Nigerian fintech Sycamore wants $29 million in deposits after MFB acquisition

Sycamore, a Nigerian fintech, wants to build a deposit base that could exceed ₦40 billion ($29.13 million) as it expands from digital lending into banking and payments following its acquisition of a microfinance bank licence. 

The digital lender acquired the MFB licence through the acquisition of an undisclosed Kano-based microfinance bank. The company’s chief executive officer,…