Microtraction invests in tech-based saving platform, CowryWise (Nigeria)

Microtraction has invested in CowryWise, a company which provides a platform for personalised financial services with a high interest rate only available to the top 1% of bank customers. The focus of CowryWise is to reach millions of savers in a cost-effective way. The biggest competitors of CowryWise are the banks which cannot offer a similar product return because their cost to service per customer is higher due to factors such as employee costs. The company was started by Edward Popoola who previously worked at Interswitch and Razaq Ahmed who previously worked as an Investment Analyst at Vetiva Capital Management. Microtraction invests in entrepreneurs who leverage technology, capital and innovation to try and solve African problems. The amount invested was undisclosed

 

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