Introducing How CowryWise Works - Saving And Investment With CowryWise – Faqontech

Introducing How CowryWise Works – Saving and Investment With CowryWise

by Ayorinde Ayodeji
cowrywise

Today, I will be sharing information aboutCowrywise ( Introducing How CowryWise Works – Saving and Investment With CowryWise ).

This article has a lot to teach from cowrywise review to investing and saving with cowrywise.

Cowrywise is a fintech company democratizing access to premium financial services by making these services available to the mass market cheaply.

CowryWise is a secure automated service that helps you save money, allowing you enjoy high returns from risk-free investments in Nigeria with zero fees, charges and no penalties.

Cowrywise is similar to piggyvest, why?

Because they are both part fintech in Nigeria and offering same services like saving and investing.

Full Info About CowryWise?

CowryWise is a personal wealth management platform that enables you automate your savings and investment towards meeting specific financial goals.

For the Cowrywise app, there has been over 100,000 downloads on Play Store. It has an approval rating of 4.5 stars from 1,771 users. Many reviewers say they have had a great experience on the app, describing it as ‘reliable’, ‘amazing’, ‘efficient’ etc.

Cowrywise has absolutely no option of emergency withdrawal outside of the set date. You may want to consider this if you choose to save with them. It is stricter than PiggyVest in its withdrawal policy.

This, the platform claims, is to ensure users remain 100% committed to saving and meeting up with their goals.

✓ Also Read:  What is Blockchain Technology? An Easy Beginners Guide 2019

CowryWise Team

  • Razaq Ahmed, CEO and Co-founder. He formerly worked as Business Economist in Shell and as Investment Analyst in Vetiva Capital Management and Meristem Securities. He has first class degree in Economics from OAU and is a CFA Charterholder.
  • Edward Popoola, CTO & Co-Founder. He has previously worked for African Advantage, a pan-African Telco servicing company and Interswitch. He has a degree in Computer Science from OAU and currently enrolled in Stanford I&E Program.

What Problem is Cowrywise Solving?

The average African does not have access to personal finance and wealth management services as he is either unserved or grossly underserved.

Isn’t it cool?

Traditional financial institutions have made saving money and growing wealth costly and unattractive to individuals who are outside their target high net worth bracket.

Types of Savings Plans on CowryWise

CowryWise offers you different savings and investment plans specifically designed to suit different circumstances.

Cowrywise is waiting for you!!

These are the plans currently on offer as we continue to develop more:

  1. Savings Circle: This is a group saving feature. With the savings circle you can save/invest with family and friends together towards projects and goals. There are 2 types; collections and challenges. You can find out more about the savings circle here
  2. Regular Plan: This plan type allows you choose to either automate your periodic savings (you can specify daily, weekly or monthly savings) or save anytime you want to. You earn interest on this plan based on how long it is locked for. This also means you can only withdraw from it after the maturity (withdrawal) date. You can also rollover the plan for another period after maturity at a click of a button. The minimum duration for regular plans is 3 months.
  3. Life Goals: Life goals are long term financial commitments that enable you meet long term financial objectives in an easy, convenient and rewarding way. You can choose any of our life goals and automate saving into them on daily, weekly or monthly basis. These life goals include Education, Vacation, Family, Business, Home, and Retirement. The minimum duration for Life Goal is 1 year. You will be able to withdraw or rollover the plan after maturity. 
  4. Halal Savings: This is similar to the Regular Plan except that it does not earn interest. This is particularly suitable for Muslims who want to save in a disciplined manner but do not want interest; the plan is also locked till maturity.
  5. One Time Savings: This is not a plan on its own, it is our savings top up feature. You can use this feature to top up any of your existing plans anytime with any amount at all and at anytime.
✓ Also Read:  All Nigeria banks sort codes (Headquarters)

Note that, you can have multiple plans running within one Cowrywise account. And all these plans are locked till the maturity date chosen while setting up the plans.

You can also set your withdrawal date longer than the default minimum duration. For example, you can have a Regular or Halal Plan that is locked for longer than 3 months and you can have a Life Goals plan locked for longer than a year.

Cowrywise Interest Rate?

CowryWise provides a platform for personalised financial services with a high interest rate only available to the top 1%.

The service is available on multiple channels (web, mobile and chat bot) with a focus to reach millions of savers in a cost-effective way than traditional financial services providers.

They currently offer up to 4x the return an average saver earns from banks while they still maintain a profit spread of 5% to 10%.

How to Register on CowryWise?

  1. Visit the Google playstore or iOS Appstore
  2. Search for “Cowrywise” and install the app
  3. Register carefully with the correct details
  4. A verification email will be sent to you, ensure you tap that
  5. Log-in and get started
✓ Also Read:  How to Activate 9mobile 1GB for N200 Plan

With CowryWise the opportunity is massive. They are offering a wonderful product that solves a genuine problem which is also difficult for the existing competition to offer, creating a sustainable moat. 

Are you still having any issue with cowrywise? use the comment section below.

Faqontech and its contents are protected by COPYRIGHT LAW (DMCA) with high-priority response rate. Reproduction without permission or due credit link back will cause your article(s) to be removed from search engines and disappearance of Ads on that page if monetized with Adsense.

NOTE that Your Adverts can be placed here on Faqontech either Banner, Link or Text ADS We got you covered, We have different advert space waiting for you. Want to know more about our advert placement click HERE

You may also like

Leave a Comment