Daba Markets Inc. (Daba Finance), a digital investment platform that connects investors to African capital markets, has partnered with Coronation Securities Limited and Coronation Asset Management Limited to offer eligible Daba users access to Nigerian capital market products.
The partnership, announced at a signing ceremony in Lagos on Wednesday, will combine Daba’s digital platform and international reach with Coronation’s knowledge of Nigeria’s capital market and investment products. Daba will serve as Coronation’s corporate client through a trust structure, providing a route for its users to access products and services, including local stocks, investment funds, securities trading, and investment research, that Coronation’s locally regulated businesses provide.
The partnership comes as Nigeria’s stock market continues its surge. The NGX ended August with an all-share index year-to-date return of 56.93%. However, the market’s boom has exposed the gap that foreign investors are participating far less in the current run than domestic investors.
The NGX’s July Domestic and Foreign Portfolio Investment Report showed that foreign transactions fell 29% between June and July, leaving foreign investors responsible for just 5.6% of total transactions during the month. Nigeria’s return to the FTSE Russell Frontier Market classification, an index that categorises national equity markets, puts the country back in a recognised group of investable markets tracked by global investors.
“Millions of Africans in the diaspora and investors around the world follow African markets closely but find it hard to participate from a distance because accessing credible information and navigating local market structures can be challenging,” said Boum III Jr, chief executive officer of Daba Finance. “This arrangement helps to close that gap by combining Coronation’s deep Nigerian market expertise with Daba’s technology and international reach.”
Daba launched in 2021, positioning itself as a platform that could bring together investing across Africa’s private and public markets. Its founders, Boum III Jr and Anthony Miclet, had the ambition of making investment opportunities accessible through a single platform, arguing that retail participation in the continent’s capital markets remained limited and that potential investors lacked the information and infrastructure needed to invest across borders.
The company currently tracks 194 listed companies across the Bourse Régionale des Valeurs Mobilières (BRVM), the regional exchange of the eight West African Economic and Monetary Union (WAEMU) countries, and the NGX, according to its website. Daba says it serves more than 250,000 customers globally and connects individuals and institutions across the United States, Europe, Canada and Africa to African stocks, bonds, funds and private-market investments.
According to the company, the partnership with Coronation is built around market intelligence, investor education and digital access, which it says are designed to address different parts of the problem facing an international investor interested in Nigeria.
Under the partnership, eligible Daba users will be able to access Nigerian capital-market products made available by Coronation directly through the Daba platform. Eligibility will depend on the investment and regulatory rules that apply in the country where each user is based. The companies noted that functionality supports digital onboarding, funding in multiple currencies, investment requests or trade placement, and investment reporting.
Daba will own and manage the customer relationship and user journey through its platform, while Coronation will provide the Nigerian market expertise and the capital market products.
“Nigeria’s capital market presents significant opportunities for investors seeking exposure to one of Africa’s most dynamic economies,” said Jibola Odedina, managing director and chief executive of Coronation Securities Limited. “However, expanding participation requires more than providing access; it requires credible market intelligence, investor confidence and a clear understanding of the investment environment.”
Daba will also deliver Nigerian market news, data, analysis and research through its digital platform supported by Coronation’s local market knowledge and expertise. Daba and Coronation will also offer courses through Daba Academy and Coronation Investment Academy, their respective investor education and learning platforms, alongside jointly delivered webinars. The companies said the educational content will be designed to help people understand Nigeria’s capital-market instruments, institutions, safeguards, opportunities and associated risks.
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