Hisa (formerly Chaka) review: licence, markets and fees

From Chaka to Hisa

The address chaka.com now redirects to hisa.co, the site of the Hisa app (copyright Hisa Inc.). Hisa’s blog speaks of “the old Chaka/Hisa”, and the help centre of Risevest, the group Chaka belongs to, describes “Hisa Nigeria” as “formerly known as Chaka Technologies Limited”. The company name Chaka Technologies Limited is still used on hisa.co and in the regulator’s register. All facts here were checked on 18 October 2026.

Who runs it and who holds your shares

• Chaka Technologies Limited (Lagos) is the operating company for Nigeria. Hisa calls it “a digital sub-broker licensed by the Securities and Exchange Commission”, and we found it in the SEC Nigeria register of operators as a “Digital Sub-Broker”. Neither the site nor the register shows a licence number. Nigerian trades go through Citi Investment Capital Limited, a dealing member of the Nigerian Exchange.
• Risevest East Africa Limited (Nairobi) is the operating company for Kenya. Kenyan trades go through Faida Investment Bank, which is in the Capital Markets Authority (CMA) register; we did not find Risevest East Africa Limited itself in that register.
• Alpaca Securities LLC, a US broker-dealer registered with FINRA, provides the US securities.

Hisa’s terms say Hisa itself is a technology platform that does not provide brokerage or custody, and that users contract with Rise Vest Technologies Global Limited, a Cayman Islands company. The terms add that Hisa is not liable if a partner broker becomes insolvent and that investor protection depends on the broker. The service is execution-only: no advice.

Markets and products

Hisa lists companies on the Nairobi Securities Exchange, the Nigerian Exchange (NGX), the New York Stock Exchange and Nasdaq, plus ETFs. You can buy fractional shares, for example of US stocks; the terms say a fraction is a beneficial interest in a share held in custody, not direct legal ownership. The app also shows crypto, commodities and interest-earning vaults, which we did not review.

Fees

Hisa says it “charges a flat 1% fee on all trades across all markets and asset types”. Currency conversion happens “at the market exchange rate as determined by HISA”; no separate conversion fee is published, so the cost hidden in the rate is unknown. Hisa says you can start with as little as $1, but it publishes no minimum deposit and no account types.

Protection

US securities are held through Alpaca Securities LLC, a member of SIPC; Hisa says SIPC covers customer securities “up to applicable limits” if the broker fails, and that it does not protect against investment losses. The amount is not stated. Hisa names no compensation scheme for Nigerian or Kenyan shares.

Deposits and withdrawals

• Bank transfer: you transfer to an account number shown in the app; funds usually arrive within minutes.
• M-Pesa: mobile money funding is for Kenya only.
• Withdrawals: to mobile money or a bank account, processed within 24 hours.

Nigerian users hold NGN and USD wallets, Kenyan users KES and USD. Direct debit and crypto deposits are also offered; the crypto tokens and networks are not named.

Gaps we could not confirm

• A licence number for Chaka Technologies Limited.
• Any licence held by Risevest East Africa Limited.
• The exchange-rate margin, and any fee beyond the 1% trading fee.
• The USD wallet interest: one blog post says 6% a year, another 8%.

We have not tested Hisa with our own account yet; this review will be updated when we do.