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Cowrywise[1] is a financial technology company from Lagos, Nigeria focused on democratising access to wealth management and high-end investments to young Africans.[2] The firm was incorporated in 2016 but launched publicly in July 2017. The firm was founded by Razaq Ahmed CFA and Edward Popoola who have had years of experience in Finance and Technology respectively.

Cowrywise Financial Technology.
Industry Personal Finance, Wealth Management, Financial Technology, Investment Service
Founded 2016
Founders Razaq Ahmed CFA, Edward Popoola
Website https://www.cowrywise.com

In March 2018, Cowrywise was part of the few Africans that got into Y Combinator; the United States-based accelerator programme that has Stripe, Dropbox and Airbnb as alumni.[3]

The company uses a proprietary automated goal-based system to invest its clients' funds in risk-free securities offered by the Federal Government of Nigeria through its Debt Management Office (DMO), Central Bank of Nigeria and a few low risk investments opportunities such as corporate bonds and high quality commercial papers. Because of the peculiarities of its market among low and mid income earners, the company prioritizes capital protection for its customers.[4]


Foundation and launch[edit]

Cowrywise was founded in 2016 by Razaq Ahmed and Edward Popoola. Razaq having worked with top investment management companies in Nigeria identified the difficulty in offering wealth management services to low- and mid-income earners. About 95% of working adults in Nigeria are not served by any form of wealth management services. The majority, about 63.6% of the economy that are financially included, just keep their money in banks and other traditional savings accounts where they earn little to no returns.[5]

Razaq met Edward while in college while the latter was studying Economics and the former Computer Sciences at Obafemi Awolowo University, Ife. They later reconnected in Lagos where Edward had worked for Interswitch before joining African Advantage Telecoms as a telecoms consultant and software developer with experience building out Telecom infrastructure across Africa. Together, they figured out a way to offer low-income earners the opportunity to purchase risk-free government bonds at such a price as low as 100 naira (30 cents) within the country.

The company launched publicly in July 2017, offering the web version to it users.[6] This was followed by mobile apps in March 2018.[7]

Acceptance into Y Combinator[edit]

In March 2018, Cowrywise was accepted to participate in the US based accelerator programme run by Y Combinator. After acceptance, Cowrywise has positioned itself as a lifestyle advisor that provides the best options for young Africans to plan, save and invest in risk-free instruments and mutual funds.[8][3]

Current operations and products[edit]

In 2019, Cowrywise started offering Mutual Funds to its customers and developed itself as a full-fledged robo advisor. Cowrywise business revenue model is based on the spread of investment just like every security dealer. As such it does not charge its customers traditional fees associated with asset management firms.


Cowrywise[9] was described as one of the fifty startups to watch in 2019 by Inc.[10]

See also[edit]

  • Mutual funds
  • Wealthfront
  • Betterment


  1. "CowryWise". Cowrywise.com. Retrieved 2019-02-17.
  2. "CowryWise to 'democratise' asset, wealth management in Nigeria". The Guardian Nigeria News - Nigeria and World News. 2017-08-24. Retrieved 2019-02-17.
  3. 3.0 3.1 Combinator, Y. "9 Companies from the YC Summer 2018 Batch". Y Combinator. Retrieved 2019-02-17.
  4. "CowryWise micro-savings service opens high-yield government bonds to everyday Nigerians". TechCrunch. Retrieved 2019-02-17.
  5. Polycarp, Nwafor (2018-12-11). "Financial inclusion rate hits 63.6% in 2018". Vanguard News Nigeria. Retrieved 2019-02-17.
  6. "Sleek and Efficient; Cowrywise App Makes Automated Saving Easy". Technext. 2018-10-26. Retrieved 2019-02-17.
  7. "CowryWise Introduces Its Mobile App For Android". Brand Spur. 2018-03-20. Retrieved 2019-02-17.
  8. Partners, N. M. (2018-07-21). "Official: Y Combinator accepts CowryWise into its summer 2018 batch". Nairametrics. Retrieved 2019-02-17.
  9. "CowryWise micro-savings service opens high-yield government bonds to everyday Nigerians". TechCrunch. Retrieved 2019-02-17.
  10. "50 World-Changing Startups to Watch in 2019". Inc.com. 2018-12-13. Retrieved 2019-02-17.

This article "Cowrywise" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Cowrywise. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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