Cowrywise App (2023 Review): How Does Cowrywise Work? Is it Legit? (Interest Rate, Investments & Maturity Date)

cowrywise savings and investing app

Last Updated on January 19, 2023

Cowrywise is a wealth management platform for Nigerians. It is similar to platforms like Piggyvest. Users can easily plan, save and invest their money with this platform.

Just like most Fintechs in Nigeria, it gives people access to savings and investment options from any internet-enabled device. 

The digital savings and investment platform makes automated savings and investments very easy for its users. It offers different savings and investment plans to customers, like automated savings, Naira and dollar mutual funds investments.

Is Cowrywise Legit? Is it insured? How safe is it?

Cowrywise is a legit platform headquartered in Lagos, Nigeria and has thousands of users using it every day in Nigeria. This platform secures its user’s funds with Meristem Trustees via a trustee Agreement.

Meristem Trustee is a firm regulated by the Security and Exchange Commission (SEC). The SEC is the overall regulatory body for investment platforms in Nigeria.

The role of Meristem Trustee is to ensure that your funds are 100% secured. They make sure that Cowrywise invests your funds in what they promised to invest in and that they give their customers their accurate interests.

You can think of this SEC regulation as insurance as they make sure customers are not exposed.

The platform also uses bank-grade security. So all user’s data are encrypted to prevent unauthorized access to sensitive information.  It also uses  2FA (Two Factor Authentication) for all key transactions.

See: Piggyvest vs Cowrywise: Which is Better for You

How Cowrywise Started? When was it created?

Cowrywise was started in 2017 by Razaq Ahmed and Edward Popoola in 2017 as a wealth management platform for young Africans.

The fintech startup has currently raised a total of $3.3m from around 8 investors both locally and internationally.

Which Bank Owns Cowrywise?

Currently, no bank owns Cowrywise. However, it has partnerships with some banks and investment companies.

How to Signup to Cowrysise? How to Use the App?

You can start using this savings and investment platform by visiting its website from your browser. Log in and you can start saving and investing today.

However, you can also use the Cowrywise mobile app as well. It is available for both Android and iOS.

What are the Features?

This platform offers both savings and investment plans and features like: 

Savings Circle

This plan allows you to set targets and save together in a group. So you can save with family and friends together towards common goals. 

Regular Savings

With this plan, you can decide to automate your savings by specifying if you want to save daily, weekly, or monthly savings) or you can decide to save anytime that you want to. The minimum duration for saving with this plan is 3 months.

Life Goals

This plan allows anyone to save for their long-term goals with a minimum period of 1 year. You can also automate this plan on a daily, weekly and monthly basis. You can also choose the category a Life goal plan falls into. Be it education, Vacation, Business, and even retirement. With this plan, You can only withdraw or roll over the plan after the maturity/completion date.

Halal Savings

 This is a plan made for Muslims in mind, who dont want interest and just want to save. It is the same thing as the Regular Plan except that it doesn’t accumulate interest. Creating a Halal plan means it is locked until its maturity date.

Cowrywise Mutual Funds 

You can also invest in Naira and Dollar mutual funds on this platform.

What is Cowrywise Stash?

The stash is like an in-app wallet that receives cash from sold mutual funds. You can also transfer into your stash via bank transfers or USSD and also out of your stash to a savings plan, investment plan or other users on the platform.

How do you Make Money on Cowrywise?

There are a couple of ways to make money from this app. You can make money by saving or investing with the app. You can also make money by inviting your friends to use this platform. 

Cowrywise Interest Rates

Interest rates on the Cowrywise platform are dynamic and can range between  5% per annum to 12% per annum. Interest rates from this company reflect current market rates.

How to Withdraw from Cowrywise

To withdraw from your account. Follow these steps:

  • Login to the Cowrywise app or web app (website).
  • Find the “Stash” option and tap on it.
  • Click  on “Transfer money”
  • Click on “Bank account”
  • Enter the amount you want to withdraw, click on “Transfer”
  • Enter your pin to confirm the transaction.

Cowrywise Customer & Contact care

You can contact this company’s customer care by mail: [email protected] or by Whatsapp: +234 903 0000 857 or calling +234 802 2212 229.

How do I Delete my Cowrywise Account?

If you want to deactivate or delete your Cowrywise account, you have to contact the company. Their contact details are above.

How do Invest in Cowrywise?

The investments on Cowrywise are mutual funds. You can invest in both Dollar and Naira mutual funds.

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