InvestSika would allow Ghanaians to buy and sell shares in local and foreign companies listed on the Ghana Stock Exchange and the American stock exchanges, notably the New York Stock Exchange and Nasdaq. With a mobile money account and smartphone, you can start trading and investing in the stock market with as little as GH₵60 ($10 or ₦3,820).
Positioning itself as the Robinhood for Africa, InvestSika says it is "the fastest way to invest your mobile money" on its website where you can sign up to join the waiting list. There are 181 million active mobile money accounts completing 23.8 billion transactions worth $456.3 billion in the SSA, Benjamin Dada reports.
But financial inclusion is not enough. To unlock wealth in Africa, people must be able to invest and earn reasonable interest. In Nigeria, for instance, the high inflation rate not only erodes people’s savings, but it also diminishes the value of the naira. Many investment apps have been launched to address this challenge in Nigeria.
Surprisingly, Ghana does not have an indigenous platform that allows people to invest their mobile money, the co-founder of InvestSika Lotanna Nwose, said.