Fintech Revolution: Cowrywise Secures Coveted SEC Licence, Unleashes New APIs!
This new permit formally brings Cowrywise’s operations directly under the regulatory purview of the SEC, solidifying its compliance and security framework. The company announced that the SEC will now act as its “guardian”, further enhancing its existing robust security structure. Previously, Cowrywise utilized a trustee arrangement to facilitate investment opportunities, collaborating with regulated entities such as Meristem Trustees Limited. The direct licence from SEC streamlines its operations and enhances investor confidence.</p><p>With this crucial regulatory approval, Cowrywise is set to expand its offerings for both its partners, including fund managers, and investors utilizing its platform. A key initiative following this development is the company's plan to make its Application Programming Interfaces (APIs) public. This move aims to enable fund managers globally to access Cowrywise's services, thereby opening up a wider array of investment options for customers in Nigeria. The company emphasizes that these APIs are not exclusively for fintechs; any company can integrate investment features into their products, as the Cowrywise investment API is designed to simplify regulatory, compliance, and technical complexities.</p><p>Since its inception in 2017, Cowrywise has experienced substantial growth, reporting over 300,000 users across its platforms. The company also highlights its role as the largest aggregator of mutual funds in Nigeria, offering approximately 21 different mutual funds. Looking ahead, Razaq Ahmed, CEO and Co-founder of Cowrywise, articulated an ambitious goal: to introduce 10 million first-time investors to regulated investment products by the year 2025. This strategic vision underscores the company’s commitment to democratizing access to investment opportunities within Nigeria.</p></div>Uche Emeka • Latest Tech News • 4 months ago • 1 minute read •
Nigeria’s Securities and Exchange Commission (SEC) has officially granted Cowrywise, a prominent wealth management startup, a licence to operate as a Fund/Portfolio Manager. This significant development marks a milestone for the fintech sector, as Cowrywise proudly states it is the first fintech in the country to secure such a licence from the SEC. The approval comes shortly after the regulator issued its initial Digital Sub-Broker licence to another investment fintech startup, Chaka.
This new permit formally brings Cowrywise’s operations directly under the regulatory purview of the SEC, solidifying its compliance and security framework. The company announced that the SEC will now act as its
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