Trove Finance, a fast-growing Nigerian fintech investment platform, has acquired UCML Securities Limited, a move that gives the company its own licensed broker-dealer under the Securities and Exchange Commission (SEC) of Nigeria. The acquisition, undisclosed in financial value, marks a key milestone in Trove’s evolution from a tech platform reliant on partners to a fully integrated financial services provider.
Following the transaction, UCML Securities has been rebranded as Innova Securities Limited and will operate as Trove’s SEC-licensed brokerage arm, taking over functions that were previously handled by third-party partners. This structural shift means that Nigerian stock trades executed through the Trove platform will now be processed directly under Innova’s regulatory framework, strengthening compliance and user confidence.
According to industry reports, this acquisition allows Trove to bring its brokerage services in-house, giving the company control over trade execution, settlement, compliance, and customer service, an operational upgrade from its earlier model of partnering with licensed brokers to serve its expanding user base.
In a statement to the press, Oluwatomi Solanke, Trove’s CEO and co-founder, explained that the acquisition was driven by the company’s desire to “enhance the experience, innovate faster, and take direct responsibility for trade execution, compliance, and governance.” He noted that Innova Securities, with “decades of regulatory experience,” now positions Trove to deliver more reliable and streamlined investment services to its users.
Since its founding in 2018, Trove has built a reputation as one of Nigeria’s earliest digital wealth-management startups, offering users access to local and international stocks, exchange-traded funds, and other investment products. It has played a significant role in expanding retail participation in financial markets, particularly among younger investors seeking to diversify out of traditional savings and into equities.
Until now, Trove’s model relied on partnerships with licensed broker-dealers to execute trades on behalf of its customers. With Innova Securities now fully integrated into its operations, Trove gains greater oversight of settlement timelines, regulatory reporting, and compliance controls, areas that can directly impact investor trust and retention.
For existing users, Trove has assured continuity: accounts previously held through third-party brokerage partners will remain active and will be gradually transitioned to Innova Securities over time. New users, once onboarded, will have their trades managed directly through the SEC-licensed Innova entity.
Industry observers say this transaction reflects a broader trend in Nigeria’s fintech ecosystem, where digital finance startups increasingly seek to own critical infrastructure and reduce dependence on intermediaries. This trend aligns with a move toward vertical integration that supports long-term operational stability and product innovation in the financial sector.
Economists note that fintech platforms such as Trove have significantly broadened access to investment products in Nigeria, especially for younger and first-time investors. By lowering barriers to entry and offering fractional ownership of shares both locally and internationally, these digital brokers have helped deepen participation in the capital markets, supporting liquidity and potentially contributing to broader financial inclusion.
This acquisition comes at a time when Nigerian fintech firms are helping to attract a new generation of retail investors into capital markets, which could support wider market liquidity and strengthen financial system participation amid ongoing economic challenges.
With over half a million users and hundreds of billions of naira in facilitated trades, Trove’s integration of Innova Securities positions it for the next phase of growth, one built on regulatory compliance, service quality, and a more holistic investment ecosystem for Nigerian and African investors alike.
