What is Cowrywise?
Cowrywise is a digital wealth management and savings mobile application that was launched in Nigeria in 2020. It allows users to save money and invest securely online. The app utilizes a subscription-based savings plan called “Stash Plans” to encourage its users to save regularly.
How to Download and Create an Account on Cowrywise
To get started with Cowrywise, you need to first download the app from the Google Play Store or Apple App Store. Once downloaded, open the app and click on “Get Started.”
You will be required to fill a registration form asking for your name, phone number and email. The app will then send an OTP (One-Time Password) for verification to the phone number provided. Enter the OTP to create your Cowrywise account.
How to Makw Deposits and Invest on Cowrywise
After creating your account, you can now make deposits into your Cowrywise wallet from your bank account. Tap on “Deposit Money,” select your bank, enter the deposit amount and your bank account details. The funds will reflect in your Cowrywise wallet once the transfer is successful.
You can then subscribe to any of the Stash Plans starting from as low as N5,000 per month to automatically save and invest your money. Cowrywise invests subscribers’ funds in low-risk instruments like government bonds and treasury bills. The invested amounts grow over time based on the returns from these instruments.
How to Logging into Your Account
To log into your existing Cowrywise account, open the app and enter your phone number and password. If you forget your password, you can click on “Forgot Password” and reset it by providing your email or phone number for verification.
Cowrywise Customer Care Support
Cowrywise prides itself on providing 24/7 customer support to resolve all users’ queries and issues promptly. You can reach their support team through the following methods:
– Email: Send an email detailing your request to support@cowrywise.com
Telephone: Call their toll-free helpline number 0800 1234 678 from Mondays to Fridays between 9:00 AM to 6:00 PM.
They strive to respond to all queries within 24 hours for swift resolution of problems.
Cowrywise Interest Rates
The interest earned on funds invested through Cowrywise Stash Plans depends on the plan subscribed and the number of months completed. Interest is calculated daily and compounded monthly based on the current base rate.
- Stash Plan Lite (6 months): 5-8%
- Stash Plan Classic (12 months): 8-12%
- Stash Plan Premium (24 months): 12-16%
Is Cowrywise Legit and Approved by CBN?
Yes, Cowrywise is a legitimate savings and investment company registered and licensed by the appropriate regulatory bodies in Nigeria.
It has also won recognition including the Fintech 100 in 2020 and Nigeria Fintech Awards for Savings Product of the Year. So you can trust Cowrywise with your money as it is fully approved and regulated in Nigeria.
Cowrywise App Conclusion
In conclusion, the Cowrywise savings and investment app provides a simple, secure and convenient way for Nigerians to build wealth over time.
By enrolling in one of their Stash Plans tailored to individual needs and budget, users can rest assured of attractive returns on their invested funds. Backed by licenses from top financial regulators in the country, Cowrywise is definitely a legit option to consider for achieving your long term monetary goals.
FAQs
Is the money in my Cowrywise wallet insured?
Yes, funds in Cowrywise wallets are insured up to a limit by NDIC (Nigeria Deposit Insurance Corporation). This provides an additional layer of protection for subscribers’ monies.
What is the minimum I can save with each deposit or subscription?
The minimum deposit or subscription amount for a Stash Plan on Cowrywise is ₦5,000 only. This makes it suitable even for those starting out with small regular savings.
Can I make partial withdrawals from my subscribed Stash Plan?
No, partial withdrawals are currently not supported for Stash Plans on Cowrywise. Subscriptions have to be completed as per the chosen plan’s terms to get the maximum returns. You can however withdraw your entire invested amount plus earnings at any point of time if needed.
