Cowrywise Review: All You Need To Know Before Saving Or Investing
About Cowrywise
Cowrywise is a financial technology company/institution that was founded in July 2017. Its main aim is to ease the process of savings and investments. This is achieved by means of its automated savings platform and investment platform such as the money market funds and mutual funds.
Cowrywise has also partnered with several investment companies in Nigeria to make the process of investment easier for its customers. Some of the firms that are currently in partnership with them include Afrinvest and Meristem.
Cowrywise is run by professionals in finance and technology with over 20 years of accumulated domain experience.
How Does it Work?
Cowrywise allows you to start your investments and savings with as little as N100 on their periodic plans. The application also has four different features that you can select based on your financial goals.
Below are some of the features of Cowrywise.
Cowrywise offers you different savings and investment plans specifically designed to suit different circumstances. These are the plans currently on offer as we continue to develop more:
- Savings Circle: This is a group saving plan. With the savings circle, you can save or invest with family and friends together towards a common project and goals. There are 2 types; which are collections and challenges.
- Regular Plan: This savings plan allows you to decide whether to automate your periodic savings (you can specify if it would be a daily, weekly, or monthly savings) or save anytime that you want to. You earn interest on this plan based on how long the plan is locked for. This also means that you can only withdraw from it after the maturity (which is the withdrawal) date. You can also roll over the plan yo some other period after maturity at a click of a button. The minimum duration for the regular plans is 3 months.
- Life Goals: Life goals are the long term financial investments that allow you to reach up to long term financial objectives in an easy, convenient and very rewarding way. You can also choose any of their life goals and automate saving into them on a daily, weekly, or monthly basis. These life goals include Education, Family, Vacation, Business, Home, and Retirement. The minimum duration for Life Goal is 1 year. You would only be able to withdraw or roll over the plan after the maturity/completion date.
- Halal Savings: This is very similar to the Regular Plan except that it does not accumulate interest. This is particularly suitable for Muslims who do not want to save in an undisciplined manner, therefore, not wanting interest; the plan is also locked until its maturity date.
- Savings Top-up: This is not a plan on its own, it is your savings top-up feature. You can use this feature to top up any of your already existing plans anytime with any amount at all and at any time that you want.
Note that you can have several plans running on one Cowrywise account. And all these plans would be locked until they reach the maturity date that was chosen while setting up the plans. You can also include your withdrawal date longer than the default / minimum duration. For example, you can have a Regular or a Halal Plan that is locked away for longer than 3 months and you can have a Life Goals plan locked for up to or longer than one year.
How Safe is Cowrywise?
As a potential user or a potential investor in Cowrywise, you might be a little concerned about the credibility of the company platform. There's no need to worry; your investments are in very safe and in reliable hands.
Cowrywise is a registered FinTech company situated in Nigeria, and this makes them be a legal entity. They also have a team of investment professionals who also invest savers funds in several financial institutions and manage these funds with the sole purpose of getting the optimum returns for customers.
As regards the safety and security of the saver's funds, the assets are held by Meristem Trustees, which is a registered institution under the Securities and Exchange Commission (SEC) on the saver’s behalf.
So, what are you still waiting for? start making your money work for you with Cowrywise and start saving towards those dreams that you have.
