Nigerian Fintech Risevest Wins SEC License After Standoff

After months of uncertainty, Nigerian fintech Risevest can finally operate with full legal backing. The company secured a Fund & Portfolio Manager license from Nigeria's Securities and Exchange Commission this week, ending questions about whether it could legally help users invest in US dollar assets.

The approval marks a dramatic turnaround from January 2025, when the SEC publicly warned Nigerians against using Risevest. At the time, regulators said the platform lacked required licenses to operate in Nigeria's capital market.

Risevest argued it had protection through partnerships, including a trusteeship with licensed firm Meristem Trustees. The company had also acquired Chaka, an SEC-licensed trading startup, in 2023 to gain regulatory cover.

But those workarounds weren't enough. So Risevest went through the formal licensing process with its subsidiary, RV Fund Management Limited.

"This approval reflects months of rigorous review and engagement," co-founder Eke Urum told users Wednesday. He thanked the SEC for maintaining standards that protect investors.

The Ripple Effect

The timing couldn't be better for Nigerian investors hungry for global market access. Retail investor trades jumped 88% in July 2025 alone, reaching $384 million. That's real money from everyday Nigerians looking to grow their wealth beyond local options.

Risevest now joins other properly licensed platforms like Bamboo and Trove in serving this exploding demand. The company lets users invest in US stocks and global bonds, choosing their own investment amounts and building diversified portfolios.

Founded in 2019 by three Nigerian entrepreneurs, Risevest has steadily expanded across Africa. The company acquired Kenyan investment startup Hisa in 2024, bringing its services to East Africa.

The license represents more than just legal permission. It shows that Nigerian regulators and innovative fintechs can work together to protect investors while enabling access to opportunities once reserved for the wealthy.

Strong regulation and strong innovation don't have to be enemies.