Nigeria's Cowrywise gets a fintech license; plans to onboard 10 million retail investors by 2025

Nigeria-based fintech company Cowrywise has been issued a licence as a fund and portfolio manager by the Securities and Exchange Commission (SEC), allowing it provide accessible wealth-building tools in Nigeria and across Africa, including APIs that help providers globally access its services and open up theirs.

Back in 2017, when Cowrywise stepped into the wealth management space, there was no regulatory framework for fintech players. Cowrywise says it currently has 300,000 registered users which it provides access to investment products, and believes that the SEC license would embolden its ambition of onboarding 10 million retail investors to the formal investment management industry by 2025.