Read more about Tech
Cowrywise’s investment retail channel launched as far back as 2017, and it has come a long way, ever since. Recently it raised $3 million in a funding round led by Quona Capital. Cowrywise is set to execute its ambitious target to introduce 10 million first-time investors to regulated investments by 2025. Also, Cowrywise mutual funds are spread across different asset classes. But as inflation is fast eating the gains on any Naira investment, many savvy investors are now avoiding investing in Naira based asset instruments. Meanwhile, Cowrywise’ enablement of dollar investments has given non-institutional investors on their platform the opportunity to choose from a wide range. Cowrywise reports that 300,000 people already use the app. A total of 21 mutual funds, which constitutes at least 20% of the total in the country, is accessible on Cowrywise. It is reputed to be the largest aggregator of such in Nigeria. The startup is also claiming that it pioneered the protection framework for customers of FinTech in Nigeria. The current modus operandi wherein Cowrywise is now regarded as the first FinTech to be issued an SEC license in the fund/portfolio management category is a huge milestone for the startup company.
Sign up to the Connect Nigeria daily newsletter
Since its early days of merely offering savings products for the teeming Nigerian youth populace, Cowrywise is gradually entering the digitised space of investment management. Such a move surely requires building the necessary infrastructure in such a vision to democratise access to investment products. The company is hoping to scale their new SEC license by opening up a layer of their mutual funds offering to the public for more fund managers to be able to build solutions around that domain as well as access Cowrywise’ services. Cowrywise’s investment API will provide access that surmounts regulatory, compliance, and technical hurdles. Startups and companies can access the public API via this link. In order to make such similar offerings accessible to a wider demographic, the startup has announced that the API access will not only apply to FinTechs, it will also enable any other company to embed investment features in their products. Featured Image Source: Nairametrics
Got a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- Exploring Career Opportunities in Generative AI
- Leveraging Generative AI for Business Visibility and Growth
- Understanding Generative AI: What You Need to Know
- Workers’ Day: How To Utilize Online Learning Resources for Professional Development
