Nigerian fintech startup CowryWise has launched its asset management services available to everyone.

Nigerian fintech startup CowryWise has launched its asset management services available to everyone.

In Africa, there are an increasing number of startups challenging to FinTech.
This article will focus on Nigerian fintech startup named “CowryWise”.

CowryWise began to work in the middle of last year, with the startup completing official registration and licensing – and therefore launching to the public, this June.

The startup’s objective is to democratise asset and wealth management services and make them available to everyone.

“These financial services are currently only available to the wealthy. Average man on the street should have unfettered access to these services as he needs them the most to ensure a better financial life,” CowryWise co-founder and chief executive officer (CEO) Razaq Ahmed told.

The startup has started off by offering a high-yield, automated savings platform, allowing users to deposit their money with CowryWise and offering rates of better than twice that of Nigerian banks.

The goal here is to enable users cultivate a consistent savings – and investment – habit, while the platform gives them access to high yield returns.

Financial inclusion goes beyond opening a bank account. An average person should have access to credit as much as he should have access to other financial services such as asset and wealth management.

Developments in modern payment infrastructure and the penetration of mobile phones and internet have made such a scenario more possible, hence the launch of CowryWise. Ahmed said the startup is looking to raise funds by the end of the year having been bootstrapped thus far.

Their focus at this point is the market and aggressive user acquisition. And “Trust” is one of the challenges new entrants into the financial services space have to earn.

They have also launched “Sisi”, an AI-powered chatbot to allow our users have access to their savings and investments on the go. They decided to build this on the Facebook Messenger platform to provide easy saving access to the over 18 million Nigerians on that platform.

At the moment, their focus market is Nigeria, but it has a two-phased pan-African expansion plan.

“First, beyond providing millions of Nigerians easy access to high-yield saving products, we are developing CowryWise to enable Nigerians have access to investment opportunities in other part of Africa and the world through various investment instruments,” said Ahmed.

“Second, it is a natural progression to enable other African countries have same opportunity to do same.”

The startup operates a simple business model, earning spread generated from financial intermediation.

Now, they aggregate savings, invest in risk-free instruments and retain a spread above the promised returns to savers.

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