Tosin Osibodu, the startup’s CEO, said on a call on Wednesday that the acquisition took “a tremendous amount of effort” and is the fruit of frequent engagement with the capital markets regulator. On the 19th of December 2020, the SEC published a statement that effectively barred Chaka from offering its services in Nigeria. SEC’s complaint was that Chaka operated “outside the regulatory purview of the Commission and without requisite registration, as stipulated by the Investment and Securities Act 2007.” SEC ordered Chaka to stop advertising to users, justifying it as a need to prevent “unscrupulous actors” from harming the investing public. Though the order was particular to Chaka, it was the first major signal that regulation was coming to the investment-tech sector. That December warning enabled Chaka to take the lead and open talks with the SEC. With the license now acquired, Osibodu says it affirms Chaka’s commitment to full regulatory compliance and provides clarity to the market.

https://techcabal.com/2021/06/23/chaka-license-sec-nigeria-stock-trading-app/