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Nigerian fintech startup CowryWise has been selected to take part in the Silicon Valley-based Y Combinator accelerator, gaining access to an intensive three-month programme and US$120,000 in funding.

CowryWise is a secure automated service that helps users save money and enjoy high returns from risk-free investments in Nigeria with zero fees. It has so far processed over US$1.5 million in savings for its customers.

The startup – which recently secured investment from Nigerian early-stage fund Microtraction – has been accepted into the Y Combinator Summer 2018 Batch. It will take part in a three-month programme to help scale the company and refine its pitch. It also receives US$120,000 in funding, and will take part in a demo day at the end of the programme.

Fellow Nigerian startup Kobo360 has also been participating in the programme, which ends next month.

Razaq Ahmed, chief executive officer (CEO) of CowryWise, said the acceptance into the programme was a validation of the startup’s commitment to its customers while it focuses on its goal of bringing wealth management services to young Africans, irrespective of their income level.

CowryWise recently launched its “Life Goal” feature, which allows users to commit to long-term saving goals. The service is available to everyone through the CowryWise website and an Android mobile app.

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