Cowrywise says the Nigerian FinTech company has partnered with MoMo Payment Service Bank (PSB), an MTN Group subsidiary, to make investment opportunities more accessible to users in Nigeria.
This partnership allows customers to invest directly through the MoMo app, bringing investment options closer to everyday Nigerians.
“MoMo customers can now invest directly using funds in their MoMo wallets through the MoMo super-app,” according to Cowrywise.
Cowrywise says the partnership will help address the issue of trust in financial services. A 2023 report by EFInA revealed that 196,000 people experienced money loss or fraud in microfinance accounts within a year, while 26% of Nigerians remain financially excluded.
Cowrywise: Nigerians can now begin investing with as little as ₦1,000
MoMo PSB provides mobile money services to millions across the country, enabling users to send, receive, and save money using their mobile phones. MoMo PSB operates through a network of agents and a mobile app, making financial services accessible in both rural and urban areas.
With Cowrywise’s expertise in wealth management, users can now begin their investment journey with as little as ₦1,000. According to the Nigerian FinTech company, this integration is designed to make financial tools accessible to more people, especially in underserved communities.
Cowrywise says the partnership will help address the issue of trust in financial services. A 2023 report by EFInA revealed that 196,000 people experienced money loss or fraud in microfinance accounts within a year, while 26% of Nigerians remain financially excluded.
“With Cowrywise’s investment expertise as a licensed Fund Manager and MoMo’s vast customer network, improved access (via the App, or agent network), increased trust in PSBs and agents, uptake in mobile phone usage (93%), and the low barrier to entry, (customers can starting investing with as little as N1,000), Cowrywise and MoMo are perfectly positioned to deepening financial inclusion and access even further,” the FinTech company says in a statement.
How to Invest via MoMo
MoMo customers can access the Cowrywise mini-app directly within the MoMo app. The process involves:
- Launching the MoMo app.
- Selecting Cowrywise.
- Adding your National Identification Number (NIN).
- Investing directly from your MoMo wallet.
Users must have an MTN line to access the feature.
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