By Rita Okoye

One of the most effective ways to cripple a country or region is by excluding them from the global financial structure. This is one of the main instruments which the United States uses to punish countries it perceives as enemies.

Global finance in the 21st century thrives on investment as well as the stock market. The rise of cryptocurrency, as well as platforms like eToro has expanded the global investment market, allowing individuals from various parts of the world buy and sell stocks from any market around the world.

These online platforms have become more important and vital to the livelihoods of many individuals around the world due to the effect of the Coronavirus pandemic. Stock buying and selling has become a vital source of income to a lot of people who have lost their jobs, especially on the African continent.

In recent times however, some of these platforms have decided to exclude Africans from trading.

Earlier in the week, one of the most popular trading platforms, eToro gave just one month notice to its Nigerian and African users saying it will stop operations in the region. The platform refused to give a tangible explanation and kept saying it was a management decision which could not be reversed.

Many Nigerians who use the platform took to social media to protest against the policy which they see as racist and an attempt to further exclude Nigerians and Africans from the international money market.

Many people complained of the fact that after investing thousands of dollars, the platform refused to allow African investors recoup their investments. Instead the door is being shut in their faces.

Attempts by users to get the attention of the platform administrators have proved abortive so far as eToro has stood by its racist policy, saying it is the position of ‘management.’

In a world plunged into hunger and poverty by the Covid-19 pandemic, many see this move as wicked and inconsiderate on the part of eToro. The move is seen as a means to further impoverish Africans who are already suffering under the financial and social impact of the pandemic.

Will this racist policy be allowed to stand? Will eToro let thousands of its African users make their hard-earned investment back?

VANGUARD