Sycamore, a Nigerian fintech firm, has obtained a Securities and Exchange Commission license to operate as a fund manager and appointed Oluwagbenga Magbagbeola to head its asset management division. The company’s SEC license enhances its regulatory standing within Nigeria’s competitive financial market, supported by technological innovations and experienced leadership. Sycamore’s commitment to compliance and investor protection further positions it for growth.
Sycamore, a Nigerian financial technology firm managing over ₦10 billion in assets, has acquired a Securities and Exchange Commission (SEC) license to function as a fund and portfolio manager. Furthermore, Oluwagbenga Magbagbeola, who previously served as Managing Director of ARM Securities, has been appointed to lead the asset management division. This license enhances Sycamore’s position among Nigeria’s regulated investment entities, bolstering its competitiveness in the financial field.
Babatunde Akin-Moses, the Group CEO of Sycamore, remarked on the significance of the SEC license, stating, “Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests. With this regulatory foundation and Oluwagbenga’s proven investment expertise, we’re uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions.”
Onyinye Okonji, Co-founder and Chief Compliance Officer, emphasized the importance of this achievement, noting, “This milestone reflects our commitment to operating at the highest standards of financial governance. Our team underwent a rigorous evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms.”
Magbagbeola brings extensive experience in capital markets, spanning 17 years, having held roles at ARM Securities, FBNQuest Securities, and Profund Securities. At ARM Securities, he excelled in developing effective investment strategies amid economic challenges, including Nigeria’s recent currency fluctuations and inflation.
On his new role, Magbagbeola stated, “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time. The SEC license creates a regulatory framework for what many Nigerians are already seeking – protected pathways for investment diversification during economic uncertainty.”
Mayowa Adeosun, co-founder and COO, highlighted the technological advancements of Sycamore, indicating, “Our proprietary investment platform represents years of innovation in applying financial technology to local market conditions.” He further elaborated that they utilize artificial intelligence and machine learning to refine market trend analyses and enhance portfolio allocation, adapting investment strategies to Nigeria’s fluctuating market.
The company has recently improved its mobile application, enabling features such as a Multi-Currency Wallet, allowing users to manage diverse currencies, including USD, EUR, GBP, and NGN. Founded in 2019 by Akin-Moses, Okonji, and Adeosun, Sycamore has achieved remarkable milestones, including being the first Nigerian fintech approved by the Federal Competition and Consumer Protection Commission and securing a win at the Nigeria Sovereign Investment Authority competition.
In conclusion, Sycamore’s recent SEC licensing and leadership appointment mark significant advancements for the company as it positions itself within Nigeria’s financial market. The integration of experienced professionals and advanced technology bolsters its efforts to ensure investor protection and enhance investment strategies. This move not only validates Sycamore’s compliance measures but also reinforces its commitment to innovation in the fintech sector.
Original Source: www.thisdaylive.com
