In Lagos, one of Africa’s economic powerhouses, Nigerian financial technology solutions provider, Sycamore, has evolved significantly.
What began as a lending platform has transformed into a comprehensive financial services provider.
Sycamore has a vision to reshape how Africans build and preserve wealth. As the company celebrates its sixth anniversary, its recent SEC license acquisition marks a pivotal expansion into regulated asset management.
This evolution comes at a critical time for Nigeria and the broader African continent, where financial inclusion remains a significant challenge and access to sophisticated investment tools is limited for many.
“We’re moving beyond traditional financial inclusion to what we call economic inclusion. Our goal is to ensure that customers don’t just have access to financial services but can truly build and protect wealth in meaningful ways,” says Babatunde Akin-Moses, who co-founded Sycamore alongside Onyinye Okonji and Mayowa Adeosun.
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Regulatory Milestone and Market Position
With over N10 billion (approximately $6.2 million) in assets under management and nearly 300,000 users, Sycamore has established itself as a significant player in Nigeria’s competitive financial landscape. The asset management sector across Africa shows promising growth potential as more individuals and businesses seek ways to preserve and grow their wealth.
Recently, the company secured a license from Nigeria’s Securities and Exchange Commission (SEC) through its wholly-owned subsidiary– Sycamore Investment and Asset Management Limited (SIML)–to operate as a fund/portfolio manager. In Nigeria’s highly regulated financial sector, this approval positions Sycamore among a group of approximately 500 SEC-licensed capital market operators (CMOs) in a market where established players like Stanbic IBTC Asset Management and FBNQuest Asset Management have traditionally dominated.
Onyinye Okonji, Co-founder and Chief Commercial Officer at Sycamore, explains, “This milestone reflects our commitment to operating at the highest standards of financial governance.”
“Our team underwent rigorous evaluation, with regulators examining our governance structures, risk management frameworks, and client protection mechanisms to ensure we deliver safe, transparent services,” she adds.
Technology-Driven Innovation
What truly sets Sycamore apart is its proprietary technology infrastructure. The fintech company leverages artificial intelligence and machine learning to analyze market trends and optimize investment strategies across multiple asset classes.
Its updated mobile app features an intuitive dashboard that provides institutional-grade portfolio analytics, giving clients clear visibility into performance and growth opportunities.
“We’ve developed technology that makes sophisticated investment tools accessible to everyone. Our platform brings institutional-quality investment capabilities to retail investors who have traditionally been underserved,” says Mayowa Adeosun, Co-founder and Chief Operating Officer.
A standout innovation is Sycamore’s multi-currency wallet, which allows users to hold and invest funds across USD, EUR, GBP, and NGN, addressing a critical need amid Nigeria’s volatile currency situation. This feature, backed by its SEC license, provides a regulated channel for managing currency exposure.
Leadership and Expertise
To strengthen its asset management capabilities, Sycamore appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to lead its investment arm. With 17 years of capital markets experience spanning roles at ARM Securities, FBNQuest Securities, and Profund Securities, Magbagbeola brings invaluable expertise to Sycamore’s innovative approach.
“Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time,” says Magbagbeola.
“The SEC license creates a regulatory framework for what many Nigerians are already seeking protected pathways for investment diversification during economic uncertainty.”
“By combining regulatory compliance with technological innovation, we’re building trust in a market where skepticism toward financial institutions has historically been high.”
Differentiation Strategy and Market Approach
In a market where established asset managers typically require minimum investments starting from N5 million ($3,118) for certain products, Sycamore’s differentiation strategy centers on three key pillars: an enhanced digital experience, tailored products with low barriers to entry, and exceptional customer experience.
By deliberately targeting lower-ticket transactions, the company removes barriers that have historically kept sophisticated investment instruments out of reach for most Africans. This approach addresses the recognized need for more inclusive investment options that serve individuals across various income levels, not just high-net-worth clients.
While traditional players focus primarily on high-net-worth individuals and institutional investors, Sycamore has identified a significant opportunity in Nigeria’s growing upper middle class, increasingly seeking investment options beyond traditional savings accounts.
Future Vision and Expansion Plans
As Sycamore enters its seventh year of operations, the company is strategically positioning itself beyond Nigeria’s borders. Its forward-looking strategy includes raising capital by early 2026 to accelerate growth across the continent.
This approach aligns with its proven track record of securing regulatory approvals and strategic partnerships, including its milestone of becoming the first Nigerian fintech approved by the Federal Competition and Consumer Protection Commission.
Sycamore’s journey from a lending platform to a regulated wealth management provider represents a blueprint for how African fintechs can evolve to address the continent’s complex financial needs, bringing sophisticated investment solutions within reach of millions and helping to secure their financial futures.
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