The Securities and Exchange Commission (SEC) of Nigeria has granted Cowrywise Financial Technology Limited (“Cowrywise”) a Fund/Portfolio Management License. This will enable it to operate as a full-fledged fund/portfolio management company.
Cowrywise is a Nigerian-based fintech company democratizing access to investment products for retail investors. Securing a Fund/ Portfolio Management license from the SEC emboldens our ambition of onboarding 10 million retail investors to the formal investment management industry by 2025. With current registered users of 300,000 and an average age of 26 years, Cowrywise boasts of a young user demographic who are actively investing and learning about investment for the first time.
“We are excited to issue the first license in the fund/portfolio management category to a fintech player in Nigeria, Cowrywise. This is a demonstration of our resolve to support technology innovation in the development of the Nigerian capital market while making investor protection a priority.”Emomotimi Agama, Head, Registration, Exchanges, Market Infrastructure and Innovation at the SEC
Having partnered with a growing number of fund managers and on-boarded 21 different mutual funds on its platform, Cowrywise is digitizing the investment management industry and creating easy access to investment products for first-time investors.
At the heart of the widespread adoption of Cowrywise among first-time investors is the fintech’s structured financial education program tailored for both the working class and student population. Cowrywise also leverages its proprietary algorithm to recommend diverse mutual funds to users based on their risk profiles.
The YCombinator alum recently closed a $3million pre-Series A round led by Quona Capital. It will continue to forge more partnerships with other fund managers to fully digitize the asset management infrastructure and deepen the Nigerian capital market for the next generation of retail investors.
Signed by Management