Sycamore, a Nigerian digital lending platform managing over ₦10 billion in assets, has officially secured a fund manager license from the Securities and Exchange Commission (SEC). This development marks a pivotal expansion for the company, moving beyond its core lending operations to offer a broad range of investment solutions to retail and institutional clients.
With this new license, Sycamore is set to introduce diversified investment portfolios, including stocks, bonds, and money market instruments, available in both local and foreign currencies. This strategic move responds directly to growing demand among Sycamore’s customer base, which includes over 300,000 users—from freelancers to small and medium-sized enterprises (SMEs)—who are seeking accessible and flexible investment opportunities.
Speaking on the development, Babatunde Akin-Moses, Sycamore’s Co-founder and CEO, emphasized that this expansion is a natural progression of the company’s mission to empower Nigerians financially. “Securing our SEC license is the result of years spent building strong compliance frameworks. We’re not moving away from lending; instead, this is a strategic addition that enhances our core offering.”
Nigeria’s wealth management space is currently dominated by major institutions like ARM, Stanbic IBTC, and FBNQuest, as well as newer fintech platforms such as Bamboo and Rise. However, many of these focus primarily on affluent individuals or tech-savvy retail investors. Sycamore is positioning itself to serve the “missing middle”—freelancers, SMEs, and everyday Nigerians—who have historically lacked easy entry points to wealth-building tools.
To drive this new venture, Sycamore has appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, as the head of its newly formed Sycamore Investment and Asset Management Limited (SIAML). Magbagbeola brings 17 years of capital markets experience, with a career spanning top institutions like ARM Securities, FBNQuest Securities, and Profund Securities. His leadership is expected to bring robust expertise in managing diverse portfolios tailored to emerging market needs.
Sycamore is also set to unveil a revamped mobile application, integrating real-time investment analytics and AI-powered portfolio management. The app will feature a multi-currency wallet, enabling users to invest and hold funds in USD, EUR, GBP, and NGN, thereby offering greater flexibility for investors seeking exposure to both local and international markets.
As part of its broader vision, Sycamore plans to introduce alternative investment products, including Real Estate Investment Trusts (REITs) and USD-denominated offerings in the near future. These initiatives aim to provide Nigerian investors with diverse, high-quality options beyond traditional asset classes.
Although specific growth forecasts have not been disclosed, Sycamore views asset management as a major revenue driver moving forward, leveraging management fees and performance-based earnings. The company also intends to raise additional capital by late 2025 or early 2026 to fuel its pan-African expansion plans.
According to Onyinye Okonji, Co-founder and Chief Commercial Officer (CCO), Sycamore’s mission is to make wealth management accessible to everyday Nigerians. “Traditional asset management has largely remained out of reach for many. We’re determined to change that and open up new opportunities for people to invest in their futures.”
Despite being widely recognized for its lending services, Sycamore’s entry into asset management reflects a broader ambition to become an all-in-one financial empowerment platform, offering Nigerians tools to borrow, invest, and grow wealth.
As Akin-Moses concludes that “Our goal is to democratize access to investment products that help individuals achieve their financial aspirations and secure their futures.”
