“Innovation, the key to regulation for the development of financial technologies” | The Guardian Nigeria News



Chaka is the first and only stock trading platform to be licensed by the Securities and Exchange Commission (SEC). Opportunities. Tosin Osibodu is the mastermind behind the innovation. And with it, it is pushing the boundaries to ensure that Africa, especially Nigeria, is not relegated to fintech development.

Osibodu is a systems engineer and member of the Chartered Institute of Stockbrokers (CIS), while its co-founder, Bolanle Osibodu, has been for the past decade a wealth manager and portfolio specialist at Barclays and The Hongkong and Shanghai Banking Corporation Limited. . (HSBC), offering globally diversified investment portfolios for institutional investors and high net worth individuals.

With an absolute commitment to enable digital investment without borders for Nigerians at home and abroad, Osibodu believes that to accelerate growth and innovation in the digital investment space, it is necessary to make the investment digital more accessible to individuals and businesses.

Osibodu’s motivation to found Chaka stems from his frustrations with his inability to invest in Nigerian and global stock markets while studying at university. A decade later, and now as a member of the CIS, the problem still existed for Nigerians and even for other Africans.

This led him and his co-founder and CFO, Bolanle Osibodu, to venture out with the sole purpose of democratizing digital investing and helping deliver diversified return options to Africans and businesses with options. traditionally limited investment.

Today, Chaka provides access to 11,000 assets traded on the capital market. To achieve this, it partners with regulators to operate under the Securities and Exchange Commission (SEC) and with all assets registered with the Nigerian Stock Exchange (NSE). “We work in partnership with local capital market authorities such as the Central Securities Clearing System Plc (CSCS) to facilitate the safe custody and prompt settlement of all securities traded on Chaka. We marry our strict commitment to compliance with our secure and reliable technology to enable businesses and individuals to securely access digital investments without restrictions, ”said Osibodu.

Describing the digital sub-broker license for digital investment platforms granted by the SEC to Chaka, he said: “This new license allows us to activate multiple brokers through our digital platform. The SEC has licenses in place to ensure that players in the space are registered and structured according to set guidelines, with the aim of building investor confidence and ensuring that only compliant platforms operate. In addition, it is proving to be an essential tool for accelerating innovation in the digital investment space. So for me, I think innovation and regulation are key to the development of financial technology (fintech).

“One does not work without the other. SEC is essential to establishing the common standards and parameters where innovation can occur while protecting clients and fulfilling their broader development mandates. When we think of the long-term impact of regulation as allowing innovation to flourish over years and decades, longevity of this nature is only possible through forward-thinking regulation. We are delighted with the long-term impact of this new regulation and what it announces for the future.

He further explained that Chaka became the first platform to have access to the license, as it has engaged with the SEC since its inception and even more in recent months. “Our efforts have accelerated to ensure that both sides are aligned with the innovative possibilities of the market. We are delighted that the results of both engagements have culminated in SEC’s first Fintech license, which undoubtedly heralds a new era of innovation. We have now innovated to be able to show SEC our activity, our structure and receive their first fintech license, which recognizes the unique role we play in the market.

“This ‘digital sub-broker’ license allows us to offer digital investments and further serve as a platform to fuel other brokers. That is why we will continue to work alongside the SEC to maintain open lines of communication to identify opportunities to review, iterate and strengthen compliance regulations for the industry. Additionally, we will continue to play the role of ‘safer in the room’ by expanding our approach to help power other businesses, thus enabling a healthier ecosystem for digital investing. “

Along with the development, Osibodu noted that the next steps would be to continue the mission of enabling digital investment for businesses and individuals in accordance with the license provision. “We have just launched a brand new Chaka app for retail investors, Chaka Integrations to help asset managers and financial institutions deliver digital investments to their clients, as well as Chaka for Business, which enables direct integration of companies and provides key trading tools for institutional investors. All available are on chaka.com ”

Giving an overview of the short / long term impact of the new license on the digital investment space in Nigeria, Osibodu said: Short term market as to who they can trust. In the long run, we expect more opportunities for Nigerians to grow and create wealth, as well as more innovative initiatives from the SEC. We still believe they are best suited over the long term to regulate other booming digital investments. “

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