Most Nigerians struggle to find reliable investment options, and Sycamore wants to change that.
The digital lender, known for providing quick loans, has secured approval from the Securities and Exchange Commission (SEC) to operate as a fund and portfolio manager.
This expansion is aimed at filling the gap between high-end wealth management firms and individuals who just want straightforward investment opportunities.
The company is betting on a simple idea to help many Nigerians—freelancers, small business owners, and salary earners—who want to invest but don’t know where to start.
“Securing our SEC licence is the culmination of years of building institutional-grade compliance systems,” said Babatunde Akin-Moses, Sycamore’s CEO. “We’re not pivoting from lending; this is a strategic expansion that complements our core business.”
Unlike traditional firms such as ARM, Stanbic IBTC, and FBNQuest that focus on high-net-worth clients, or fintech apps like Bamboo and Rise that target tech-savvy investors, Sycamore is carving out space for the middle market.
This includes people who want their money to grow but don’t have the time or expertise for the complex financial markets.
To lead this new direction, the company has appointed Oluwagbenga Magbagbeola, a former managing director at ARM Securities with 17 years of experience in capital markets. “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time,” Magbagbeola said. “The SEC licence creates a regulatory framework for what many Nigerians are already seeking—protected pathways for investment diversification during economic uncertainty.”
The company is rolling out an upgraded mobile app that will provide real-time investment analytics and a multi-currency wallet. Users will be able to invest in stocks, bonds, and money-market instruments, holding funds in USD, EUR, GBP, and NGN.
Sycamore also plans to introduce alternative investments, including Real Estate Investment Trusts (REITs) and a USD-denominated investment product.
Revenue from the asset management business will come from management fees and performance-based earnings, but Sycamore hasn’t shared specific financial targets yet. The company does, however, have plans to raise additional capital by 2025 or 2026 to expand its reach across Africa.
“We’re addressing a major gap in Nigeria’s investment market,” said Onyinye Okonji, Sycamore’s co-founder and chief compliance officer. “Traditional asset management has remained out of reach for many Nigerians. Our goal is to change that.”
Sycamore is moving from being just a digital lender, to a financial hub for Nigerians looking to borrow, invest, and build long-term wealth.
The company is stepping into a competitive space, but its focus on accessibility might be the key to standing out in the crowded market.
