Home Tech News Chaka, DriveWealth alliance lets Nigerians trade U.S. stocks

Chaka, DriveWealth alliance lets Nigerians trade U.S. stocks

Chaka, DriveWealth alliance lets Nigerians trade U.S. stocks

DriveWealth, a U.S.-based global digital trading technology and Chaka, a global trading platform in Nigeria, say they have partnered to allow Nigerians trade U.S. stocks.

Nigeria’s Chaka Technologies Limited says its Chaka’s technology-enabled platform launched October 15 is offering customers access to Nigerian and global financial assets.

DriveWealth says with the deal with Chaka, this year alone, it has increased access to the U.S. markets with new partnerships in Nigeria, India and Nigeria in addition to a major new partnership with Revolut throughout Europe.

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Tosin Osibodu, CEO of Chaka, says “we are excited to partner with DriveWealth to provide our customers with access to U.S. markets. The company offers best-in class technology for international trading to Nigerian investors, including the ability to start investing in an easy, affordable manner with fractional shares. Traditionally, international investing has been a daunting task for Nigerians. Through our partnership, Chaka and DriveWealth are helping to fill this gap. Integration of our technologies has gone very smoothly, and we see this as an important long-term partnership for Chaka.”

Citi Investment Capital Limited, a licensed Nigerian stockbroking firm, is facilitating the brokerage transactions for Chaka clients, according to a company statement.

Robert Cortright, DriveWealth CEO adds that “Chaka has developed outstanding technology that we’ve integrated with our customizable APIs to make it easy for clients in Nigeria to participate in the U.S. stock market. At a time when many Nigerians are seeking foreign investment opportunities for diversification purposes, this partnership fulfills an important component of Chaka’s global offering with access to the largest and most liquid stock markets in the world.”

DriveWealth says it has launched partnerships with firms on six continents offering its innovative investing technology and a customizable suite of application programming interfaces (APIs) that partners can use to provide major new investment capabilities to their clients.

“Through these partnerships, the firm has pioneered bringing digital access to the U.S. securities market for individuals around the world, enabling investors of any size to gain affordable access to the U.S. stock market with a straightforward online user experience”, the company says.

Seun Oluwole, CEO of Citi Investment Capital Limited, said: “Chaka has been catalyst for expanding our digital efforts, bringing new markets to our customers. Through its collaboration with DriveWealth, we are ensured that local investors can own a stake in U.S. based companies. By marrying their technology with our personal touch for customers, we are excited at the possibilities these partnerships bring to the Nigerian market.”

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