Nigerian investment platform Trove Finance has acquired UCML Securities Limited, bringing its brokerage services in house as it looks to gain more control over how trades are executed and regulated. Although the value of the deal was not disclosed.
Following the acquisition, UCML Securities has been rebranded as Innova Securities Limited, which will now operate as Trove’s Securities and Exchange Commission licensed broker dealer in Nigeria.
Founded in 2018, Trove Finance started by working with third party brokers to give Nigerian investors access to local and global markets. A model that helped the company grow quickly while staying compliant. Over time, however, higher trading volumes and a wider range of products made closer oversight more important.
Chief executive Oluwatomi Solanke said owning a licensed broker allows Trove to take direct responsibility for trade execution, compliance, and governance, while also improving how quickly new features are developed.
Trove says it has processed more than ₦500 billion in trades since launch and has been downloaded over 400,000 times. as the platform is among a group of early African digital investment startups focused on widening access to global markets for retail investors.
With the purchase of UCML Securities Limited, Trove gains greater visibility into settlement timelines and regulatory processes. Some staff from UCML, especially in compliance and operations, have moved into the newly renamed Innova Securities Limited to support continuity.
Existing user accounts opened through previous brokerage partners will remain active and will be moved to Innova gradually. New users will be onboarded directly under the new structure.
The move follows a broader shift among Nigerian fintechs toward owning licensed infrastructure as companies mature and face closer regulatory attention.