FX RATES
FX RATES

Retail Trading Apps In Nigeria Face a Defining Moment

There are four startups that allow Nigerians to invest in shares of public companies on US exchanges. But unlike Trove, Bamboo, and Chaka, Risevest’s app is not for users who want to trade stocks; instead the company itself invests on users’ behalf. On July 22, Risevest said its stock portfolio and real estate plan had made 12% and 9.04% returns respectively since the beginning of the year.

A week after announcing those returns, Eleanya Eke, the startup’s CEO, tweeted: “All your funds on Risevest are parked in the US, completely immune to Nigeria’s issues. And can be sent to any bank account in 140 countries. That’s freedom,” with a rocket emoji at the end.

FEATURED PRODUCTS