An early-stage investment fund in the United States of America,
Kairos, has listed Nigeria’s CowryWise as one of its “50 world-changing startups to watch in 2019.” The automated investing platform was shortlisted out of a pool of 2,500 early-stage startups which were referred from over 65 countries across the Globe. Each Shortlisted company has been awarded a $50,000 investment fund.
Kairos’ annual list focuses on startup founders tackling the world’s vital issues—- issues like trimming student loan debt and turning homes into co-working spaces and everything in between.
CowryWise tries to alleviate Nigeria’s bad saving culture by making it easy and possible to save money, no matter how small. In some African markets where the unpredictable economy is on the rise, it seems there are no options for the increasing middle class to save their money.
CowryWise is a personal finance platform that automates your savings, taking away the stress and planning required to save on a regular basis. Your saved up cash also generates interests over a period of time.
Unlike traditional banks, CowryWise’s operations are lean and we invest your savings in risk-free instruments offered by the Nigerian government and a few low-risk investment opportunities such as corporate bond and commercial papers. The cost savings are passed to our savers in form of higher returns on their savings.
In fact, the platform offers savers a minimum of 10% per annum on any every saving they make and this return accrues to them on daily basis. If you choose the Fixed Savings Plan, you can earn up to 15% interest per annum. This compares with 4.2% that banks give on savings account which you can only get if you do not withdraw more than 4 times per month.