Nigeria: Risevest Secures SEC Licence After Regulatory Standoff

22 February 2026
Daba Finance (Abidjan)

Nigerian fintech Risevest has obtained a Fund and Portfolio Manager licence from the Securities and Exchange Commission, bringing its investment operations under direct regulatory oversight.

The licence was issued through its subsidiary, RV Fund Management Limited. It follows months of engagement with the regulator after the SEC warned the public in early 2025 against investing through the platform, citing the absence of a required licence.

Risevest had said at the time that client funds were protected through a trusteeship arrangement with Meristem Trustees Limited, an SEC-licensed firm. It also relied on its 2023 acquisition of Chaka, which held a valid trading licence, to continue serving users.

With the new approval, Risevest joins other digital investment platforms such as Bamboo and Trove that now operate within the SEC's framework.

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Retail participation in Nigeria's capital market has increased. Investor trades rose 88% month-on-month to N516.5 billion in July 2025, according to official data.

Founded in 2019, Risevest allows users to invest in dollar-denominated assets, including U.S. stocks and global fixed-income portfolios. In 2024, it expanded into East Africa through the acquisition of Kenyan startup Hisa.

Key Takeaways

The licence marks a shift from regulatory uncertainty to formal integration within Nigeria's capital market system. The SEC has increased scrutiny of digital investment platforms, signaling tighter enforcement. For fintechs, licensing provides credibility and access to a growing retail investor base. For regulators, it brings digital platforms into reporting and compliance structures designed to protect investors. The move reflects a broader transition in Nigeria's fintech sector, where startups are aligning with capital market rules rather than operating through partnerships alone. As retail trading volumes rise, compliance may become a competitive advantage. Platforms with direct licences can scale with fewer regulatory risks, while those without approvals face constraints. Risevest's approval signals that engagement with regulators, rather than confrontation, may define the next phase of Nigeria's digital investment market.

Read the original article on Daba Finance.

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