Cowrywise, a Nigerian fintech company, has surpassed the milestone of processing over 1 million stock trades just one year after the launch of its Stocks product. This achievement comes as retail investors increasingly turn to digital platforms to engage with Nigerian equities.
The fintech is now introducing a curated stocks feature, designed to assist users in selecting companies based on analyst research, with options rated as “buy, ” “sell, ” or “hold.” This new feature aims to simplify the decision-making process for investors, bringing them closer to determining where to allocate their funds.
Retail participation in Nigeria’s stock market has been on the rise, driven by stronger market returns and the ease of access provided by fintech apps. In the first eight months of 2026, retail investors traded ₦4.53 trillion ($3.42 billion) on the Nigerian Exchange (NGX), nearly doubling the ₦2.33 trillion ($1.76 billion) traded during the same period in the previous year.
The NGX All-Share Index (ASI), which measures the market performance of listed equities, saw a significant gain of 56.93% by the end of August 2026. This increase has encouraged more retail investors to participate, particularly as digital platforms have made stock purchasing more accessible.
Young professionals are increasingly investing fixed amounts monthly, often using mobile apps. Some invest as little as ₦5,000 ($3.77), while others contribute between ₦20,000 ($15.07) and ₦200,000 ($150.72) each month. This trend highlights the growing habit of stock investing among younger retail investors, with the average age of investors on Cowrywise's platform being 28.
Periods of increased activity have been observed around major corporate and market events, such as the extension of trading hours, earnings announcements, dividend declarations, and public offers. These events have contributed to heightened engagement on digital investment platforms.
Founded in 2017, Cowrywise initially focused on savings, mutual funds, and managed investments before expanding into self-directed stock trading. The fintech generates revenue through brokerage commissions on retail trades processed on the NGX.
Another player in the market, Bamboo, began by offering self-directed stock investing and launched its Managed Portfolio in 2025. This feature allows customers to invest in a curated portfolio of US stocks with a minimum investment of $100. Bamboo had already provided access to NGX stocks in 2024, more than a year before Cowrywise, and has since seen a rise in retail participation on its app.
In June, Bamboo reported processing 542,582 NGX trades in April alone, surpassing stockbrokers like CardinalStone to become the NGX’s largest broker by weighted market share. The competition between fintech companies like Cowrywise and Bamboo highlights the growing importance of digital platforms in facilitating stock market participation among retail investors in Nigeria.
