Saving is a habit that must be developed to live a healthy financial life. Saving for the rainy days is an essential part of life. This can help you achieve your goal in unexpected ways. In this article, we will be reviewing the easiest way to save online through Cowrywise, their interest rate, investments, and everything about this app
Technology has made it easier to save money from the comfort of your home and watch it multiple. One of the digital platforms to save money is Cowrywise.
Cowrywise is a Nigerian wealth management platform. This platform allows users to easily plan, save, and invest their money. It gives people access to savings and investment options from any internet-enabled device, just like most Fintechs in Nigeria.
In this article, we shared information about Cowrywise and what they have to offer. If you are interested in using the Cowrywise platform, keep reading.
What is Cowrywise
Cowrywise is a wealth management platform that allows users to easily plan, save, and invest their money. Just like piggyvest
It offers a variety of savings and investment options and allows users to save as little as N100. Users can easily budget and save money to improve their financial situation. This platform can be accessed from any internet-enabled device.
Through a trustee agreement, Cowrywise secures its users’ funds with Meristem Trustees. Meristem Trustee’s job is to make sure that your money is completely safe. They ensure that Cowrywise invests your funds properly.
The Securities and Exchange Commission regulates Meristem Trustee (SEC). In Nigeria, the Securities and Exchange Commission (SEC) oversees all investment platforms.
This SEC regulation can be thought of as insurance, as it ensures that customers are not exposed.
Cowrywise is protected by bank-level security. All user data is encrypted to stop unauthorized access to sensitive information. Furthermore, all key transactions are also protected by 2FA (two-factor authentication).
History of Cowrywise
Cowrywise is a financial technology company that was founded in July 2017 by Razaq Ahmed and Edward Popoola as a wealth management platform for young Africans. Its goal is to make saving and investing easier. Cowrywise accomplishes this through its automated savings platform and various investment platforms, including mutual funds, and money market funds.
They have also partnered with Nigerian investment firms to make the investment process easier for their clients. Meristem and Afrinvest are two of the companies with which they have partnered.
Which bank owns Cowrywise?
Cowrywise is currently not owned by any bank.
Is Cowrywise safe?
Yes, Cowrywise is safe. It is registered as a Fintech company in Nigeria. “Meristem Trustees”, which is registered with the Securities and Exchange Commission (SEC) make sure that the money and investments of customers of Cowrywise are safe and secured.
Benefits of using the Cowrywise
- You can save as low as N100 on this platform.
- It supports automatic deduction. When payment is due, automatically the amount is deducted from the credit/debit card (ATM card) linked to the account.
- You are not charged any fee for deposits, alerts, or withdrawals from Cowrywise.
- Your funds are safely stored with a trustee (Meristem trustees).
Cowrywise Referral Bonuses
This is another benefit of cowrywise!
You get paid for referring new people or users to them.
Both the person that refers and the referral get 1,000 each once the person you refer funds their wallet with at least 5,000 nairas.
The 5,000 is withdrawable instant … It’s just to test how it works…
Features of Cowrywise
Cowrywise offers a variety of flexible plans that can help you in budgeting and managing your finances. Understand each feature and select the one that best suits your needs. The following are the features:
Savings Circle
This Cowrywise feature allows you to set goals and save as a group. As a result, you can save with your family and friends for a common goal.
Regular Savings
This feature allows you to automate your savings by specifying whether you want to save daily, weekly, or monthly. You can also save at any time. The minimum amount of time you can save with this plan is three months.
Life Goals
This plan is best for anyone who wants to save for a long-term goal for a minimum of a year. This feature can be automated on a monthly, weekly, or daily basis. After this feature’s completion date, you can only withdraw or roll it over.
Halal Savings
This feature is specifically for Muslims who do not want to pay interest and simply want to save. This feature is the same as the Regular Savings feature but it pays no interest on savings.
This feature locks until the completion date.
Mutual funds
This feature pools money from several small investors to make large investments all at once.
These funds are also professionally managed to ensure that customers receive the best possible returns. This feature is available to Cowrywise customers.
What is Cowrywise stash?
Cowrywise stash is similar to an in-app wallet that receives money from mutual fund sales. Customers can transfer money into and out of their stash through USSD or bank transfers to a savings plan, an investment plan, or other users on the platform. Customers can also transfer as little as N25 to any bank account.
How to make money on Cowrywise?
You can make money on Cowrywise in three simple ways.
- Saving.
- Investing.
- Referring a friend, family or colleague to the platform.
What are Cowrywise Interest Rates?
Interest rates on the Cowrywise platform are variable, ranging from 5% to 12% per year. This company’s interest rates are determined by current market rates.
Cowrywise will show you the current rate and how much you can earn before you create a plan. Cowrywise provides a higher rate of return than traditional bank savings account rates.
How to sign up/create an account or login into Cowrywise
To sign up for Cowrywise, visit cowrywise official website or download the Cowrywise app.
- Then, You first input your email and you get a code to your email to proceed registration
- You now provide your name, and phone number.
- After that, you will need to link your bvn to get fully verify! Then you are good to go
Note if you use the above link to sign up to cowrywise you will get a free 1,000 naira for sign-up bonus once you have funded your account with at least 5,000.
You can fund the account with 5,000 to test how the app work then withdraw everything back including the 1,000 bonus
You can now begin saving and investing.
How to withdraw from Cowrywise
- First, Log in to the Cowrywise mobile app or the Cowrywise website.
- Then, click the “Stash” option when you find it.
- After that, Select “Transfer money” from the drop-down menu.
- Then, Select “Bank account” from the drop-down menu.
- Carefully input the amount you’d like to withdraw and then click “Transfer.”
- Finally, input your pin to complete the transaction.
How Long Can Savings And Investment be Kept With Cowrywise?
The minimum duration for Cowrywise’s investments and savings is 90 days. There is no limit to how much you can save in Cowrywise. You can also monitor your investments and savings from your Cowrywise dashboard.
How to Pause Savings Plans On Cowrywise
- Login to your Cowrywise account.
- Then, choose the plan you’d like to pause.
- After that, select “Edit” from the menu.
- Then, Change the “Plan Status” from “Active” to “Pause” by tapping on it.
- Finally, select “Save” from the drop-down menu.
Now your savings plan has been put on hold.
When Do I Start Earning Returns On Cowrywise?
Once you start saving on Cowrywise, you will begin to earn returns on your plans.
What is the customer care number of Cowrywise?
If you have any concerns or you want to delete your Cowrywise account. Kindly contact Cowrywise customer care by email at [email protected] or by Whatsapp at +234 903 0000 857 or give them a call on +234 802 2212 229.
Conclusion
Cowrywise realized the importance of savings in the 21st century and decided to create a platform to assist Nigerians in their saving culture. This Fintech company makes it simple to save and invest using digital methods.
If you’re looking for a place to save and invest in Nigeria, look no further, Cowrywise is a good option. We hope that you found this article on Cowrywise informative.
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