Bamboo App Versus Risevest App: The Pros and the Cons

0
35
Getting your Trinity Audio player ready...

Financial Technology (Fintech) applications have been on the rise globally, making wealth creation and value storage a lot easier and more accessible to hitherto unbanked populations across the World.

Nigeria is not left behind in the Fintech race ranking third in Africa and 52nd in the World in terms of the emerging Fintech ecosystem.

Amongst the biggest players in Nigeria, Bamboo and Risevest have carved a niche for themselves I the Fintech space and we will examine the pros and the cons of both these emerging giants in this article

Bamboo

As a Fintech app, Bamboo prides itself as the first online brokerage service for Africans and the easiest way to access smart investment options both locally and in the USA. Bamboo aims to make investing simple, accessible and affordable. Based out of Lagos, Bamboo is a developer of a digital investment platform intended to help users discover, invest, and track their investments. The company’s platform uses data encryption and two-factor authentication protection while handling financial data, enabling users to get expert advisory and financial support to track their portfolios safely.

The bamboo platform  provides easy access to a variety of investment options, allowing users to invest in global and local stocks, ETFs, fixed-income products, and more.. Bamboo’s platform allows users to create an account, fund their wallet through various channels, and start investing in their preferred investment products in just a few steps. The company’s fractional investing technology enables users to invest in small amounts in a wide range of assets. Bamboo prioritizes the security of its users’ investments, employing state-of-the-art data encryption and two-factor authentication to protect financial information. The company’s trading accounts are held by partners registered with the Securities and Exchange Commission in Nigeria and the US, providing additional security measures for users’ portfolios.

In addition to individual investors, Bamboo also caters to institutions, offering a suite of products for building or integrating applications, managing portfolios, accessing research, and more. The company’s platform is equipped with robust data feeds and AI-driven market insights to enable informed decisions and returns maximization.

A unique selling point for the Bamboo App is that it helps investor inclusiveness by lowering the barrier of entry for individuals of any age and income bracket to start their investing journey. With just your National Identification Number (NIN) and contact details, you can join Bamboo and start trading with zero paperwork right from your mobile phone.

 Pros of the Bamboo App:

  1.  User friendliness
  2. Easy of entry
  3. Wide variety of stock and capital market options
  4. Local and international appeal
  5. Updated security features.

Cons of the Bamboo App:

  1. High forex Conversion rate
  2. App seems a bit too crowded
  3. No In-depth analysis on stock movements, forecasts and expectations (If you sell the food, provide the Menu
  4. High withdrawal fees
  5. Frequent App glitches

Risevest (RISE)

Risevet is another Nigerian Fintech app, which gives you access to a carefully selected portfolio of global investments, across US stocks, US real estate and fixed income assets. It claims to provide an array of investment options that offer superior returns, curated and managed by experts, all from the comfort of your device. The mission at Rise is to connect its users to the best wealth creating opportunities in the world. While the goal is to help them create wealth and achieve their financial goals.

The product and company known as Rise today began with an idea that sparked in 2014. The founders realized that due to currency shocks, high inflation rates and the impact of devaluation, most investment opportunities across emerging markets do not yield enough returns for investors to grow their wealth. This makes it difficult for people in these markets to achieve their financial goals.

To solve this problem, they built Rise as a simple way of connecting their users to dollar-denominated investments in developed markets, managed by a world class team using smart algorithms to guide their decisions, while helping users become more financially literate.

Pros of the Risevest App:

  1. Allows investment in Real Estate in addition to Stocks and Fixed Income
  2. Easy payout process
  3. Wide variety of stock and capital market options
  4. Local and international appeal
  5. Innovative updates

Cons of the Bamboo App:

  1. Not so User friendly
  2. App seems a bit too mazy
  3. No In-depth analysis on stock movements, forecasts and expectations (If you sell the food, provide the Menu!)
  4. Tricky onboarding process
  5. Frequent App updates (might not be really bad since it is good for App security)

Please note, that this article is not a financial advisory and users must do their own due diligence before downloading and using any Fintech App, however we have  endeavored to documented and celebrate the rise of Fintech in Nigeria pointing  out the now possibilities that only existed as a dream a few years ago.

LEAVE A REPLY

Please enter your comment!
Please enter your name here