Strategic Expansion into Asset Management
Sycamore’s new division, Sycamore Investment and Asset Management Limited (SIAML), will offer diversified portfolios across stocks, bonds, and money-market instruments in both local and foreign currencies. The move is driven by customer demand, with many of Sycamore’s 300,000 users —including freelancers and small and medium-sized enterprises (SMEs)—expressing a desire for accessible investment options.
“Securing our SEC licence is the culmination of years of building institutional-grade compliance systems,” said Babatunde Akin-Moses, Sycamore’s CEO. “We’re not pivoting from lending; this is a strategic expansion that complements our core business.”
Addressing a Gap in Nigeria’s Investment Market
Nigeria’s investment market is currently dominated by legacy firms like ARM, Stanbic IBTC, and FBNQuest, as well as newer fintech challengers such as Bamboo and Rise. While these platforms have made wealth management more accessible, most cater primarily to high-net-worth individuals or tech-savvy retail investors. Sycamore aims to fill the gap by targeting freelancers, SMEs, and everyday Nigerians who lack straightforward investment pathways.
“We’re addressing a major gap in Nigeria’s investment market,” said Onyinye Okonji, Sycamore’s co-founder and Chief Commercial Officer (CCO). “Traditional asset management has remained out of reach for many Nigerians. Our goal is to change that.”
Leadership and Expertise
To lead its new asset management division, Sycamore has appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities. With 17 years of experience in capital markets, including roles at FBNQuest Securities and Profund Securities, Magbagbeola brings a wealth of expertise to Sycamore’s expansion efforts.
Innovative Mobile App and Multi-Currency Offerings
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 positions Sycamore alongside other Nigerian tech investment firms like Bamboo and Rise, which are making wealth management services more accessible to young Nigerians.
Revenue Growth and Future Plans
Sycamore expects asset management to become a significant revenue driver, generating income through management fees and performance-based incentives. While the company has not disclosed specific growth projections, it plans to raise additional capital in late 2025 or early 2026 to support its expansion across Africa.
In addition to traditional asset classes, Sycamore aims to offer alternative investments, starting with Real Estate Investment Trusts (REITs) and a USD-denominated investment product in the coming months. This strategic shift positions Sycamore to compete in a market saturated with digital investment alternatives, targeting both retail and institutional investors.
One-Stop Shop for Financial Services
While Sycamore is best known for its lending business, Akin-Moses believes asset management represents the next frontier for the company.
“We’re democratizing access to wealth management solutions that can help more people invest in their desired lifestyle and future financial security,” he said.
By offering a comprehensive suite of financial services—from lending to investment management—Sycamore is positioning itself as a one-stop shop for Nigerians looking to borrow, invest, and grow their wealth. This strategic expansion underscores Sycamore’s commitment to empowering individuals and businesses with accessible, innovative financial solutions.