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Official: Y Combinator accepts CowryWise into its summer 2018 batch

Y Combinator is the most valuable startup accelerator in the world.

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Cowrywise to re-launch as Cowrywise Circles

CowryWise is announcing it has been accepted into YCombinator Summer 2018 Batch, the most valuable startup accelerator in the world.

Based in California, USA. YCombinator invests in selected startups from around the world, providing them with financing, access to investors and business growth mentorship.

According to Razaq Ahmed, CowryWise CEO, “this acceptance into YC is a validation of our commitment to our customers while we focus on our goal of bringing wealth management services to young Africans irrespective of their income level.”

CowryWise recently launched their Life Goal product feature that allows users to commit to long-term saving goals ranging from vacation, education, home, family to retirement. The CowryWise service is available to everyone through the CowryWise website and an Android mobile App on Google Play Store.

CowryWise is a FinTech startup that is helping Nigerians save and invest easily irrespective of their income level. The company is democratizing access to wealth management for Africans. The company has processed over $1.5M in savings for its customers.

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About YCombinator

Twice a year YCombinator invest a small amount of money ($120k) in a large number of
startups.

The startups move to Silicon Valley for 3 months, during which YC works
intensively with them to get their company into the best possible shape and refine their
pitch to investors.

Each cycle culminates in Demo Day, when the startups present their
companies to a carefully selected, invite-only audience.

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NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

2 Comments

2 Comments

  1. kenneth

    July 22, 2018 at 1:53 pm

    Congratulations to Cowreywise. This a show of how hardwork, transparency,accountability, and trust works.
    Keep it up Mr.Rasaq and the entire cowreywise family.

  2. Ada

    July 23, 2018 at 9:05 pm

    Good news!!!! Keep it up Mr. Rasaq!

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Business

COVID-19: CACOVID spent N43.27 billion to support 3 key priorities – CBN

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CACOVID devotes N23 billion to feed Nigerians

The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.

The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.

The breakdown of the expenditure in the aforementioned areas are:

  • Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
  • Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
  • Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.

Why this matters

The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.

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What you should know

Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).

The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.

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Companies

PZ Cusson announces retirement of Chairman, Kola Jamodu

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

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Kola Jamodu

The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.

According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.

What you should know

Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.

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He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.

He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.

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Appointments

Abbey Mortgage Bank announces appointment of 6 Directors

The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.

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Abbey Mortgage Bank announce the appointment of substantive Managing Director, and 5 Directors.

Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.

The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.

What you should know

Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.

The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.

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The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.

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