The asset management business Volition Cap made the exciting announcement that it has been granted a fund management licence by the Securities and Exchange Commission (SEC) of Nigeria, effective as of December 2022.
Volition Cap’s aim is to enable the industrious middle class to amass wealth. This licence enables the company to operate as a registered fund manager in Nigeria at the same time as it is getting ready to introduce a suite of retail and institutional investment products targeted at people of African descent who live on the African continent as well as in the Diaspora.
In comparison to the average decline of 60% in Europe and 50% in the United States, the middle class in Africa has increased to 34% during the previous three decades, as reported by the African Development Bank.
This is in contrast to the trend that has seen the middle class in Europe and the United States decline to 50% and 60%, respectively. Despite their growing wealth, the majority of this socioeconomic class’s liquid assets are primarily held in bank savings and deposits, according to a report published in 2019 titled “The Investment Potential of Nigeria’s Middle Class.” This leaves a large hole in economic empowerment in developing countries.
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More on the licence
Volition Cooperative is a licenced multi-purpose cooperative that makes investing stress-free for its members. Volition Cap, which was established in 2018, is a game-changing asset management that uses conventional cooperatives. Volition Cap launched this model through Volition Cooperative, which was founded in 2018.
In addition to offering regular products, Volition Cap gives working professionals living in the diaspora the ability to convert remittances into investments rather than merely giving money to family members back home. This enables these individuals to sustainably finance the upkeep of their families and acquire assets in their home countries.
Additionally, Volition Cap offers its services to high-net-worth individuals (HNIs) and institutional investors. These services include fund and treasury management, company investment counselling, and individual or family investment plans. In addition, the specialists at Volition Cap have educated more than 10,000 people on various aspects of investment literacy.
Volition Cap will be able to lower the cost of investment services and overcome the difficulty of providing quick access by relying on technology to market their products. This homegrown business is set to scale its bespoke solutions across Africa and the Diaspora thanks to the legitimacy and trust that an SEC licence gives.
Volition Cap’s Chief Executive Officer, Subomi Plumptre, has this to say about the company’s origins: “Our company was founded by entrepreneurs who truly understand the daily struggles of the middle class.” Since the beginning of our business, one of our primary goals has been to put this group in a better position to achieve financial success. We are introducing retail and institutional goods to support economic growth, and the SEC licence is a critical milestone for us at this point.
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About Volition Cap
Volition Cap is a company that has a proven track record of performance. They have established and managed an African cooperative with 3,000 members, which led to contributors reaching a financial independence rate of up to 75% within three years. In addition, the company has established a private equity fund with thirty million dollars to invest in agricultural and real estate projects in Africa, and it has distributed more than two hundred fifty thousand dollars from its entertainment and media fund to help local filmmakers.
