Finding ways to make your money work for you is one of the best things you can do as an entrepreneur. For fashion entrepreneurs, this is especially true since some seasons are busier than others in business and this means that customers will not always come in droves. One of the best ways to put money to work is to invest it and Bamboo is one app that can help you with.
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What is Bamboo?
Bamboo is an investment app that makes it easy for its users to find and make investments. The app serves as a medium through which users can buy stocks locally and internationally and get returns on investments.
Released in Nigeria in 2019, Bamboo gives Africans real-time access to invest in and trade stocks locally or in the U.S. stock market. With it, you can find credible global and local companies to invest in.
What can Fashion Entrepreneurs Use Bamboo for?
As a fashion entrepreneur, you can use Bamboo to invest your money in stocks both within and outside Nigeria. This way, you can take out of the money you have made and make more money for yourself and your fashion business.
With Bamboo, regardless of how much you earn as a fashion entrepreneur, you can go ahead and trade on foreign stock markets. You also get the opportunity to earn money in dollars, which is a much better deal than earning in naira.
With just a few taps, you can change the amount of money you have in your bank account easily. Also, the app grants you the option to be able to diversify your holding by buying into a bundle of stocks. This way, the risk involved in your investments is reduced.
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Requirements and Features of Bamboo
Bamboo is a free mobile app that is available both on the App Store and Google Play store. First-time users are required to sign up to continue using the app. Users are asked to provide their first and last names, gender, date of birth, citizenship, phone number, and email address.
The next step in the signup process involves inputting a verification code and your NIN into the app to verify it’s truly you that is signing up. Following this step, you will be required to complete your investment profile. This profile includes information about your employment and marital status, net worth, investment goals and experiment, and so on.
The home icon is where you see the overview of your investments and investment opportunities available. It includes information on how much money is in your Bamboo account, different companies by industries you can invest in, recent changes in the market, featured stocks, and recent news.
The watchlist icon helps you to add stocks you want to watch to a watchlist. This way you see recent happenings with those stocks and can make informed investment decisions.
The learn button includes information on various things you might want to learn about while using Bamboo. It could be information on how secure the app is, how to find your wallet, how to buy stocks, what dividends are, and so on.
The profile button takes you to where you can see information about your Bamboo profile. From here, you can invite a friend, gift stock to someone, upload your account statements, tax documents, and so on.
Bamboo uses bank-level security for investments made on the app. The company charges a 1.5% commission when you buy and sell stocks on the U.S. stock markets. With this, you can hold stocks for as long as you like without being charged. Also, you can only withdraw money to a naira account if you deposited from a naira payment option and a dollar account if you deposited with a dollar payment option.
Bamboo User Reviews
Based on reviews from Google Play and App Store, most users find Bamboo to be a great investment software for their needs. Many users love the user interface and how easy-to-use the app is.
Some users, however, expressed displeasure over having to click on multiple tabs to see how stocks are doing and the time it takes to deposit and withdraw money. Many users also noted that with the new app update, the app crashes easily and some features don’t work.
Competitors and Alternatives to Bamboo
Bamboo’s competitors and alternatives include Trove, Rise and Chaka.
Based on its uses and limitation, Bamboo gets an 8 out of 10 points.
Bamboo is a great software for fashion entrepreneurs who wish to make more money with what they already have. With it, you know that you can invest in stocks both within and outside Nigeria from the comfort of your home. I recommend this software to every fashion entrepreneur that wants to go into investing in and trading stocks locally and internationally.