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May 14.2025

2 Minutes Read

How Tunde Akin-Moses Revolutionized Lending with Sycamore in Nigeria

Illustration of a smiling man in a yellow outfit, Tunde Akin-Moses Sycamore story.

From Concept to Company: The Sycamore Story

In the dynamic landscape of African fintech, Tunde Akin-Moses' journey with Sycamore epitomizes resilience and innovative thinking. Beginning from simple constraints in Nigeria's lending system, Akin-Moses, along with co-founders Mayowa Adeosun and Onyinye Okonji, transformed a shared vision into a burgeoning lending platform within a mere thousand days.

Pivotal Beginnings in a Living Room

Akin-Moses didn’t aspire to become a fintech mogul. Yet, after years of observing the discrepancies in Nigeria’s credit system, the gap stimulated his entrepreneurial drive. As a small laundry business owner, he noted significant difficulties in accessing loans, which prompted him to explore financial solutions with his classmates during an MBA program. This academic environment catalyzed critical reflections and connections that would shape Sycamore's inception.

The Birth of an Idea: Embracing Peer-to-Peer Lending

Initial attempts to launch educational loans were thwarted by prohibitive capital requirements. Nevertheless, inspired by successful P2P lending models in the U.S., the Sycamore team pivoted their strategy to support small businesses directly. This decisive move propelled them into the nascent fintech market, as the model not only minimized the need for hefty banking licenses but also leveraged digital efficiencies to create a trustful environment for lending.

Building Trust and Expanding Reach

The company's early days were marked by an ethos of community support drawn from their Lagos Business School network. Their first loan, disbursed in 2019, amounted to ₦1.5 million (approximately $4,100) and marked the beginning of their scaling journey. Akin-Moses emphasized the goodwill cultivated during their launch period, which significantly contributed to attracting their first 100 customers.

Looking Ahead: Sycamore's Future in Fintech

With validation secured by early successes and strategic market positioning, Sycamore's evolution is poised to impact Nigeria's broader fintech narrative. Their focus on microloans positions them uniquely within a highly competitive environment, suggesting a brighter future for SMEs and greater financial inclusivity in Nigeria.

As Sycamore continues to grow, the challenges and successes they encounter will be pivotal to watch not only for aspiring entrepreneurs in Africa but for fintech ecosystems globally.

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How Tunde Akin-Moses Revolutionized Lending with Sycamore in Nigeria

From Concept to Company: The Sycamore Story

Pivotal Beginnings in a Living Room

The Birth of an Idea: Embracing Peer-to-Peer Lending

Building Trust and Expanding Reach

Looking Ahead: Sycamore's Future in Fintech

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