Sycamore, a leading Nigerian fintech firm, has secured an SEC license to function as a fund manager and appointed Oluwagbenga Magbagbeola to lead its asset management division. The SEC license positions Sycamore among regulated investment firms, enhancing its competitiveness in the financial sector. The company aims to leverage its technological innovations to provide secure investment avenues for Nigerians amid current economic challenges.
Sycamore, a Nigerian fintech company managing over N10 billion in assets, has obtained a Securities and Exchange Commission (SEC) license to operate as a fund and portfolio manager. Additionally, the company appointed Oluwagbenga Magbagbeola, the former Managing Director of ARM Securities, to head its asset management division. This SEC license will enhance Sycamore’s positioning among regulated investment firms in Nigeria’s competitive financial market.
Babatunde Akin-Moses, CEO of Sycamore, stated, “Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests.” He emphasized that with this regulatory foundation and Magbagbeola’s investment expertise, they are well-prepared to offer secure investment opportunities amid Africa’s complex market conditions.
Co-founder and Chief Compliance Officer Onyinye Okonji underscored the importance of the SEC license, noting, “This milestone reflects our commitment to operating at the highest standards of financial governance.” She added, during a rigorous evaluation, regulators scrutinized their governance structures and risk management frameworks to ensure client protection.
With 17 years of experience in capital markets, Magbagbeola has worked at firms like ARM Securities and FBNQuest Securities, where he effectively developed investment strategies during times of economic challenges. Upon his appointment, he remarked, “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time.”
Mayowa Adeosun, co-founder and COO, highlighted the technological advancements of Sycamore, mentioning their proprietary investment platform designed for local market conditions. He stated, “We’ve leveraged artificial intelligence and machine learning to analyse market trends and optimise portfolio allocations across multiple asset classes.”
Sycamore has recently updated its mobile application, incorporating features such as a Multi-Currency Wallet, which enables investors to manage funds in various currencies, including USD, EUR, GBP, and NGN. Founded in 2019, the company has already achieved substantial milestones, including being the first Nigerian fintech to receive approval from the Federal Competition and Consumer Protection Commission (FCCPC).
Magbagbeola is a Chartered Stockbroker and an Associate Member of the Institute of Chartered Secretaries and Administrators, possessing expertise in investment strategy, market analysis, and stakeholder engagement.
In summary, Sycamore has significantly advanced its position in the Nigerian financial market by acquiring a much-coveted SEC license and appointing an accomplished leader for its asset management division. The company’s commitment to high standards in financial governance and innovation in technology underlines its readiness to enhance investor confidence and facilitate investment diversification during economic uncertainties. As Sycamore continues to grow, it aims to offer secure, regulated investment solutions tailored to the needs of Nigerian investors.
Original Source: www.thisdaylive.com
