Nigeria’s Afrinvest Securities is one of the prominent brokerage firms taking the lead to increase capital market participation in the country. It has been licenced as a brokerage dealer by the Securities and Exchange Commission, a dealing member by the Nigerian Stock Exchange and a participating institution by the NASD OTC Securities Exchange. With that, the firm has established itself as the ‘people’s broker’.
The firm is one of the exclusive ones that allow clients to open an Afrinvest brokerage account with zero naira — which is based on the philosophy that there is value in being a member of the Afrinvestor community. This is also associated with the firm’s belief that clients’ close interaction with the business, research insights, and service offerings will help them to make sound investment decisions and financial commitments.
Afrinvest has introduced the first ever student brokerage account AfriPop on the back of the Nairobi Securities Exchange’s reclassification of account types to lower entry barriers and boost local participation. It has also partnered with many civil society organisations to improve finance and investment education in a series of campus tours.
At its core, the firm is focused on assisting two types of clients. First are those who have suffered significant losses. Another batch of clients are the ones wary of investing funds into the stock market. Stock trading has left a negative impact on many Nigerian investors after the global economic crisis of 2008. The shift in market dynamics coupled with limited knowledge on the volatile nature of equities has propelled insecurities. Two years ago, there was up to ₦1 billion in unclaimed dividends floating in the system. Afrinvest responded to this need by launching a reconciliatory service AfriTrack that helps clients reclaim outstanding or often long forgotten dividends and replace damaged share certificates.
The firm continues to remain ahead of the curve by leveraging research and technology to deliver client value. Recently, its research division was awarded the Best Research House in the Global Business Outlook Banking Awards 2018. The firm’s research team is responsible for some of the most insightful and popularly quoted reports on the Nigerian economic and financial markets, such as the Nigerian Banking Sector Report.
The comprehensive insights have been programmed into the firm’s newly re-introduced Afrinvestor app. Essentially, the app streamlines process with an independent approach to client investments.
Using the app, clients can view their portfolio, follow live market updates, place trades or bids on Treasury Bills and stay updated with current market news. The end goal for Afrinvest is to demonstrate great work for investors of all classes and open up more investment opportunities in Nigeria’s capital market.