Between 2018 and 2025, unregulated investment schemes (MMM, MBA Forex, Racksterli, and dozens of others) defrauded Nigerians of an estimated ₦300 billion or more. The SEC has shut down hundreds of platforms. Investing with an unregulated app is not a calculated risk — it is gambling with your savings. This guide helps you identify legitimate, SEC-regulated platforms and understand what protection you actually have.
- Guaranteed returns above 10% per month — legitimate investments cannot promise this
- Cannot provide a valid SEC registration number — verify at sec.gov.ng
- Request for cryptocurrency payments, foreign bank transfers, or 'agent' payments
- No audited financial statements — all SEC-registered managers file these annually
- Pyramid or referral-based income structures — these are Ponzi schemes
- New platform with no track record pressuring you to invest quickly
The Four Leading SEC-Regulated Investment Apps — Reviewed
| Platform | SEC Registration | Primary Product | Min Investment | Returns (naira) | Returns (USD) |
|---|---|---|---|---|---|
| Cowrywise | Yes — Fund Manager | Money market & mutual funds | ₦100 | 18–22% p.a. | N/A (naira only) |
| Bamboo | Yes — Stockbroker | US & NGX stocks, ETFs | $1 | Market-dependent | Market-dependent |
| Risevest | Yes — Stockbroker + FM | US stocks, ETFs, real estate | $1 | N/A (USD) | 8–15% target |
| Chaka | Yes — Stockbroker | US & NGX stocks, ETFs | $5 | Market-dependent | Market-dependent |
Cowrywise — Best for Naira Savings and Beginner Investors
Cowrywise is registered with the SEC as a fund manager, making it one of the most tightly regulated investment platforms available to retail Nigerians. Client funds are invested in SEC-approved instruments (money market funds, mutual funds) through licensed fund custodians — Cowrywise itself cannot touch your money for operational purposes. In 2026, it delivers 18–22% p.a. on naira savings with T+3 liquidity. Its ₦100 minimum makes it accessible to first-time investors.
Bamboo — Best for Self-Directed US and NGX Stock Investors
Bamboo is SEC-registered and operates as a stockbroker, giving Nigerian retail investors access to US equities (via DriveWealth, a US FINRA-registered broker-dealer) and NGX-listed stocks. You select individual stocks — Bamboo does not manage portfolios for you. This is appropriate for investors with knowledge of equity markets who want to hold US blue-chips (Apple, Microsoft, S&P 500 ETFs) alongside Nigerian stocks in a single app.
Risevest — Best for Managed Dollar Portfolios
Risevest is SEC-registered and acts as both a fund manager and broker. Unlike Bamboo, Risevest manages diversified portfolios on your behalf — you choose a risk level (conservative, moderate, aggressive) and Risevest allocates across US stocks, real estate investment trusts (REITs), and fixed income. Its 'Rise Fixed' product targets 8% USD p.a. capital-preservation returns. It is the right choice for investors who want USD exposure but do not want to pick individual stocks.
Chaka — Best for Active Traders
Chaka was one of Nigeria's first SEC-registered stockbroking apps and offers a sophisticated trading experience for US and Nigerian stocks. It is suitable for experienced investors who want lower commissions (from 0.5%) and a more powerful trading interface than Bamboo or Risevest. Chaka also provides research tools and market data — useful for informed stock selection.
- Visit sec.gov.ng
- Click 'Capital Market Operators' or use the search function
- Enter the platform's registered company name (not its app name)
- A valid registration will show the registration number, category, and date
- If the name is not found, the platform is not SEC-regulated — do not invest
Compare all SEC-regulated investment platforms and find the right one for you.
Compare Investment Apps →Frequently Asked Questions
Disclaimer: CompareMarket NG is an independent comparison service. Information is verified against regulatory databases (NAICOM, CBN, FCCPC, NDIC, NERC, NCC) and updated regularly, but rates and products change frequently. Always verify current terms directly with the provider before making a financial decision. This is not financial advice.
