WorldStage– Sycamore Integrated Solutions Ltd, a Nigerian fintech company that specializes in providing innovative financial solutions, including peer-to-peer lending, savings, investments, and bill payments through their mobile app has launched a N20 billion Commercial Paper programme on the Nigerian capital market, opening its first series to investors.
This followed the award of an investment-grade credit rating.
The company founded in 2018 with headquartered in Lagos, in a statement on Monday, said it opened subscriptions for the Series 1 issuance on March 9, with the offer scheduled to close on March 20.
According to the statement, the issuance is structured in two tranches: a 180-day instrument offering a yield of 24 per cent and a 270-day instrument offering a yield of 25 per cent.
Also, Credit Rating Agency, DataPro Ltd. assigned the programme a BBB+ long-term rating and A2 short-term rating, reflecting the agency’s assessment of Sycamore’s capacity to meet its financial obligations.
Sycamore said the rating placed the company among a relatively small number of Nigerian fintech firms that had secured credit ratings for capital market instruments.
The company’s entry into the commercial paper market comes amid increased activity in Nigeria’s short-term debt market.
According to the WealthBridge Market Intelligence Credit Market Report, commercial paper issuances rose to N143.19 billion in February, representing a 165 per cent increase from N53.96 billion recorded in January.
Major corporations such as Coleman Industries, UAC of Nigeria and JohnVents Industries were among the issuers that dominated activity during the period.
Sycamore said its commercial paper programme introduced a different category of issuer into the market.
The firm holds an investment platform licence from the Securities and Exchange Commission (SEC), which authorised it to offer commercial papers, fixed-yield products, dollar-denominated investments and equities to retail investors through its mobile application.
With the licence, the company said the CP would be accessible directly to retail investors through the Sycamore app, with a minimum investment of N100,000, rather than being limited to institutional investors.
BAS Capital Ltd. is acting as lead arranger and issuing house for the programme, while AIICO Capital, Norrenberger Advisory Partners and Pathway Advisors were serving as joint placing agents.
FSDH Merchant Bank is the collecting and paying agent, while Coronation Trustees and Plethoria Trustees were acting as trustees.
Africa Law Practice is serving as solicitors to the transaction.
The Managing Director of BAS Capital, Mr Yinka Adetuberu, said the offer had already attracted strong early interest from investors.
“The opening of the Sycamore commercial paper offer demonstrates the continued depth and resilience of Nigeria’s debt capital markets.
“Since launch, we have seen encouraging interest from investors seeking quality short-term instruments with competitive yields,” Adetuberu said.
Also, the Managing Director of Sycamore Integrated Solutions, Mr Gbenga Magbagbeola, described the issuance as a milestone in the company’s funding strategy.
“This commercial paper issuance marks an important step in strengthening Sycamore’s funding framework.
“Accessing the capital markets allows us to diversify our funding sources while positioning the company to scale our lending operations more efficiently,” Magbagbeola said.
The company’s audited financial statements show strong growth in recent years.
Interest income increased from N115 million in 2020 to N6 billion in 2025, while profit after tax rose from N1.3 million to more than N1 billion over the same period.
Sycamore said it currently serves more than 400,000 users and manages over N20 billion in assets.
The company operates across three segments, including a fintech lending platform, a SEC-licensed asset management firm led by Magbagbeola, and a microfinance bank.
Sycamore is registered with the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Federal Competition and Consumer Protection Commission (FCCPC).
