Nigerian fintech startups Cowrywise and Scale My Hustle has agreed a partnership that will provide financial and growth advisory services to African small and medium enterprises (SMEs).
Cowrywise is a secure automated service that helps users save money and enjoy high returns from risk-free investments in Nigeria, with zero fees, while Scale My Hustle helps entrepreneurs build better-structured businesses via educational content and an online community.
The new partnership will blend financial advisory and growth advisory in a manner that is tailored to fit players in the African space, with the core aim of helping business owners earn more revenues, which they can then use to help their businesses grow. The two startups hope to impact at least 500,000 SMEs in the next 10 years.
Based on insights from Scale My Hustle’s interactions with business owners, Cowrywise will help design free financial tools that satisfy demand and improve the day-to-day activities of African businesses.
“It is quite exciting to work with such a brilliant firm on designing business tools specific to the African space. As a firm, right from the beginning, we have been focused on designing what people can actually use. Therefore, this is a major step that is in sync with a core aspect of our vision. I look forward to the amazing results that this partnership will birth,” said Cowrywise lead product designer Feyisayo Shonubi.
Scale My Hustle founder Moe Odele said most advisory strategies focused on telling African entrepreneurs how to use money that does not even exist yet.
“That is, they ignore the evident fact that these businesses are not even earning enough yet. With this partnership, we will focus on improving the earning abilities of African businesses and then help them scale,” she said.
To kick things off, teams from the two startups will embark on an extensive tour to interact with business owners across different sectors to understand their challenges and how they can help them do better. Based on learnings from this tour, tools and guides will be designed for their use. In addition, small business owners will be provided with access to free workspace, studio space, gaming facilities, and a referral bonus. Companies can register here.