Nigerian investment platform Risevest has finally secured a licence from the Securities and Exchange Commission, ending what became one of the more public and uncomfortable regulatory standoffs in the country’s fintech space. The approval covers its new subsidiary, RV Fund Management Limited, which is now authorised to operate as a Fund and Portfolio Manager.
The timing matters. The SEC flagged Risevest not once but twice in January 2025. On January 24, the regulator warned Nigerians against the platform’s cooperative entity, Risevest (Victoria Island) Cooperative Multipurpose Society Limited, saying it was not registered to operate in the capital market. Days later, on January 28, the SEC went further, issuing a second notice declaring Risevest Technologies Limited itself illegal, telling the public to avoid the platform entirely. For users who had money sitting on the app, those were uneasy weeks.
Risevest did not go quietly. The company pushed back, arguing that its operations were covered through existing arrangements, including a trusteeship with Meristem Trustees Limited and the SEC-licensed status of Chaka Technologies, which it had acquired in 2023. The SEC was not satisfied with those arguments, and the back-and-forth dragged on until the approval came through this week.
Eke Urum, Risevest’s founder and CEO, confirmed the news in a message to users: “This approval reflects months of rigorous review and engagement. Strong regulation builds strong markets and strong markets build lasting wealth.”
Where Risevest Now Stands Among Its Peers
With this licence in hand, Risevest joins a growing club of Nigerian investment fintechs that have gone through the formal process of getting SEC approval. Bamboo and Trove are among the platforms that have already secured their licences, and the three now represent the most recognisable names in Nigeria’s retail investment app space operating under full regulatory cover.
It is worth noting that this is not the first time these platforms have been on the wrong side of the SEC. Back in April 2021, the regulator had declared Risevest, Bamboo, Trove, and Chaka all illegal in one sweep, citing their facilitation of access to foreign securities without the required local approvals. That episode ended without lasting damage to any of them, and all have since pursued formal licensing.
Risevest has also been active internationally. Earlier this year, the company secured a US broker-dealer licence through its affiliate, Risevest Financial Securities Limited, making it the second Nigerian financial organisation after Bamboo to hit that milestone.
What It Means for Users
For everyday Nigerians using Risevest to invest in dollar-denominated assets, US stocks, real estate, and fixed income, the SEC licence is less about new features and more about peace of mind. The regulatory cloud that hung over the platform for the better part of a month is now gone, and their funds are on a platform the Nigerian government formally recognises as a legal operator.
It also signals something broader about where Nigeria’s investment fintech sector is heading. The era of creative workaround is closing. The regulator has made its position clear repeatedly, and the platforms that have survived are the ones that eventually played by the rules.
