Chaka Technologies Limited says it has received approval from the Securities and Exchange Commission to offer fintech services in the Nigerian capital market.
The company’s platform, Chaka, provides technology services, marketing, customer service, and operations to brokers on behalf of their customers.
According to a statement, the platform was granted ‘a digital sub-broker/sub-broker serving multiple brokers through a digital platform licence’ from the SEC.
It said this would make Chaka the first fintech company to receive such approval from the regulator.
Chaka’s Chief Executive Officer, Tosin Osibodu, said that the licence would enable Chaka to keep performing its mission towards enabling digital investing for businesses and individuals in the country and beyond.
Osibodu was quoted as saying, “As Nigeria remains an attractive hive for fintech innovation, this new licence from the SEC is the much-needed guide to help safeguard the investing public amid the ever-evolving landscape.
“This licence represents a significant milestone for all players within this industry, and we are confident that it will strengthen efforts towards fostering further growth and transformation.
“We are proud 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 from our investors and partners, as we remain committed to fulfilling their needs.”