PennyTree Acquires Crowdfunding Licence from Securities, Exchange Commission
PennyTree has successfully obtained a crowdfunding license from the Securities and Exchange Commission (SEC) of Nigeria, positioning itself as a key player in the Nigerian Fintech ecosystem
In a statement, it was reported that Co-Founder and Abayomi Ogunjobi, Director at PennyTree, said the new licence marks a crucial step in PennyTree’s strategy to revolutionize access to capital and financial services for individuals and businesses across Nigeria.
The statement also revealed that the acquisition of the Crowdfunding License further underscores PennyTree’s commitment to supporting and empowering entrepreneurs and projects by facilitating a transparent and inclusive funding environment.
The statement revealed that with the SEC Crowdfunding License, PennyTree will now have the regulatory framework and authority to operate a crowdfunding platform that connects investors with businesses and startups seeking capital.
The statement added: “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.”
Ogunjobi said: “We are thrilled to have received this Crowdfunding License from the SEC. 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 statement further explained that the Crowdfunding License from the SEC recognizes PennyTree’s commitment to meeting regulatory standards and ensuring the security of its crowdfunding platform.
The statement noted that the license would help build trust among investors and entrepreneurs, further promoting economic growth and financial inclusion in Nigeria.
