Sycamore, a Nigerian fintech managing over N10 billion, has acquired SEC licensing to operate as a fund manager and appointed Oluwagbenga Magbagbeola as head of asset management. The company emphasizes technological innovation in investment strategies and has recently upgraded its mobile platform, enhancing user accessibility for diverse currency management.
Sycamore, a prominent Nigerian financial technology firm managing over N10 billion in assets, has secured a Securities and Exchange Commission (SEC) license to operate as a fund and portfolio manager. This certification places Sycamore among Nigeria’s recognized investment firms, enhancing its competitive edge within the industry. The company has also appointed Oluwagbenga Magbagbeola, the former Managing Director at ARM Securities, as the head of its asset management division.
Babatunde Akin-Moses, the CEO of Sycamore, asserted the importance of this achievement, stating, “Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests.” He highlighted that this regulatory framework, combined with Magbagbeola’s investment expertise, positions the firm to successfully navigate Africa’s intricate market dynamics.
Onyinye Okonji, co-founder and Chief Compliance Officer, underscored the import of this development, remarking, “This milestone reflects our commitment to operating at the highest standards of financial governance.” She detailed the thorough evaluation conducted by regulators, who scrutinized Sycamore’s governance structures, risk management practices, and client protection strategies.
Magbagbeola brings a wealth of experience spanning 17 years in capital markets from reputable institutions such as ARM Securities and FBNQuest Securities. He has previously formulated resilient investment strategies amidst economic challenges, including fluctuations in Nigeria’s currency and inflationary pressures.
Commenting on his new role, Magbagbeola expressed enthusiasm about merging conventional capital markets expertise with fintech innovation. He stated, “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 of Sycamore, praised the company’s technological advancements, noting the significant development of their proprietary investment platform utilizing financial technology tailored to local conditions. He remarked, “We’ve leveraged artificial intelligence and machine learning to analyse market trends and optimise portfolio allocations across multiple asset classes.”
Sycamore recently enhanced its mobile application with a Multi-Currency Wallet feature, enabling investors to manage funds in various currencies, including USD, EUR, GBP, and NGN. Since its inception in 2019, founded by Akin-Moses, Okonji, and Adeosun, Sycamore has reached notable milestones, including recognition from the Federal Competition and Consumer Protection Commission (FCCPC) and winning the Nigeria Sovereign Investment Authority (NSIA) competition.
In conclusion, Sycamore’s recent acquisition of an SEC license marks a significant milestone in its growth as a regulated investment firm in Nigeria. The appointment of Oluwagbenga Magbagbeola strengthens its asset management capabilities, allowing the company to enhance investor protection and performance. With cutting-edge technological advancements and a commitment to financial governance, Sycamore is well-positioned to meet the evolving demands of the investment market in Nigeria.
Original Source: www.thisdaylive.com
