Trove Finance has announced a major milestone in its journey to democratize investing, revealing that it now operates through its own Nigerian SEC-licensed broker-dealer, Innova Securities Limited. The move marks a significant shift from its previous model of routing trades through third-party licensed brokers.
Since launching nearly seven years ago, Trove has enabled access to both local and global markets via mobile, facilitating over ?500 billion in trades through regulated partners. The company has introduced several industry firsts in Nigeria, including fractional investing in global markets, pre-market and after-hours trading of U.S. securities, combined access to Nigerian and U.S. stocks in one platform, and social investing features.
As the platform expanded, Trove said it recognized the need to take full control of the brokerage experience to deepen trust, improve regulatory oversight, and accelerate innovation. This led to the acquisition of Innova Securities Ltd, formerly known as Union Stockbrokers and later UCML Securities Ltd, which is now fully owned by Trove. The company confirmed that all required regulatory approvals from the Securities and Exchange Commission SEC and the Nigerian Exchange NGX are in place. Innova is also a member of the NASD OTC Securities Exchange.
