Cowrywise is one of Nigeria’s top investment and wealth management platforms today.
The fintech company provides attractive returns on investment products like fixed deposits, mutual funds, and secure locks.
It has gained immense popularity among Nigerians looking to earn passive income. But who exactly owns and operates Cowrywise?
Let’s find out all the details about the company’s ownership.
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Overview of Cowrywise
Cowrywise started operations in 2017 as Nigeria’s online savings and investment service provider.
The startup emerged when there was very little innovation in the financial services sector in the country.
By leveraging technology, Cowrywise has made investing extremely accessible for Nigerians via its user-friendly app and web platform. T
he company states its mission as “Enabling financial security for Africans.”
Some key facts about Cowrywise:
- Has over 300,000 users and $40 million in customer savings
- Offers fixed deposits, mutual funds, secure locks, and target savings
- Known for attractive 10-15% returns on savings and investments
- Venture capital-backed and received $3 million in funding in 2020
- Winner of several awards, including ALAT Digital Bank Fintech Challenge 2018
The company has become a trusted fintech brand with a strong reputation in Nigeria. But who launched this successful company and oversees its operations today?
Meet the Founder: Razaq Ahmed
Razaq Ahmed is the founder and CEO of Cowrywise. He has been leading the company since its inception.
Razaq identified the need for smarter investing options in Nigeria to help people grow wealth and secure their financial future. This led him to create the Cowrywise platform.
He is an experienced finance and investment professional, having worked with organizations like ARM Investment Managers and Meristem Securities. Razaq also co-founded the Zowasel crowdfunding startup.
Education Background
Razaq Ahmed graduated with an Economics degree from Obafemi Awolowo University, one of Nigeria’s top universities.
He later obtained a Masters in Business Administration (MBA) with a concentration in finance and investment from Imperial College Business School in the UK.
Career Highlights
Here are some key points about Razaq Ahmed’s professional career:
- 2007 – 2010: Investment analyst at Asset & Resource Management Company (ARM) in Nigeria, one of the country’s leading investment management firms
- 2010 – 2013: Worked with Meristem Securities, a Nigerian stockbroking and investment banking company.
- 2013 – 2014: Co-founded Zowasel, one of Nigeria’s first crowdfunding platforms for charitable initiatives.
- 2017 – Present: Founded Cowrywise and currently leads the company as CEO. Under his leadership, Cowrywise has become a top fintech brand in Nigeria.
Razaq’s experience in investment management and financial services helped him gain insights into Nigerians’ challenges in saving and investing. This understanding led him to start Cowrywise.
Ownership and Funding
Cowrywise was bootstrapped by Razaq Ahmed in 2017 using his funds and contributions from friends initially.
The company is registered as Cowrywise Financial Technology Limited. Razaq Ahmed is listed as one of the directors and currently has majority ownership.
Cowrywise later received external investment from venture capital firms and angel investors. Some of its investors include:
- Quona Capital – Invested $1 million in Cowrywise in 2018
- Alter Global – Invested in Cowrywise as part of its $15M Africa fund
- TLcom Capital – Led a $3 million Series A round in Cowrywise in 2020
While the startup has raised about $6 million in funding, Razaq Ahmed remains the majority shareholder and owner.
Current Leadership Team
Razaq Ahmed oversees Cowrywise as its CEO. He has built an experienced team to drive the company’s growth.
Here are some of Cowrywise’s key executives and leaders:
- Olaronke Ogundare – Chief Operating Officer
- Damilola Ajala – Chief Technology Officer
- Adebola Adesina – Chief Marketing Officer
- Oluwatomi Solanke – Head of Investment Banking
- Tunji Andrews – Chief Growth Officer
The leadership team comprises finance, investment, marketing, and technology experts. They leverage their domain knowledge and expertise to expand Cowrywise’s products and user base.
Razaq provides overall direction as the founder and CEO. He stated that Cowrywise aims to become Nigeria’s leading digital wealth management platform and beyond.
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Razaq Ahmed’s Vision for Cowrywise
In interviews, Razaq Ahmed has shared interesting insights into his motivation for starting Cowrywise and his plans:
- Wanted to address the lack of secure and rewarding investment options for Nigerians to grow long-term wealth.
- The aim is to evolve into a full-stack digital bank using technology to improve how Nigerians save and invest.
- Plans to expand into more emerging markets in Africa beyond Nigeria.
- Seeks to empower youths in financial services and invest in tech across Africa.
- Wants to maintain excellent customer experience as Cowrywise scales further.
Razaq Ahmed uses the platform to promote financial inclusion and security in Nigeria.
From its origins as a startup, Cowrywise today has a real shot at evolving into a digital bank under Ahmed’s leadership.
Driving Social Impact
Beyond business goals, Razaq is passionate about social impact. Cowrywise actively works to improve financial literacy and inclusion among Nigerians.
Some initiatives by the company include:
- Financial literacy campaigns – Cowrywise regularly partners with organizations to educate Nigerians on topics like budgeting, saving, investing, and retirement planning through online and offline campaigns.
- Women-focused empowerment – Special programs to increase financial awareness among women and help them secure their future.
- Youth mentorship programs – Partners with universities to provide students with finance, tech, and business mentorship.
- Digital skill training – Cowrywise organizes digital skills workshops to improve the earning potential of low-income groups by teaching skills like social media marketing.
Razaq Ahmed aims to create social impact by empowering more Nigerians to take charge of their financial life through education and digital innovations.
Recognitions and Awards
Under Razaq Ahmed’s leadership, Cowrywise has earned several prestigious recognitions including:
- International Finance Awards: Best Financial Literacy Initiative Nigeria 2020
- Global Business Outlook Awards: Best Financial Inclusion Fintech Company Nigeria 2020
- GI Innovation Awards: GI Fintech Rising Star 2021
- Africa Awards for Entrepreneurship: Entrepreneur of the Year Finalist 2021
- Future Awards Africa: Young Business Leader Nominee 2021
These awards validate Cowrywise’s positive impact in promoting financial access and security in Nigeria. Razaq’s vision has brought accolades to the company.
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Key Takeaways
- Razaq Ahmed founded Cowrywise in 2017 and serves as its CEO
- He is an experienced investment professional with education from top institutes
- Ahmed bootstrapped Cowrywise initially followed by VC funding of $6 million
- He remains the majority shareholder, along with a strong leadership team
- Razaq aims to evolve Cowrywise into a digital bank serving Nigeria and Africa
- Driving financial empowerment through education is his key motivation
- Under his leadership, Cowrywise has emerged as a top fintech brand
Razaq Ahmed’s unique vision and enterprising approach created the successful wealth tech company Cowrywise. He continues to lead the business ambitiously to scale new heights.
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