Trove Finance has taken a decisive step to deepen its control over the investment value chain with the acquisition of UCML Securities, a licensed Nigerian brokerage firm. The move brings Trove’s brokerage services fully in-house, marking a strategic shift for the fintech as it seeks to scale operations, improve compliance, and deliver a more seamless investing experience to users.
Founded to give Africans access to global financial markets, Trove has built its reputation on allowing retail investors buy and sell Nigerian, U.S., and other international assets from a single app. Until now, like many digital investment platforms, Trove relied on third-party brokers and custodians to execute trades and hold customer assets. While this model enabled faster market entry, it also came with limitations around control, costs, and product flexibility.
By acquiring UCML Securities, Trove gains a locally licensed broker-dealer regulated by Nigeria’s Securities and Exchange Commission (SEC). This allows the company to internalise critical brokerage functions such as trade execution, custody coordination, and settlement. In practical terms, Trove can now move faster on product rollouts, reduce dependence on external partners, and better manage risks tied to compliance and market volatility.
The acquisition also reflects a broader trend in Africa’s fintech and wealth-tech ecosystem, where platforms are increasingly pursuing licenses or acquiring regulated entities to strengthen trust and sustainability. As regulators tighten oversight of digital investment products, owning a brokerage license provides Trove with greater regulatory certainty and long-term defensibility. It also positions the company to work more closely with regulators as rules around digital investing continue to evolve.
For users, the deal could translate into lower fees, improved reliability, and expanded offerings over time. With brokerage services in-house, Trove can optimise execution processes, reduce friction during peak trading periods, and design products more closely aligned with the needs of Nigerian and pan-African investors. It also enhances transparency, as customers interact with a platform that directly controls more layers of the investment process.
Strategically, the UCML Securities acquisition signals Trove’s ambition to move beyond being just an access layer to markets and instead become a full-stack investment platform. As competition intensifies among digital brokerages targeting Africa’s growing middle class and youth population, control, compliance, and trust are becoming key differentiators.
Ultimately, bringing brokerage services in-house gives Trove greater leverage to scale responsibly, navigate regulation, and compete more effectively in Nigeria’s fast-maturing investment landscape.
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