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Chaka, a global trading platform, was launched on Tuesday in Lagos to provide users access to Nigerian and global financial assets. The online platform, referred to as a digital ‘investment passport,’ allows users to invest in stocks listed on NASDAQ, the New York Stock Exchange and the Nigerian Stock Exchange (NSE).

According to a statement released by Chaka, the two exchanges and NASDAQ stock market collectively offer over 4000 assets and indexes from companies such as Apple, Alibaba, Google, the S&P 500 index and many others. Chaka said it provides opportunities for local investors to explore international markets and diversify their portfolios into African and global capital markets. In addition, it makes it easier for Africans to access opportunities in local capital markets and abroad, thereby bridging the gap in accessing viable investment vehicles.

“With booming growth in many nations around the world, investors can now own a stake in the growth of other economies,” said Tosin Osibodu, Chief Executive Officer of Chaka. “Yet, for many Nigerians, this is a daunting task. We created Chaka to fill this gap, and likewise, give the global community access to local capital markets.”  

Osibodu, who spoke at a press launch on the rationale for creating the platform, said the company's goal is borderless trading and investment opportunities for Nigerian professionals and investors. “Chaka facilitates access to assets listed on the Nigerian stock exchange, American stock exchanges as well as global blue-chip companies from 40+ countries around the world,” the CEO of Chaka noted.   

Through Chaka's partnership with DriveWealth, a U.S.-based leader in global digital trading technology, the company said it is ensuring that Nigerians can own a stake in their favourite American companies. To ensure regulatory compliance, proper market behaviour and security of investors, all brokerage investments on Chaka are facilitated by Citi Investment Capital Limited, a licensed Nigerian stockbroking firm registered with the Securities and Exchange Commission (SEC).

Chaka said it maintains a user’s brokerage account through bank-grade AES encryption software that protects the communication between the user’s device and the servers. All local brokerage accounts and global dollar brokerage accounts are insured by the Investors Protection Fund – based on the NSE rules – and the Securities Investor Protection Council (SIPC), respectively.

The company said it aims to remove global investment barriers between Africa and the rest of the world. Chaka said its technologically-advanced brokerage solution has launched at a time when Nigerians are seeking foreign investment options to hedge against local risk.