Sycamore secures licence to launch microfinance bank
Sycamore, a Lagos-based financial services company, has received a microfinance bank licence from the Central Bank of Nigeria. This licence, granted to Sycamore Microfinance Bank, allows the company to accept customer deposits and process payments directly, enhancing speed and regulatory protection for its over 400,000 customers. Babatunde Akin-Moses, Group CEO, said the move addresses customer demand for savings and deposit features. Onyinye Okonji, co-founder and Chief Commercial Officer, highlighted that the new bank will serve working professionals and small business owners.
TLDR
- Sycamore can now accept deposits and process payments independently under a regulated framework.
- The microfinance bank licence connects Sycamore directly to the Nigeria Inter-Bank Settlement System, enabling faster transactions and lower fees.
- Previously, Sycamore operated as a lending platform and asset manager, both under separate licences.
- The company has over 400,000 customers, ₦50 billion in assets under management, and processed $73 million in transactions last year.
- Additional savings products and payment features are planned for rollout through the new microfinance bank.
