Bamboo expands into Ghana

Johnstone Kpilaakaa -

After Bamboo announced its $15 million Series A funding in January 2022, the fintech startup revealed that it intends to enter new markets like Ghana, Kenya and South Africa. Prior to the funding, Bamboo announced its plan to launch in Ghana in April 2021, as of January 2022 more than 50,000 Ghanaians joined the waitlist.

Today (September 22, 2022), Bamboo has officially launched in Ghana to offer residents in the West African country easy access to U.S. stocks, the Nigerian fintech is partnering with a licensed Ghanaian firm, 10th Capital Investments to enable its expansion.  

"We are thrilled to work with Bamboo to bring Ghanaians the opportunity to invest in the U.S. and eventually the local stock market. Their impeccable track record in Nigeria, stellar product and educational tools make them an ideal collaborator," Albert Asiamah, 10th Capital Investments' COO, said.

Founded in 2020, Bamboo is on a mission to make investing in all types of asset classes accessible to all Africans. According to a statement shared with Benjamindada.com, the fintech received a No Objection Letter from Ghana's Securities and Exchange Commission (SEC) for its operations earlier this month.

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In 2021, repeat depositors made up 85% of deposits on the Bamboo platform in Nigeria. Repeat deposits show that Bamboo users have rapidly gained confidence in trading US stocks.

The company plans to work closely with the SEC on an ongoing basis to develop regulations for the retail investment industry. Through Bamboo’s U.S. digital investing partner, DriveWealth LLC, all Bamboo accounts are insured for up to $500,000 via the US Securities Investor Protection Corporation (SIPC).

"We believe strongly that all Africans should earn a return on their investments and build intergenerational wealth. That’s why we created Bamboo: we wanted to create an easy and secure way for everyday Africans to invest in the U.S. stock market, and eventually, in all types of asset classes," Richmond Bassey, Bamboo CEO and co-founder stated.

The Bamboo app has unique tools that help users pick stocks and ETFs to meet their investment goals:

  • Stock page with real-time price alerts
  • Stock comparison page
  • Price movement notifications
  • Watch list tracking stock performance

Bamboo also offers a wide range of premium investing content and education tools tailored to users who are new to investing in U.S. stocks:

  • Stock Market Course: an easy-to-understand 19-episode video series that gives the basics of investing in U.S. equities
  • Bamboo Bootcamp: the biggest investment event in West Africa with over 14,000 registered attendees
  • Bamboo newsletter and webinars
  • Free premium content at Motley Fool and mywallst.com

"Together with Bamboo, we've been able to provide investors across Africa with affordable access to the U.S. markets. Today, we're thrilled to extend that same access to the people of Ghana," said John Shammas, Head of Technical Sales at DriveWealth. "As we continue our international expansion, we look forward to empowering more customers with the tools they need to improve their financial wellbeing and engage with the markets."

Bamboo will join other online brokerages like InvestSika which are currently operating in Ghana. InvestSika also allows Ghanaians to buy and sell shares in local and foreign companies listed on the Ghana Stock Exchange and American stock exchanges, notably the New York Stock Exchange (NYSE) and Nasdaq.