Sycamore says it now manages over ₦20bn for 400,000+ users in Nigeria and has crossed ₦1bn profit after tax, with an oversubscribed CP.
Sycamore said it now manages over ₦20 billion in assets for more than 400,000 users in Nigeria and has crossed ₦1 billion in profit after tax. Managing Director Gbenga Magbagbeola also said Sycamore’s recent commercial paper issuance was oversubscribed.
In an interview, Magbagbeola described how Sycamore moved from a peer-to-peer (P2P) lending app, which matches lenders and borrowers directly, into a regulated financial firm.
He pointed to three turning points. First, the company focused on getting profitable early, and said it became cash-flow positive by its second year.
Second, Sycamore went through Federal Competition and Consumer Protection Commission approval, which required stronger compliance, internal controls, and governance. Magbagbeola said this helped when the company later pursued Securities and Exchange Commission licensing.
Third, Sycamore applied for an SEC fund manager licence and built an asset management arm. That step, he said, marked the shift from a lending product to a broader regulated financial institution.
Sycamore’s numbers matter because Nigeria’s fintech market has been moving toward tighter oversight, especially in lending and consumer finance. Having multiple approvals and licences can help a fintech access institutional capital and partner with larger financial institutions.
The commercial paper detail is also a signal. Commercial paper is short-term corporate debt, similar to an IOU issued to investors, usually for working capital. An oversubscribed issuance means demand exceeded the amount Sycamore offered, which can indicate strong appetite for regulated, short-duration instruments.
Magbagbeola also highlighted how distribution has changed in fintech. He said products that once served institutions now have to work in a mobile app flow, with minimums like ₦100,000 and fast checkout times.
BusinessDay NG reported the comments from Sycamore Managing Director Gbenga Magbagbeola in an interview published in April 2026.
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