MAN highlighted that the decision lacks sufficient data, stakeholder consultation, and could result in economic disruption, job losses, and further hardship, particularly for low-income traders and microbusinesses.

In a recent statement signed by Segun Ajayi-Kadir, the director general, Manufacturers Association of Nigeria held that the decision does not recognise the current socio-economic situation and does not provide a beneficial solution, stating that the Ministry of Environment has yet to publish any study to back the reasons for the decision.

“The decision is predicated on the unsubstantiated claim that plastics, and especially some single-use plastics (SUPs) are associated with adverse health and environmental impact and therefore need to be banned. The Ministry is yet to publish any study to substantiate this claim,” the statement reads.

The association highlighted that the adverse environmental and social impacts are a result of failure in plastic waste management, and not plastic products themselves.

Emphasizing that the state government needs to support improved plastic recycling with infrastructure, leasing of lands as dumpsites for sorting at scale to enable adequate recycling.

Citing a recent study by the association, hundred percent of the manufacturers consulted expressed concern over the ban, as it will lead to job loss if implemented.

Also, 93 percent of dealers lack clarity on the policy due to inadequate information. While highlighting loss of revenue and compromise to product integrity as some of the implications of the ban.

MAN advised that a systems-oriented approach should be adopted, which will include inclusive stakeholder engagement, evidence-based policymaking, and support for local alternatives, which balance environmental goals with Nigeria’s socio-economic realities.

*Motunrayo Koyejo is a software engineer specialising in fintech solutions for emerging markets. With a passion for leveraging technology to drive financial inclusion, she contributes insights to Africa’s digital transformation. She currently works as a senior software engineer at Cowrywise

According to insights from a source familiar with Cowrywise’s operations, the company justified these workforce changes by asserting that the terminated roles no longer aligned with its evolving direction. Describing it as part of internal restructuring and adaptation to evolving business needs, the move sheds light on the dynamic nature of the fintech sector and the company’s vision of staying ahead of the curve.

With a team of 50 employees, Cowrywise, officially confirmed the termination of five roles following an annual performance review, insisting that these adjustments do not constitute layoffs typically associated with economic or business performance concerns, distancing itself from conventional layoff scenarios.

An unnamed insider acquainted with Cowrywise’s trajectory hinted at a transformation, envisioning the company as a “totally different” entity in the coming years, emphasising a shift towards being more of a finance company than a conventional fintech player. The anonymous source’s comments underline the strategic and visionary aspects of Cowrywise’s current decisions.

Affected employees received an atypical exit package, being compensated with three months’ salaries as opposed to the customary one month stipulated in their contracts. This unconventional move raises eyebrows and suggests a departure from the typical practices associated with performance-related terminations.

Founded in 2017 by Edward Popoola and Razaq Ahmed, Cowrywise, a member of Y Combinator’s Summer 2018 batch, has undergone significant growth since its inception. Initially launching with a savings feature, the startup has expanded its offerings, providing diverse investment opportunities to its user base in Nigeria. Noteworthy milestones include amassing over 220,000 users and securing a substantial $3 million pre-Series A funding round led by Quona Capital in January 2021.

Further solidifying its position in the financial sector, Cowrywise obtained a license in 2021 to operate as a fund manager from Nigeria’s capital markets regulator, the Securities and Exchange Commission (SEC). The company’s website asserts 19 SEC-licensed mutual funds for investors to choose from, with at least 20% of the country’s total mutual funds listed on its platform.

Two prominent players in this space, PiggyVest and Cowrywise, have gained significant traction, especially in Nigeria. The key features, benefits, and differences between PiggyVest and Cowrywise, helping you make an informed decision about which platform suits your financial goals best are reviewed here. 

PiggyVest, formerly known as Piggybank.ng, is a robust savings and investment platform designed to help individuals cultivate a saving culture effortlessly. With PiggyVest, users can automate their savings, setting aside a specific amount daily, weekly, or monthly. 

The platform offers a range of saving options, including Target Savings, SafeLock, and PiggyFlex, allowing users to save for specific goals, lock funds to curb impulsive spending, and earn competitive interest rates respectively.

One of the standout features of PiggyVest is its versatility. Users can save towards various goals, including vacations, emergency funds, or even investments, making it an all-in-one solution for financial planning.

Cowrywise, on the other hand, is a goal-oriented wealth management platform that enables users to save and invest their money wisely. The platform offers various investment plans, including Halal investment options, making it appealing to a diverse user base. 

Cowrywise provides a range of investment instruments, from mutual funds to government bonds, allowing users to create a diversified investment portfolio easily.

Cowrywise emphasizes financial education and offers tools to help users understand their risk tolerance and make informed investment decisions. The platform’s user-friendly interface and transparency in fees make it an attractive choice for those looking to venture into the world of investments.

Why 71% of African Tech Investors will Avoid Follow-on Funding – Wimbart’s Report

Comparing PiggyVest and Cowrywise

1. Ease of Use:

PiggyVest, known for its intuitive interface and user-friendly experience, simplifies the savings process, making it accessible to individuals at all financial literacy levels.

Similarly user-friendly, Cowrywise offers a seamless experience for both saving and investing. The platform’s goal-oriented approach helps users stay focused on their financial objectives.

2. Investment Options:

While PiggyVest primarily focuses on savings, it does offer an investment feature called “Investify,” allowing users to invest in pre-vetted opportunities with attractive returns.

Cowrywise offers a broader range of investment options, including mutual funds, bonds, and other asset classes. This diversity allows users to create a well-rounded investment portfolio.

3. Security:

Both platforms prioritize user security, employing encryption and secure protocols to safeguard users’ financial information and transactions.

4. Fees and Charges:

PiggVest charges nominal fees for certain transactions and services. Users should carefully review the fee structure to understand the cost implications of using the platform.

Cowrywise is transparent about its fees, and users can easily access information regarding charges for various services. Being aware of the fees is necessary for users looking to maximize their savings and investments.

5. Customer Support:

PiggVest offers customer support through various channels, including email and social media. While their response time is generally good, some users have reported occasional delays in getting their queries resolved.

Cowrywise is known for its responsive customer support. The platform provides timely assistance to users, addressing their concerns and queries promptly, enhancing the overall user experience.

Both PiggyVest and Cowrywise stand out as reliable options for individuals seeking to save and invest wisely. Your choice between the two ultimately depends on your financial goals and preferences. 

PiggyVest excels in simplicity and goal-specific savings, while Cowrywise offers a more diverse range of investment options, making it an ideal choice for those interested in wealth creation through investments.

Regardless of your choice, both platforms are contributing significantly to empowering individuals to take charge of their financial futures, one digital transaction at a time.

No one saw this coming.

Or did they?

According to CB Insights, there are — as of August 2022 — 1,182 unicorns in the world, with a total cumulative valuation of approximately $3,844 billion.

But first, what’s a unicorn?

A unicorn is a privately owned startup company with a valuation of more than $1 billion.

Up until the year 2021, African companies watched from the sidelines as their global counterparts hit the $1 billion mark in funding until finally, the first four unicorns broke the threshold in the first 9 months of 2021.

And ever since then, there’s been a boom in the African startup funding space, and it doesn’t seem to be slowing down anytime soon, as more and more venture capitalists are drawn toward the African investment space.

Today, Africa is home to 7-8 unicorns (as Jumia keeps going to and fro on the $1billion threshold), and a number of other startups have sprung up over the last 2 years.

Who can be a unicorn?

In all honesty, only a startup can be a unicorn. “Unicorn” is a term given only to “startups” who have a valuation of over a billion dollars in funding.

According to forbes.com; Startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers; examples of start ups in nigeria are Roqqu, Autochek, Bamboo, Palmpay, etc.

The startups that break the $10 billion valuation threshold are referred to as decacorns (a super unicorn). Dropbox, SpaceX, and WeWork are some examples.

Currently, we have seven unicorns in Africa, and we will be looking at the common peculiarities between these unicorns and also startups with similar patterns.

The first common factor on our list is:

Innovative disruption

Mostly, all the unicorns have brought about a change to the industry or sector in which they operate,  bringing a new perspective to the game and influencing their entire industry or niche operates down to the everyday lives of the users.

Industry is a second common factor.

The major industry dominating the African unicorn scene and even the world at large is the tech industry.

In Africa,  5 of the 7 unicorns are fintech companies, namely Interswitch, Chippercash, Opay, Wave and  Flutterwave; it is really hard to ignore the pattern here.

Geolocation is a third common factor

Interestingly, 5 out of 7 African unicorns have a Nigerian co-founder or are Nigerian-based themselves.

This, of course, gives room for reasonable levels of exposure, which gives room for more innovation in that area.

They are enablers of other businesses

Another common trait among unicorns is they create systems that empower other businesses in the sectors in which they operate.

A perfect example is flutterwave with their systems of international payment and  inter switch with its integration of electronic payment across Africa and a whole lot more.

They are quick to pivot

It’s no wonder they grow to such amounts in funding, it’s not uncommon to see a unicorn which started out in one industry; break out into other industries.

A few examples of unicorns that have done this include; Andela, Jumia and others.

Whom to look out for?

We hope the above helps you on your journey to find Africa’s next unicorn.

There are a number of case studies to look out for with the above factors, which will be addressed in no particular order;

Autochek

This startup has made it easier to buy and sell cars in Nigeria. TLcom Capital and 4DX Ventures led a $3.4 million investment in this automotive technology startup.

This startup aims to create a secure environment for purchasing and selling cars.

Tom X holdings

According to The Leadership paper, Tom X Holdings’ mission to bring about an economic revolution in Africa has begun.

Their latest step towards disruptive innovation is evident in their move to digitize their already functioning credit platform, Tom X Credits, which in the past has largely benefited a number of Nigeria’s unbanked populace into Rapaid.

Ayomikun Akintayo — Tom X Holdings Chief Growth Officer — told us how this new platform simplifies and brings a new perspective to the Nigerian financial scene with stress-free loans, savings, and investment options despite the many regulatory requirements.

All the while still building a whole new world for African SMEs by making day-to-day business operations as smooth as they can be with TRVY.

There are a lot of promises with Tom X holdings as they cut across multiple sectors like fintech and insurance in Africa with Corva.

Chaka

Chaka is a digital investment platform that was launched in 2019 and enables you to build and manage your portfolio. Nigerians are able to invest in international stock exchanges like the NASDAQ and NYSE.

Chaka was founded with the primary goal of removing trade obstacles between Africa and the rest of the world and creating global investment opportunities.

CowryWise

CowryWise is a top startup in Nigeria that makes premium investment and financial services available to the general public. It automates the process of saving and investing money.

The method of investing and saving money is automated. Users can sign up for an investment plan that will automatically transfer a certain amount from their savings account to their CowryWise account each month. Additionally, this sum earns approximately twice as much interest as any bank would charge.

Eden

This unique startup in Nigeria offers a home concierge service that is supported by cutting-edge technology. Eden has made it simple to take care of your home and complete daily tasks. It completes your household chores by giving someone the day-to-day responsibilities. This allows you to carry on with your life as usual. It is well-known for its expertise and assists its customers in saving time and energy.

In case you are still wondering which one of these startups will be the first to hit the $1 billion dollar mark in valuation, feel free to take a closer look at each of these startups to arrive at your conclusion.