The Securities and Exchange Commission recently granted Cowrywise a fund management license which enables the Fintech to do more for both investors and providers in the space. Asides from investors getting further reassurance that they are on the right side of money, Cowrywise aims to build a more “immersive experience” for them specifically, the license legitimizes the company’s wealth management offerings and permits it to engage in investment advisory services, management of funds and portfolio on behalf of investors.
While this is in fact laudable, it is also important to note the groundwork that was done to make this milestone achievable in its partnership with Meristem Trustees Limited (MTL).
Meristem Trustees Limited (MTL) had served as Trustees to Cowrywise from inception when it embarked on its fund aggregation and wealth management journey. It is worthy of mention that the trust partnership between Meristem and Cowrywise was the first of its kind in the nascent fintech space in Nigeria. In this role, Meristem Trustees had oversight on Cowrywise Assets & Liabilities to its members and ensured that the company played within safe boundaries as required by its Cooperate by-laws & other internal investment policies.
A partnership of this nature is a step in the right direction as it has helped to further develop the Nigerian Capital Market and foster increased financial inclusion of more retail investors.
Incorporated in 2012, Meristem Trustees Limited is registered with the Securities and Exchange Commission (SEC) and is an active Member of Association of Corporate Trustees, Nigeria (the umbrella body of licensed Trust Companies in Nigeria.
We congratulate Cowrywise on this feat & anticipate more collaborations in the Capital Market aided by stringent regulations.
