Nigerian fintech company Sycamore stated on Monday that it has secured a licence from Nigeria’s Securities and Exchange Commission (SEC) to operate as a fund and portfolio manager.
This achievement positions Sycamore among a select group of regulated investment firms in Nigeria, enhancing its competitive stance in the financial sector.
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Sycamore’s SEC licence strengthens investor protection
Sycamore’s acquisition of the SEC license marks the culmination of years of building institutional-grade compliance systems designed to protect investor interests.
According to Babatunde Akin-Moses, CEO of Sycamore, “Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests. With this regulatory foundation and Oluwagbenga’s proven investment expertise, we’re uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions”.
Sycamore has appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to lead its asset management division. Magbagbeola brings 17 years of capital markets experience, having held key roles at ARM Securities, FBNQuest Securities, and Profund Securities. He is known for developing investment strategies that consistently outperformed market benchmarks, even during periods of economic volatility.
Magbagbeola expressed his enthusiasm for joining Sycamore, stating, “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time. The SEC license creates a regulatory framework for what many Nigerians are already seeking – protected pathways for investment diversification during economic uncertainty”.
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Sycamore’s AI-powered platform drives SEC-licensed investment
Sycamore’s SEC-licensed status is complemented by its cutting-edge technology infrastructure. The company uses AI and machine learning to evaluate market patterns and optimise portfolio allocations across asset classes on its own investment platform. Investment techniques geared to Nigeria’s dynamic market conditions become more responsive.
The company has also upgraded its mobile application, introducing features like the Multi-Currency Wallet. Users can hold and manage funds in USD, EUR, GBP, and NGN with this functionality, increasing flexibility and ease.
With over N10 billion in assets under management, Sycamore is poised to deliver personalised investment approaches tailored to meet each client’s unique needs.