Nigerian digital lender Sycamore has secured a fund manager license from the Securities and Exchange Commission, marking a significant expansion beyond its core lending business.
With ₦10 billion in assets under management, the company is now set to offer diversified investment portfolios targeting both retail and institutional investors.
The new license enables Sycamore to operate as a fund and portfolio manager, providing investment opportunities in stocks, bonds, and money-market instruments in both local and foreign currencies. The expansion comes in response to growing customer demand, according to CEO Babatunde Akin-Moses.
“Securing our SEC license is the culmination of years of building institutional-grade compliance systems,” Akin-Moses stated. “We’re not pivoting from lending; this is a strategic expansion that complements our core business.”
Nigeria’s investment market is currently dominated by legacy firms such as ARM, Stanbic IBTC, and FBNQuest, as well as fintech disruptors like Bamboo and Rise. However, many existing platforms cater primarily to high-net-worth individuals or tech-savvy investors. Sycamore aims to fill the gap for freelancers, small and medium-sized enterprises (SMEs), and everyday Nigerians seeking accessible investment options.
As part of its expansion, Sycamore has appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to lead its newly established division, Sycamore Investment and Asset Management Limited (SIAML). With 17 years of experience in capital markets, Magbagbeola brings expertise from previous roles at ARM Securities, FBNQuest Securities, and Profund Securities.
To support its asset management ambitions, the company is developing an upgraded mobile app featuring real-time investment analytics, AI-powered portfolio management, and a multi-currency wallet allowing users to invest in USD, EUR, GBP, and NGN.
“We’re addressing a major gap in Nigeria’s investment market,” said Onyinye Okonji, Sycamore’s co-founder and Chief Commercial Officer. “Traditional asset management has remained out of reach for many Nigerians. Our goal is to change that.”
Sycamore anticipates asset management becoming a major revenue stream, with income generated through management fees and performance-based incentives. While the company has not disclosed specific growth projections, it plans to raise additional capital in late 2025 or early 2026 to fuel expansion across Africa.
Beyond traditional asset classes, Sycamore intends to introduce alternative investment options, starting with Real Estate Investment Trusts (REITs) and a USD-denominated investment product in the coming months. This move positions the company to compete in a growing market of digital investment services.
“We’re democratizing access to wealth management solutions that can help more people invest in their desired lifestyle and future financial security,” Akin-Moses emphasized.
With this strategic expansion, Sycamore is evolving into a comprehensive financial platform, offering Nigerians a seamless way to borrow, invest, and build wealth.
