When it comes to this modern generation, saving digitally has become necessary among individuals. Cowrywise is another saving and investment solution among Nigerian residents. I will guide you to everything you need to know about this PiggyVest alternative and how to utilize it in 2023.
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| Image by Cowrywise From www.cowrywise.com |
Table of Contents
- What is Cowrywise?
- How does Cowrywise work?
- How to create a Cowrywise account
- Verify your account
- Choose an investment plan
- Cowrywise saving plan
- How to withdraw from Cowrywise
- Conclusion
What is Cowrywise?
Cowrywise Financial Technology Limited is a Nigeria Financial Technology (FinTech) company founded in June 2017 by Razaq Ahmed and Edward Popoola. The company specializes in providing Nigerians access to save and invest money with an interest return. According to Cowrywise, its platform was the first to be accepted by the Catalyst Fund program, backed by JP Morgan and UKAID, and has accumulated over 500,000 users with over 100,000 downloads in Playstore and IOS App Store under the space of 6 years. The platform is licensed by the Securities and Exchange Commission (SEC) of Nigeria and insured by Nigeria Deposit Insurance Corporation (NDIC) which makes it more reliable and trustworthy.
How does Cowrywise work?
Cowrywise is a digital saving and investment platform that allows Nigerian users to save and invest their funds for a particular period and earn an interest percentage based on their initial investment. According to Dignited with Cowrywise, you can earn as low as 5% and as high as 12% interest annually which is quite impressive.
How to create a Cowrywise account?
Creating an account with Cowrywise is a straightforward process that requires just a few processes and you’re good to go. Here are the steps for creating an account with Cowrywise;
- Visit Playstore or IOS App Store and download the Cowrywise App
- Once the has been installed successfully, open the App and click on SIGN UP
- Type in your email address and click on Get Started
- Enter the OTP sent to your email at the given blank field and click on continue
- Fill in your correct personal details in the given field and click on CREATE ACCOUNT
- Click on SECRET MY ACCOUNT
- Next, create a four (4) pin and click on DONE
- In other to secure your account, choose two (2) security questions and their answers, then click on CONFIRM
- Set your device as a primary device by clicking the confirm button
Congratulations you have successfully created a Cowrywise account note it is important to link your BVN before you can enjoy the benefits of Cowrywise.
Verifying your Cowrywise account
There is only one way to verify your identity at Cowrywise, which is by linking your BVN to your account. To do this from your Dashboard
- Go to Stash
- Click on UNLOCK STASH NOW
- Type in your eleven (11) digit Bank Verification Number (BVN) and your date of birth attached to the BVN and click on Verify BVN
- Your BVN will automatically verify and update
Choosing a Cowrywise investment plan
There are mainly two investment plans at Cowrywise App
- Naira Mutual Funds: With this investment plan, you can invest in Nigeria stocks, bonds, treasury bills, and other financial instruments. With this plan, you can earn as low as 3% interest to as high as 40% depending on your investment
- Dollar Mutual Funds: This investment plan allows you to invest in Eurobonds and other USD assets. Earn your interest in the dollar and protect your money from Naira depreciation.
The two investment plans are very nice and can yield a huge amount of money based on your Investment
Cowrywise saving Plan
Cowrywise offers five (5) plans which are very Nice
- Regular Savings: With this plan, you can save money regularly in a locked plan for at least 3 months. With this plan, you make a whopping 12% interest per annum.
- Emergency Savings: With this plan, you save money for emergencies and can withdraw at any particular point in time with 9.90% interest per annum.
- Money Duo: This plan enables you to save together with your partner and earn an interest rate of 9.90% per annum.
- Saving Circle: This particular plan allows you to save together with people who have the same saving goal as you. With this plan, you can make up a 12% interest rate per annum.
How to withdraw from Cowrywise App
Withdrawing from Cowrywise is a straightforward process that requires few actions. Here is how to withdraw your funds from Cowrywise App.
- Login to your Cowrywise dashboard with your smartphone
- Go to the Stash page
- You will see a three-dotted icon at the top right of the page
- click on it and select the withdraw option
- Next, click on Got it and proceed
- Select your bank account to disburse your money (or click on add a bank account and follow the procedure)
- Enter your withdrawal amount (maximum of N500,000 daily) and proceed
- For verification purposes, input your four (4) pins to verify your ownership
- The withdrawal will be processed within a few hours and your account will be credited
Conclusion
In conclusion, Cowrywise is a great saving and investment option and possibly the best PiggyVest alternative for Nigerian users. Cowrywise is licensed by Security and Exchange Commission(SEC) and insured by Nigeria Deposit Insurance Commission (NDIC) which makes them more reliable and trustworthy. with Cowrywise you can make over 30% interest rate from your savings and investment respectively. So for me, Cowrywise is a platform to tryout
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