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App Of The Week: Chaka

Chaka is an online investment platform that allows Nigerians to invest in local and global stock markets in both Naira and Dollars. Chaka lets users trade in local and foreign stocks for as low as $10 or N1000. 

In today’s world, investing in stocks is one of the best mediums for wealth creation. Chaka is leveraging this gold mine by offering users the opportunity to invest in a variety of companies like Apple, Google, Dangote Cement, Alibaba, Manchester United, and more from the comfort of their homes.

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How Chaka works 

To start investing on Chaka, you have to open an account via the Chaka website or its mobile applications. Signing up on Chaka takes a few minutes and ends once you provide information such as your BVN number, your national identification, and a proof of address document. 

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You will also be asked to provide basic information such as your name, email address, and date of birth. Once you sign up on Chaka, you will receive a number called the CSCS number. This number ties your account to the stockbroking house.  

While you will not be charged for opening an account, maintenance, wire transfers, or foreign exchange fees, you will be charged when you execute a trade. You will also be required to pay regulatory fees levied by Nigerian regulators and other market regulators.

Chaka provides users with two wallets – a global and local wallet. The wallets allow users invest in foreign and local stocks respectively. Every dividend a user receives is paid directly to their respective wallets.

How Chaka stands out from existing investment platforms 

Existing investment platforms like PiggyVest and Cowrywise serve predominantly as savings platforms but provide investment options on the side. Chaka, on the other hand, provides opportunities for Nigerians to channel their investments into African and global markets. 

In addition, Chaka is home to over 37 exchange providers, creating a wide scope for investors in the country. 

Chaka has made it possible for the average Nigerian to invest in both local and global markets – a scope that would have been deemed unrealistic some years back. 

Click any of the links below to download Chaka depending on the device you use

Featured Image Source: Bella Naija

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Samuel Okoruwa

My name is Samuel Okoruwa. I am an ardent researcher, reading is life and writing is fun.

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