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Nigerian digital lender Sycamore has secured a fund manager license from the Securities and Exchange Commission (SEC), marking a strategic expansion into wealth management. With ₦10 billion in assets under management, the company is leveraging its regulatory approval to offer diversified investment opportunities to Nigeria’s growing base of retail and institutional investors.
Strategic Evolution into Investment Services
Expanding beyond its core lending business, Sycamore will now provide investment portfolios in stocks, bonds, and money-market instruments across multiple currencies. This move aligns with the financial aspirations of its 300,000+ users, including freelancers and SMEs, who are actively seeking accessible and flexible investment solutions.
“This milestone is the result of years of building a strong compliance framework,” said CEO Babatunde Akin-Moses. “Rather than a pivot, this is a strategic evolution that strengthens our existing offerings.”
To lead its new investment division, Sycamore Investment and Asset Management Limited (SIAML), the company has appointed Oluwagbenga Magbagbeola, a seasoned capital markets expert and former Managing Director of ARM Securities.
Innovation in Digital Wealth Management
In the coming months, Sycamore plans to roll out an upgraded mobile app featuring:
- Real-time investment analytics
- AI-powered portfolio management
- A multi-currency wallet supporting NGN, USD, EUR, and GBP transactions
With these enhancements, Sycamore aims to bridge the accessibility gap in Nigeria’s wealth management sector, competing with fintech firms like Bamboo and Rise to democratize investment opportunities.
“Traditional asset management has been exclusive for too long,” said Onyinye Okonji, Sycamore’s co-founder and CCO. “We’re bringing sophisticated investment tools to everyday Nigerians.”
Future Growth and Expansion Plans
Sycamore views asset management as a key revenue driver, generating earnings through management fees and performance-based returns. While specific growth targets remain undisclosed, the company is preparing to raise additional capital by late 2025 or early 2026 to fuel its expansion across Africa.
Looking ahead, Sycamore is set to introduce alternative investment options, including Real Estate Investment Trusts (REITs) and USD-denominated products, positioning itself as a strong competitor in Nigeria’s fast-growing digital investment space.
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