Fintech firm Sycamore obtains SEC licence



Sycamore, a Nigerian financial technology company with over N10bn in assets under management, has announced the acquisition of a Securities and Exchange Commission licence to operate as a fund/portfolio manager.

The company has also appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to lead its asset management division, according to a statement from the firm on Tuesday.

The SEC licence positions Sycamore among Nigeria’s regulated investment firms, strengthening its competitive stance in the financial sector.

“Securing our SEC licence 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 Group CEO, Babatunde Akin-Moses, said.


The Co-founder and Chief Compliance Officer of the firm, Onyinye Okonji, emphasised the significance of this development, “This milestone reflects our commitment to operating at the highest standards of financial governance. Our team underwent a rigorous evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms.”

The statement stated that Magbagbeola brings 17 years of capital markets experience to Sycamore, having previously held positions at ARM Securities, FBNQuest Securities, and Profund Securities.

At ARM Securities, he developed investment strategies that performed consistently against market benchmarks during challenging economic periods, including recent currency volatility and inflation in Nigeria.

On his appointment, Magbagbeola stated, “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.”

The Co-founder and COO of Sycamore, Mayowa Adeosun, highlighted the company’s technological advantages, “Our proprietary investment platform represents years of innovation in applying financial technology to local market conditions.”

“We’ve leveraged artificial intelligence and machine learning to analyse market trends and optimise portfolio allocations across multiple asset classes, resulting in more responsive investment strategies tailored to Nigeria’s dynamic market conditions,” Adeosun added.

The company said it recently upgraded its mobile application, introducing features such as the Multi-Currency Wallet that allows investors to hold and manage funds in multiple currencies, including USD, EUR, GBP, and NGN.

“Founded in 2019 by Akin-Moses, Okonji, and Adeosun, Sycamore has achieved several milestones, including becoming the first Nigerian fintech to receive approval from the Federal Competition and Consumer Protection Commission and winning the Nigeria Sovereign Investment Authority competition,” it stated.

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