The Nigerian Stock Exchange allows investors to purchase equity in companies and allows them share in the company’s interest. The investor needs to contact a registered broker to facilitate registration and transactions. It is much easier to purchase equity in Nigeria than in foreign countries. To invest in a foreign company listed in foreign exchange, you need to contact a brokerage firm that provides such services.
The local brokerage contacts an affiliate company in your country of choice to set up a brokerage account. Setting up an account to purchase equity from a foreign country takes a long while and requires paperwork. The process not only requires a lot of money, but regulations can also deny you certain transactions and impose tax duties on transfers to your local account.
Looking for how to invest in the US Stock Market ? With Trove, you gain access to over 3000 stocks and ETFs. No need for a US Visa or Social Security number to invest. https://t.co/L4oXcNP48X pic.twitter.com/hGUxnvGzIx
— Trove Finance (@trovefinance) April 30, 2019
An alternative process was introduced in 2018 when Trove Finance was established. They built a micro-investing application that allows users conveniently invest in financial securities for Nigerian and International markets. Trove partnered with Sigma Securities, a brokerage company that is registered by the Securities and Exchange Commission and a member of the Nigerian Stock Exchange.
Trove recently secured an undisclosed amount from Ventures Platform— a private equity firm. Ventures Platform is dedicated to providing African entrepreneurs with capital and support to scale their businesses. Some of their portfolio companies include PayStack, Piggyvest, Accounteer, and MDaaS.
— Ventures Platform Fund (@vp_fund) May 2, 2019
Trove gives Nigerians access to multiple investment points like bonds, stocks, cryptocurrency assets and mutual funds in global markets. Download the application, complete the Know-Your-Client requirement and link your bank account to the app for easy transactions. The Trove app is currently available in the Beta stage for download on the Google Play Store.
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