DriveWealth Opens U.S. Equity Markets to Nigerian Investors

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Nigerian Investors

DriveWealth Opens U.S. Equity Markets to Nigerian Investors

July 2, 2019

nigerianDriveWealth, a US-based broker-dealer and regulated by FINRA/SIPC, has partnered with Sigma Securities Limited, a leading Nigerian brokerage firm, and Africa-based financial app developer Trove Technologies.

Founded in 2012 to provide brokers, digital advisors, and mobile online financial services companies seamless access to the U.S. securities market, DriveWealth is providing its platform as the engine for the new offering which gives Nigerian investors their first seamless digital access to the U.S. equity markets.

DriveWealth has recently opened the U.S. market to Brazilian investors by partnering with Miami-based online brokerage Avenue Securities, which provides easy access to mostly Brazilian retail investors interested in securities traded on U.S. exchanges.

The company has developed a proprietary ecosystem powered by licenses to clear fractional-share orders. Partners around the world and hundreds of thousands of clients have access to invest in a highly stable, liquid, and regulated financial system. The proprietary infrastructure allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities.

Robert Cortright, CEO at DriveWealth, commented:

“Making U.S. securities available to investors of any size in countries all around the globe is an essential element of the mission of DriveWealth.  We are delighted to work with Sigma Securities and Trove Technologies on this effort to democratize investing in Nigeria by bringing to its retail investors the largest and most liquid, transparent financial market.”

Dunama S. Balami, CEO at Sigma Securities, said:

“From today, partnering with DriveWealth and Trove Technologies, we have broken through the trading barriers into the U.S. stock market. Nigerian investors can now seamlessly trade U.S. equities. This partnership is a groundbreaking feat in the Nigerian Capital Market ecosystem, and we are proud to champion this cause. We believe that in togetherness and partnership, we can do so much in stock markets across the globe.”

Oluwatomi Solanke, CEO at Trove Technologies, added:

“At Trove, we believe global investment opportunities should be available to all Africans. As an important market for any company with global ambitions, Africans should be able to reap the benefits of the success of these companies. Our partnership with DriveWealth and Sigma Securities brings the world’s largest stock market to Nigerian investors, regardless of spending power. Further, it eliminates the longstanding bottlenecks that have hampered access to this market. A world of borderless investing is a vision that excites us, and partnering with DriveWealth was perfectly in line with that mission.”

The firm’s customizable suite of application programming interfaces (APIs) is available to partners all over the world, allowing investors everywhere to gain access to the highly stable, liquid and regulated U.S. stock market with a fully accessible, straightforward user experience.

DriveWealth has recently signed partnerships with mobile trading technology platform Invstr, and leading investment research provider Trading Central.

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