The Nigerian Securities and Exchange Commission (SEC) has granted Volition Cap, an asset management firm that helps the devoted middle class build wealth, a fund management license.
As it gets ready to introduce a range of retail and institutional investment products for Africans on the continent and in the Diaspora, the company will be able to function as a registered fund manager in Nigeria, thanks to this license.
The middle class in Africa has increased to 34% over the last three decades, according to the African Development Bank, compared to the declining averages of 60% and 50% in Europe and America, respectively.
However, despite their increasing wealth, the majority of this socioeconomic class’ liquid assets are primarily held in bank savings and deposits, leaving a significant opportunity for economic empowerment in developing nations, according to a 2019 report on “The Investment Potential of Nigeria’s Middle Class.”
With a methodology developed through Volition Cooperative, a registered multi-purpose cooperative that makes investing stress-free for its members, Volition Cap is a game-changing asset manager that utilizes traditional cooperatives. It was founded in 2018.
Volition Cap provides working professionals in the diaspora with additional products that allow them to convert remittances to investments rather than merely gifts so they may sustainably maintain their families back home and buy local assets.
Volition Cap also provides services for HNIs and institutional investors, including fund and treasury management, business investment advisory, and individual or family investment plans. Moreover, Volition Cap’s experts have trained over 10,000 individuals on investment literacy.
By leveraging technology to distribute products, Volition Cap will reduce the cost of investment services and the challenge of easy access. With the credibility and trust that an SEC license confers, this home-grown business is poised to scale its bespoke products across Africa and the Diaspora.
Subomi Plumptre, CEO of Volition Cap, said, “Our company was founded by entrepreneurs who truly understand the daily struggles of the middle class. From our operation’s inception, we have focused on empowering this group to attain financial success. The SEC license is a significant milestone for us as we introduce retail and institutional products to drive economic growth.”
With a strong track record of success, Volition Cap has designed and managed a 3,000-member African cooperative, which led to contributors achieving a financial independence rate of up to 75% within three years.
The firm has also developed a $30 million private equity fund for agriculture and real estate projects in Africa and disbursed over $250,000 to support local filmmakers through its entertainment and media fund.
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