Nigerian digital lender Sycamore has secured a fund manager license from the Securities and Exchange Commission (SEC), marking a strategic expansion into asset management. This development positions Sycamore as a one-stop shop for Nigerians seeking to borrow, invest, and grow their wealth.
Sycamore, known for its peer-to-peer lending services, aims to tap into the growing demand for accessible investment options among retail and institutional investors. The company will offer diversified portfolios across stocks, bonds, and money-market instruments in both local and foreign currencies. This expansion is driven by customer demand, particularly from its 300,000 users, including freelancers and SMEs, who have expressed a desire for straightforward investment pathways.
To lead its new division, Sycamore Investment and Asset Management Limited (SIAML), the company has appointed Oluwagbenga Magbagbeola, a seasoned capital markets expert. Magbagbeola brings 17 years of experience from roles at ARM Securities, FBNQuest Securities, and Profund Securities.
Sycamore plans to launch an upgraded mobile app featuring real-time investment analytics and AI-powered portfolio management. The app will also include a multi-currency wallet, allowing users to hold and invest in USD, EUR, GBP, and NGN. This move aligns with Sycamore’s goal to democratize access to wealth management solutions, making it more accessible to everyday Nigerians.
The company expects asset management to become a significant revenue driver, generating income through management fees and performance-based incentives. Sycamore plans to raise additional capital in late 2025 or early 2026 to support its growth ambitions across Africa.
By targeting freelancers, SMEs, and everyday Nigerians, Sycamore is addressing a major gap in Nigeria’s investment market, where traditional asset management has remained out of reach for many. This strategic shift positions Sycamore to compete effectively in a market dominated by legacy firms and newer fintech challengers.
