Sycamore has secured a SEC licence in Nigeria, allowing it to operate as a fund and portfolio manager. CEO Babatunde Akin-Moses emphasized this as a major milestone for investor protection. Oluwagbenga Magbagbeola has been appointed to lead the asset management division. The upgraded mobile app features a Multi-Currency Wallet and advanced analytics for managing investments.
Sycamore, a Nigerian fintech firm, has successfully obtained a licence from the Securities and Exchange Commission (SEC) in Nigeria, which authorizes it to function as a fund and portfolio manager. This achievement enables Sycamore to enhance investor experience in navigating Africa’s complex market landscape.
Babatunde Akin-Moses, the CEO of Sycamore Group, stated that obtaining the SEC licence is a significant milestone, representing years of development in compliance systems aimed at safeguarding investor interests. The licence allows Sycamore to offer improved performance and security to its investors.
In conjunction with this progression, Oluwagbenga Magbagbeola, a former Managing Director at ARM Securities, has been appointed to lead Sycamore’s asset management division. Magbagbeola has 17 years of capital markets experience and is known for developing effective investment strategies that have thrived during challenging economic conditions in Nigeria.
Magbagbeola expressed enthusiasm about joining Sycamore, highlighting the opportunity to merge traditional capital market expertise with fintech innovations at a critical juncture. He noted that the SEC licence offers a regulatory structure that meets the needs of Nigerians who seek secure avenues for investment diversification amid economic uncertainties.
The company has recently enhanced its mobile application, which allows clients to manage their investments more efficiently. Users can now access sophisticated portfolio analytics through a user-friendly dashboard, providing insights into performance, risk exposure, and potential growth opportunities.
A key feature of the upgraded app is the Multi-Currency Wallet, which caters to clients’ requirements for currency diversification. This enables users to hold and invest in various currencies, including USD, EUR, GBP, and NGN, offering a regulated approach to managing currency exposure actively.
Mayowa Adeosun, co-founder and COO of Sycamore, described their proprietary investment platform as the result of years of technological innovation tailored to local market needs. The firm has harnessed artificial intelligence and machine learning to analyze market trends and optimize portfolio allocations, thereby delivering more adaptable investment strategies suited to Nigeria’s ever-evolving market.
In summary, Sycamore’s recent SEC licence attainment positions it as a reputable fund and portfolio manager in Nigeria. The appointment of Oluwagbenga Magbagbeola bolsters the firm’s asset management capabilities. Furthermore, enhancements to its mobile application, including the Multi-Currency Wallet, and the application of advanced technology in investment strategy formulation underscore Sycamore’s commitment to investor security and adaptability in a dynamic market.
Original Source: thefintechtimes.com
