The Nigerian fintech, which provides access to dollar-denominated assets, obtained the licence through its subsidiary, RV Fund Management Limited. With this approval, the company now operates fully within Nigeria’s capital market framework.

“This approval reflects months of rigorous review and engagement,” Eke Urum, Risevest’s co-founder, wrote in a message to users on Wednesday.

“We’re grateful to the Securities and Exchange Commission for the critical work they do in safeguarding Nigeria’s financial system and maintaining standards that protect investors. Strong regulation builds strong markets and strong markets build lasting wealth.”

The development follows a difficult period for the firm. In January 2025, the SEC warned Nigerians against investing through Risevest, saying the company did not hold the required licence to operate in the capital market. That warning triggered concerns among users and industry watchers.

At the time, Risevest said its Nigerian investment activities were protected through a trusteeship arrangement with Meristem Trustees Limited, an SEC-licensed trustee. It also relied on partnerships to provide services legally.

In September 2023, the company acquired Chaka, a licensed digital trading startup. That deal allowed Risevest to use Chaka’s regulatory status to offer Nigerians access to global securities.

However, the new SEC licence gives Risevest its own standing under Nigerian law, rather than operating through cover arrangements.

The Fund and Portfolio Manager licence is one of the strictest categories under SEC rules. Firms must show strong corporate governance, sufficient capital and effective compliance systems before approval.

The licence also comes after the Investments and Securities Act 2025, signed into law by President Bola Tinubu, which updated the country’s capital market laws and tightened oversight of investment service providers, including fintechs.

Risevest now joins other digital investment platforms that have secured regulatory backing. These include Bamboo and Trove, which earlier acquired an SEC-licensed broker-dealer as part of its compliance process.

The transition reveals a move towards formal regulation of fintech platforms that once operated in grey areas.

Retail participation in Nigeria’s capital market has also increased sharply. In July 2025, trades by retail investors rose by 88.07% month-on-month to ₦516.50 billion, equivalent to $384 million.

That growth reveals the growing demand for structured and regulated digital investment platforms.

Founded in 2019 by Eke Urum, Bosun Olanrewaju and Tony Odiba, Risevest builds curated portfolios of US stocks and global fixed-income assets. Users decide how much to invest, with returns tied to foreign markets.

In 2024, the company expanded beyond Nigeria by acquiring Hisa, a Kenyan investment startup, marking its entry into East Africa.

With the new licence in place, Risevest can now manage funds directly under Nigeria’s capital market law, ending months of suspense over its regulatory position.

“In almost every African country today, you’ll find advanced local payment systems,” he told interviewer Kristen Scholer. “But the problem is, they don’t talk to each other. Flutterwave solves that. We help global companies scale in Africa, and we help Africans transact anywhere on the continent and beyond.”

That solution is anchored in Flutterwave’s unified API, a technology bridge that connects multinational giants like Uber, leading payment service providers (PSPs), and African enterprises such as Bamboo and Wakanow.

In doing so, Flutterwave tackles one of the continent’s most stubborn challenges: the lack of interoperability between national payment infrastructures.

The stakes are high. Africa’s growth trajectory is turning heads worldwide. The African Development Bank projects that 12 of the world’s 20 fastest-growing economies by 2025 will be African, with average real GDP growth climbing to 4.4% in 2026. For Agboola, this isn’t just a statistic, it’s a signal.

“The demand for reliable, interoperable, and scalable payment solutions will only rise,” he said. “Flutterwave is positioning itself as the premier platform for payments in Africa.”

The company’s expansion has been swift, with renewed focus on profitability through enterprise growth and diaspora remittance solutions. But its mission extends far beyond corporate balance sheets. Flutterwave’s platform powers everyday payments for vital services, from healthcare to education, making digital transactions not just convenient, but transformative.

“We are building a systemically important platform for the continent,” Agboola affirmed. “Our goal is simple but profound: make payments easy, scalable, and accessible for every African.”

Complex regulations, high minimum investment thresholds, and limited access to international brokerage platforms have frequently made it difficult for individuals on the continent to engage in the growth of global companies.

However, recent innovations in fractional investing are breaking down these barriers. Instead of requiring investors to buy whole shares, which can be prohibitively expensive, fractional investing allows users to purchase parts of shares starting from as little as R150 ($8.34).

This approach lowers the entry barrier, enabling everyday Africans to invest in iconic companies like Apple, Tesla, Amazon, and Google without the need for large sums of capital.

Security and trust remain paramount when investing internationally. Leading platforms now prioritise bank-level encryption, two-factor authentication, and investor protection schemes to safeguard user assets.

These measures offer peace of mind and confidence for investors venturing into global markets.

One such platform, Bamboo, is at the forefront of this movement. It offers access to over 3,000 US-listed stocks, representing a combined market capitalisation of more than $21 trillion.

Bamboo’s mobile-first platform offers users a simplified investment process that allows users to sign up quickly.

Investors can buy and sell stocks instantly, track their portfolios, and stay updated on market trends, all from the convenience of their smartphones.

By democratising access to global investments, Bamboo is assisting individuals across Africa in growing their wealth while contributing to broader economic empowerment throughout the continent. Increased participation in international markets promotes financial inclusion, wealth creation, and ultimately, more robust economies.

Ready to Start Your Investment Journey?

Thousands of Africans are now taking control of their financial futures by investing in the US stock market with platforms like Bamboo.

To learn more or to get started, visit Investbamboo.co.za.

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway enables individuals and businesses to send, receive, and process payments globally.

The platform supports fiat currencies like the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), as well as cryptocurrency transactions.

As the creators of Nigeria’s largest price discovery engine, Naira Rates, Juicyway facilitates remittances and provides access to FX through various payment channels. It offers multicurrency accounts and access to a liquidity pool for local and international payments at competitive rates.

Licensed in Nigeria, Canada, the USA, and the UK, Juicyway has processed $1.3 billion across 25,000 transactions, and 4,000 customers, Juicyway has proven its value and efficiency.

Trusted by prominent brands like Bolt, IHS, Piggyvest, Mocoh SA, Bamboo, and Afriex, the company also partners with Access Bank for remittance services.

With remittance fees in Africa averaging 13% on $200 transfers in Q4 2023, there is a clear need for cost-effective solutions.

Juicyway addresses this need by leveraging stablecoin technology to enable fast, affordable global money transfers with 24/7 execution and settlement.

Through its web and mobile apps and APIs, Juicyway simplifies money movement while ensuring market-driven pricing.

By displaying real-time rates based on what other users are willing to pay, the platform creates a liquid ecosystem, lowers remittance costs, and empowers users to trade confidently, allowing greater financial inclusion.

Speaking on the round, Ife Johnson, co-founder and CEO of Juicyway says,

“Africa contributes less than 1% to the $5 trillion global currency market, partly because there’s no liquidity for intra-African currency pairs. The old systems weren’t built to support this. Over the next three years, we want to be the platform where Nigerians and eventually the whole of Africa, and those doing business on the continent can easily convert African currencies to local ones and back. Our ultimate goal is to unlock liquidity for African currency pairs that currently have none. Stablecoin technology and our network model make this vision achievable by enabling fast and efficient money movement. Without it, we’d still be in pursuit of this goal, but it would be far harder to achieve.”

Dedicated to building a technology-first platform, operating at both the source and destination of remittances, some of Juicyway’s payment platform features include:

• Cross-border payments
• Funds repatriation
• Treasury management
• Payment processing
• Spend management

Commenting on the fundraise, Justin Ziegler, co-founder and COO of Juicyway stated,

“Juicyway’s goal is to build uninterrupted, cost-effective cross-border infrastructure that enables Africa to participate in the global economy on equal footing. Our growth in a short period of time reflects the underlying demand for better global payments. We’re proud to offer a solution that eliminates the need for businesses and individuals to juggle multiple platforms to manage their financial needs. This investment represents a milestone for our company, and we are grateful for the trust and commitment from our investors”.

The funding will drive Juicyway’s growth by supporting team expansion, technological advancements, and entry into new markets. The round includes the addition of Joshua Wasserman, a compliance and regulatory expert with experience at the U.S. Federal Deposit Insurance Corporation (FDIC) and a key leader in building compliance for Cash App.

Juicyway also welcomes Idris Ibrahim, CRO of Juicyway, Ridwan Otun, formerly with Bamboo and Smart Pension, and Ukeoma Chukundah, ex-Klarna and Deimos, as key members of its engineering team.

Hisham Halbouny, co-Founder and managing partner at P1 Ventures who is leading the round said:

“We couldn’t be more excited to partner with Ife, Justin and Idris as they tackle one of the most critical challenges in finance. By leveraging innovative stablecoin technology, they’re leapfrogging outdated infrastructure to create a seamless, efficient, and inclusive cross-border payment system that reshapes how Africans connect with the global economy. At P1 Ventures, we seek audacious and exceptional founders like them—visionaries who aim to redefine industries and empower emerging markets. We couldn’t be more excited to support their journey!

Dr. Dotun Olowoporoku, managing partner at Ventures Platform:

“Juicyway’s innovative and forward-thinking approach to cross-border payments strategically positions it as a transformative force in Africa’s rapidly evolving financial landscape. By leveraging cutting-edge technology and deep market knowledge, Ife, Justin and the team exemplify our investment thesis of democratizing prosperity in Africa through innovation. This is achieved through significantly reduced transaction costs, enhanced accessibility to crucial financial services, and seamless cross-border transfer of value on the continent.”

In 2023, Africa received an estimated $90.2 billion in remittances, accounting for 5.2% of GDP and nearly double the amount of overseas aid. These funds are a vital lifeline for millions of families and businesses.

Juicyway is dedicated to making money transfers easier, faster, and more affordable.

Backed by the Canadian Money Service Business licence, the new remittance app, available on the Google Play and Apple stores for download, will enable Nigerians in the diaspora to make faster, more secure and cheaper money transfers to loved ones from the convenience of their mobile phones.

The Y-Combinator-backed company was founded in 2019 as the first online brokerage service to connect Africans with the US stock market, allowing those across the socioeconomic bracket to buy and trade global stocks on the Bamboo app.

Coins by Bamboo is an extension of the brand ethos of Bamboo which is to give Africans the ability to invest in anything from everywhere.

It  further reflects the company’s commitment to democratising wealth building and facilitating meaningful investments in local communities as well as Africa’s future.

Having successfully scaled the Canadian vetting process to acquire an MSB licence, Bamboo is certified to offer remittance financial services to a high standard of regulatory and operational compliance. The company is also able to take advantage of lessons it’s learnt connecting Africans with global asset classes to bring cost savings that are crucial for the millennials and Gen-Z who have migrated to Canada over the last ten years but still maintain strong ties to their home country.

Speaking on the announcement, Richmond Bassey, co-founder and CEO of Bamboo says,

“We are thrilled to officially launch ‘Coins by Bamboo’ to the public. ‘Coins’ is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy.”

Bassey continues, “We believe that one of the most preferred and important investments of Africans is in other Africans – investing in people and their futures through human capital development; and we want to contribute to making this a seamless process. For us, this new app further ignites our mission to democratise access to investment opportunities for Africans by fostering social impact and opportunities to invest in the wellbeing of those who matter the most to them.”

Bamboo is also partnering with several charitable foundations including Women at Risk International Foundation (WARIF), Chess2Slums and Bethesda Home For The Blind to make it easier for Nigerians in the diaspora to donate to causes and projects that they care about.

According to the World Bank, remittance flows to sub-Saharan Africa peaked at $54 billion in 2023 and remittance via formal channels is projected to reach $283 billion by 2035.

Yet, SSA continues to have the highest average remittance cost at about 7.9 per cent to every $200 compared to the global average of $5.

Historically, Nigeria dominates the remittance sector, sometimes accounting for up to half of the region’s inflows.

With emigration at an all-time high, there remains a growing demand for affordable and accessible digital remittance solutions necessitating the birth of Coins by Bamboo.

The new app will offer competitive rates comparable to their counterparts, in addition to offering customers the unique opportunity to directly donate to a curated list of charities. It will be initially available to Africans in the Nigeria-Canada corridor before expanding to the United Kingdom.

For many in Africa, the remittance industry is a crucial lifeline. By addressing the high fees and complex transfer processes, Coins by Bamboo is offering a more streamlined and cost-effective alternative that benefits both senders and recipients.

With participation from Motley Fool Ventures, Saison Capital, Chrysalis Capital and Y-Combinator’s Michael Seibel, amongst others, Greycroft and Tiger Global led the series A round for Bamboo.

Bamboo plans to further accelerate its growth, doubling down on unlocking new markets and launching more products with the funds.

Richmond Bassey, Bamboo’s CEO and co-founder said the company’s goal is to give Africans and their asset managers easy, fast and secure access to global investment options that will allow them learn real returns.

“We’re building the technology infrastructure powering financial services in Africa such that if you’re investing in the global capital markets from Africa, you’ll be doing so using Bamboo, directly or indirectly.”

“We also want to make it seamless for African investors in the diaspora to discover the best investment opportunities on the continent. We’re excited about our work with local regulators so far to make this a reality.”

Greycroft partner, Alison Lange Engel noted her delight to support the innovative, user-first approach the Bamboo team is bringing to market.

“Bamboo is enabling Africans to build wealth by creating an investing platform that is helpful to both experienced investors and to those new to the stock market,” she said.

Bamboo was launched as an investment platform in 2020. The company was built on a goal to unlock global markets for Africans by providing real-time access to dollar-denominated assets via its platform. Users can fund with their dollar or local currency balance almost instantly and start investing in stocks.

Having gained over 300,000 accounts in Nigeria, Bamboo affirms that about 20 percent are active daily traders, while 75 percent never traded stocks before using the platform. In 2021, repeat depositors made up 85 per cent of deposits on the Bamboo platform.