Frequently Asked Questions

Signing Up For Trove

To open up an account with Trove, customers have to:

  • Be 18 years or older;
  • Have a Bank Verification Number (BVN)
  • Have a legal residential address within Nigeria
  • Have a valid government issued identification such as a Driver’s Licence, Passport or National ID Card
  • Have a valid Utility bill issued within the last 90 days

To open Trove account, you would have to fill out an account opening form via the Trove app on Android or iOS. After filling out the necessary information, your account application is sent for review internally. After review you would either:

  • Receive a confirmatory email stating that you account has been approved. You can fund your wallet and begin investing. This could take anywhere between 3-5 business days.
  • Or
  • Additional verification might be required. This could potentially occur in the following instances:
    • Necessary documents were not uploaded correctly
    • Personal Information mismatch e.g. address on application does not match address on utility bill
    • The name on the application form does not match the name on your BVN No transactions can be carried out prior your application being approved. This includes funding of wallet balances and placing trade orders.

No transactions can be carried out prior your application being approved. This includes funding of wallet balances and placing trade orders.

Questions During Account Registration

We take steps to protect our customers and ensure that all transactions conducted within the app are done with funds from legitimate sources of income. We are required to have checks in place to protect against money laundering and funding terrorist activities. To protect against these activities, the following questions might be asked:

  • Your employer
  • Sources of income
  • Your Net Worth
  • Ties to any Politically Exposed People (PEP)

To prevent insider trading of publicly traded companies, we are also required to take note of individuals in executive positions at these firms and employees of securities firms.

All information is transmitted securely via SSL.

What kind of debit cards can I use on Trove?

Trove accepts all Mastercard, VISA and Verve cards issued by Nigerian Banks.

What documents do I need to open an account on Trove?

Nothing out of the ordinary. You would need to have your Government Issued ID and a Utility Bill ready. Don't worry,not an actual physical copy. A picture taken from your device would suffice. Asides from that you'd need to enter some basic information (Verified Email Address, Verified Phone Number, Bank Account Information)

That is pretty much all you'd need to get fully onboarded.

How long can I keep my Assets with Trove?

As long as you want.

Can I monitor the returns on all my investments?

You can only monitor returns on investments purchased through the Trove platform.

How safe is my money?

We pride ourselves in the quality of strategic partners we work with. Nigerian assets bought on the Trove app are held by Sigma Securities Limted, a company registered with the Securities and Exchange Commission (SEC) and a dealing member of the Nigerian Stock Exchange.

US assets are held by Drivewealth,LLC a regulated member of FINRA/SIPC. Drivewealth is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). We also work with Microfinance banks who are regulated by CBN.

Lastly, we use state-of-the-art data encryption when handling your financial information.

All in all, you are rest assured that your money and assets are super safe.

What is the role of Sigma Securities Limited, ARM Investment Managers and VFD Microfinance Bank?

SIGMA SECURITIES LIMITED (Sigma) was incorporated on 30th May, 1995 as a Limited Liability Company under the Nigeria’s Companies and Allied Matters Decree 1990.

The Company is duly registered by the Securities and Exchange Commission as a broker dealer and was also granted a Dealing Membership license by the Council of The Nigerian Stock Exchange on 26th July, 1995. This license allows the company to act as stock brokers in Nigeria

ARM Investment Managers, is a wholly owned subsidiary of ARM Traditional Asset Management Company Ltd (ARMTAM); the largest non-bank financial services institution in Nigeria.​ ​ARM currently manages total assets of over ₦1.078 trillion (as at June 2018), has an AA rating from Agusto and Co. and was named Best Fund Manager, Nigeria 2013 by Capital Finance International. The Firm is regulated by the Nigerian Securities and Exchange Commission (SEC). ARM is headquartered in Lagos, Nigeria with offices across the country.

Sigma acts as stock broker of record for Trove customers. When you open a Trove account, a brokerage account is opened for you at Sigma Securities and the Central Securities Clearing System. Sigma executes buy and sell orders for stocks on your behalf on the floor of the Nigerian Stock exchange and will send you confirmatory receipts of any orders place by email.

ARM Investment acts as Investment Manager for Trove managed portfolios and decides what securities to buy on your behalf.

What kind of debit cards can I use on Trove?

Trove accepts debit cards issued by all Nigerian banks & also some international cards.

Can I transfer my stocks out and keep my Trove account?

You are free to transfer your investments to another brokerage of your choosing. However, you will be required to close your Trove Account to do so.

Can I withdraw money from my Trove account whenever I want?

You can withdraw un-invested cash in your wallet for 3 business days or more Withdrawing more than your invested cash would require selling some of your purchased assets. If you submit a sell order it will take between 1 to 2 business days for your funds to settle in your account. You can either choose for the funds to be deposited in your wallet or bank account.

For foreign securities, there is a minimum withdrawal amount of $50.

Will Trove tell me when to sell my stock shares?

Trove is not an investment adviser and thus can not make recommendations as to what securities to buy or sell. We do provide resources to help guide you in making an informed decision as to what to buy and sell.

How can I change or relink the bank I use to fund my account?

To change or relink your bank

Please reach out to hello@troveapp.co or call us so we can assist you.

Please remember, these policies are in place to protect you from fraud. In some cases, we will not allow you to switch bank accounts for 10 days and could require you to provide us with additional documentation to verify your identity.

How do I add a stock to my Watchlist?

To add a stock to your Watchlist:

  • Type in the name or symbol of the stock
  • Open the Asset to be added to your watchlist
  • Tap on the “Add” (*) icon on the bottom right of the page

How do I remove a stock or from my Watchlist?

To remove a stock from your Watchlist on iOS:

  • Type in the name or symbol of the stock
  • Open the Asset to be added to your watchlist
  • Untap the “Add” (*) icon on the bottom right of the page

To remove a stock from your Watchlist on Android:

To remove a stock from your Watchlist on iOS:

  • Type in the name or symbol of the stock
  • Open the Asset to be added to your watchlist
  • Untap the “Add” (*) icon on the bottom right of the page

Securing Your Account (App Lock Functionality)

You can set a App Lock Functionality to allow immediate access to your Trove account by setting a device PIN to be entered everytime the Trove App is launched on your device. To adjust this setting, tap the Menu bar icon in the upper left corner of the home screen, select “Account Settings”, then “App Lock” and then set the PIN if you want to. You may also disable at your will. You would however be required to enter your PIN to disable the App Lock Functionality

Who is behind Trove?

Trove is a registered company with its assets held and monitored by Sigma Securities Limited, an SEC-registered company.

Trove is run by finance and technology professionals with over 15 years domain experience.

How we calculate Risk?

Bonds / Treasury bills & Government Bonds typically get the lowest risk scores. This score is dependent on the issuer rating majorly.

Stocks are usually mid risk/high risk. Depending on how developed the markets are and the volume on the exchange.

Mutual Funds are somewhere in between low risk and medium risk depending on Issuer rating.