Growing your savings: The nitty-gritty of Cowrywise’s collaborative approach
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Adebayo, an old acquaintance, is typically giddy and focused on work until you ask him about his finances. He will never tell you how much he earns or how much he has in his account. He will tell you that he has more than four bank accounts and splits his income into all four but only has the debit card for two accounts. His reason: “to reduce the temptation to spend.”

A designer at a small printing shop, 24-year-old Adebayo may not fit the Nigerian asset management firms’ investor profile that has long helped the rich invest and manage their wealth. And like Adebayo, many working-class Nigerians have devised a savings and investment plan that works for them. It could be group contributions (ajo), trading cryptocurrency, or even indulging in a ponzi scheme.

People have weird relationships with money, and it’s also a significant cause of personal stress, said Fu’ad

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Abubakar Idris

Abubakar Idris

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