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By Brown Chimezie
PennyTree, a Nigerian financial technology (Fintech) company, has obtained a crowdfunding licence from the Securities and Exchange Commission (SEC), thus positioning itself as a key player in Nigeria’s e-finance ecosystem.
According to Abayomi Ogunjobi, Co-founder and Director at PennyTree, the new licence marks a crucial step in its strategy to revolutionize access to capital and financial services for individuals and businesses across Nigeria.
“The acquisition of the crowdfunding licence further underscores PennyTree’s commitment to supporting and empowering entrepreneurs and projects by facilitating a transparent and inclusive funding environment.
“With the SEC crowdfunding licence, PennyTree will now have the regulatory framework and authority to operate a crowdfunding platform that connects investors with businesses and start-ups seeking capital. This innovative platform will enable entrepreneurs to access a broader pool of potential investors and make it easier for investors to diversify their portfolios by participating in promising ventures.
“We are thrilled to have received this Crowdfunding License from the SEC,” said Abayomi Ogunjobi, co-founder & and director at PennyTree. “This milestone represents a significant step towards our vision of democratizing access to finance in Nigeria. With this licence, PennyTree can now create a secure and compliant platform that will make it easier for our Merchants and entrepreneurs to secure the funding they need to grow their businesses, while also providing investment opportunities for individuals.”
The crowdfunding licence from the SEC recognizes PennyTree’s commitment to meeting regulatory standards and ensuring the security of its crowdfunding platform. This license will help build trust among investors and entrepreneurs, further promoting economic growth and financial inclusion in Nigeria.
