In the past, earning in foreign currency was something only the wealthy could do. They had access to international markets, so they could invest in assets located outside of Nigeria’s borders.
Thanks to digital technology, regular people can put their money into those assets and earn in foreign currency as well. They, like the rich, can grow their funds while enjoying protection from the volatility of the local currency (naira).
These technologies are investment apps that provide users access to a range of assets—real estate, stocks, bonds, etc, denominated in dollars. The good thing is, they typically have a low entry barrier, meaning that you can start investing with relatively little.
If you are interested in these apps, here are four of them you can check out.
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- Bamboo App
This mobile application allows you to invest in the US stock market. With as little as ₦15,000, you can buy into one of over 3,000 US companies, hold stocks, or trade daily. This platform lets you purchase fractional shares, so you can achieve more with your money.
To begin investing in Bamboo, download the app from your favourite app store, and register with your BVN and contact details. The homepage contains details of the different segments you can invest in, from technology to health. The app also has a watchlist, through which you can select any group of stocks to invest in.
Find out more about the Bamboo app here.
Chaka offers similar opportunities as Bamboo—the chance to trade in company stocks domiciled in the US and over 40 other countries. The threshold for investing is even lower—just $10, and you’re ready to begin buying into the famous companies you love.
The entry requirements are a bit stringent. Intending users are expected to provide your BVN, national identification, and a document that proves your address. But once the registrations are completed, the user gets access to both the Nigerian and US stock markets.
You can fund your Chaka wallet through a naira or dollar bank account. Note that trading fees are set at $2 or 1% for global stocks.
Find out more about Chaka here.
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Trove lets you trade over 4000 financial instruments in the US and other exchanges. Users can build their investment portfolio, create watch lists, and track the goings-on in the markets their investments are located.
There’s even a dummy account, which allows you to practice trading and get a handle of the tools available on the platform. You can sharpen your investing skills there before starting with the real thing.
Read more about Trove and download the app here.
Rise takes a different route from the first three apps listed here.
While the other platforms leave it to their users to choose stocks, Rise’s team of experienced professional investors do the stock investing on the app users’ behalf. This tends to minimize the risk of losing investments. Returns have also been impressive.
The platform even allows you to buy into US real estate, and the Federal Government of Nigeria Eurobond (denominated in dollars).
You can get started on the Rise app with as little as $10.
Read more about Rise here.
These investment platforms aren’t risk-free. Stock prices rise and fall, and other investments witness varying degrees of growth. But these apps give you something that hasn’t been available to most Nigerians until recently—the ability to grow some of your funds in foreign currency. That’s something you might want to look into if you’re concerned about protecting the value of your wealth.
Featured Image Source: InvestBamboo
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