Nestle Nigeria. This development followed Bamboo’s acquisition of a digital sub-broker license from Nigeria’s Securities and Exchange Commission (SEC).
Despite its growth, Bamboo has faced regulatory hurdles. In 2021, the Central Bank of Nigeria (CBN) froze its account over alleged forex violations. However, operations resumed in 2023 after the restriction was lifted.
Founded in 2019 by Bassey and Yanmo Omoregbe, Bamboo simplifies investing across various asset classes. The platform equips users with tools to research stocks and exchange-traded funds (ETFs) to align with their financial goals. With an emphasis on financial literacy, Bamboo also provides fixed-return investment options and educational resources tailored for those investing in US markets—who currently make up 75% of its user base.
Bamboo’s momentum was further fueled by a $15 million Series A funding round in 2022, backed by Greycroft and Tiger Global. These funds were allocated for scaling operations, entering new markets, and product innovation.
With over 500,000 registered users, Bamboo’s growth signals rising demand for accessible investment platforms in Africa. Its South African expansion positions it as a leading fintech player in the region, empowering more investors to participate in global markets and fostering a culture of financial inclusion.
