Is Cowrywise Safe? 6 Ways To Be Certain

Is Cowrywise Safe? 6 Ways To Be Certain

Cowrywise has been on the street of twitter and Instagram for a while. Wherever I turn to, almost everyone I know is talking about Cowry wise App. I am someone who loves to be certain of where I put my money and how safe it is. In the era of scam and fraudulent money scheme, it is very important to get all your fact right before using any investment platform.

After lots of google research, questions and answers, I thought to download the App and see things for myself. After all, you may never know until you get into it. So here are 5 ways to be certain if you need Cowrywise or not.

#1: First Impression After Downloading Cowrywise

The first thing I noticed was how very easy it was to navigate the App. Other Apps will feature too many things on the home page, thereby confusing you the more. But for Cowrywise, you can open the different features and plans to have a great and better understanding. So I need not get anyone to teach me how to use.

Setting up an Account on Cowrywise

#2: Setting Up My Account and Choosing A Plan

The first thing I did after downloading was to set up my account with my email, full name, phone number and password. I was prompted to verify my email after receiving the link they sent to me. Afterwards, I had access to log in and see which plan works best for me. Below are the plans I saw:

  • Life Goals

This is an automated long term saving plan for life goals like vacation, education, family, emergencies, business, retirement or even for rents. The minimum duration of this plan is a year and you get a 15% interest rate on it depending on the tenure. Planning for a wedding in a year or more? Then this plan may be just what you need.

  • Periodic Savings

This is better for short term plans like periodic exams or just normal savings targeted for use in a few months. You can choose to save daily, weekly or monthly but the minimum duration is 3-months at 15% per annum.

  • Saving Circle

What better way can you enjoy saving than with family and friends for a common goal. If you are trying to save up to build a dream house for your parents, you can get your siblings to join you on this plan. You can be the admin of the group and everyone get to save periodically to meet the set goal. The circle earns an interest of 10% per annum based on the date you’ve all agreed and set for maturity and withdrawal. There are two types of plans under this: Collections and Challenges.

In the former, only the group admin, that is, the creator of the plan can withdraw on maturity. I think this is more suitable for close family. While for the latter, members can withdraw individually to their personal accounts on maturity. I would advise the Challenges plan for group of friends or alumni groups.

  • Fixed Investments

My understanding of this is that you get to invest any amount of money upfront which is used to lock an investment for you by Cowrywise. You can get to earn 15% per annum depending on how long you invest for and the minimum amount is N5,000. Say for 1 year, you can earn 11.5% but you won’t be allowed to access the money until the set maturity date. You can choose to rollover or withdraw your savings at maturity. Do note that unlike other plans, this plan cannot be topped up, whatever you set at the beginning is what you get an interest on at the end of your maturity period.

  • Halal Savings

I have heard that some Muslims frown at interests on savings and loans. For those that fall into this category, this plan is best suitable for them. Cowrywise get to help them save their money and at the maturity date, they get their money back on a 0% interest. This means, what you save is what you get. This can be done daily, weekly or monthly and the minimum duration is 3 months.

  • Save As You Earn

I would recommend this plan for SMEs, students and non non-salary earners as it gives you the freedom to save whenever you get any money. There’s no time regulation on when and how you save. Hence, you’d be the one to regulate manually when you want to save. And you still get up to 15% depending on how long you save for. The minimum duration is for 3 months.

Creating A Plan on Cowrywise

 

#3: Customer Service

After I created my account and read up on these plans, I was indecisive on which plan to choose. So I left it for days. I had almost forgotten about this Saving App until I got a call from a customer rep at Cowrywise. She reminded me that I had created an account but yet to choose a plan, and I took that as a cue to go back to it.

I chose the Periodic Plan and followed the prompt for my savings. Unfortunately, I was stuck on creating a name. I kept on trying and was getting the error message. I decided to leave the App and almost forgot about it again until I saw another testimonial on twitter. It was at this point I contacted them on Instagram and within minutes, the issue was resolved and I became a certified Cowrywise Saver, lols.

#4: How Does Savings Work on Cowrywise?

Do you remember when we were young and mother buys us the wooden or clay piggy bank to save all those money that our big uncles and aunts dash us whenever they visit? That’s exactly how Cowrywise works except it is a modernized piggy bank. And this time, it gives us interest on our savings and even helps us be strict with savings.

I remember how I always sneak at night to break my box and rob myself of a few Naira for chocolates and biscuits. This time, Cowrywise makes it impossible for you to touch your funds until the set date. You are now an adult, be responsible for your actions.

Related: 5 Reasons You Are Always Broke

At the point of registration, you update your card details which would be automatically debited on days you’ve set or chose to save. Also, you have the option of adding the account details you will want your funds to go on maturity.

#5: Is My Money Safe With Cowrywise?

Yes because it is duly registered as a company with the CAC and under the cooperative act, which means it can sue and be sued. Also it has a Trust Agreement with Meristem Trustees, registered with the Security and Exchange Commission (SEC). They hold all the assets— my investments and yours— in trust on our behalf for safety and security.  In addition, they have a physical office at 5c Rev. Ogunbiyi Street, Ikeja GRA, Lagos State.

Creating A Plan on Cowrywise

 

#6: Who Can Use Cowrywise?

Anyone can use Cowrywise provided you have an Android or iOS phone with a Nigerian account. All you need to do is to download the App on your phone to have easy access. However, if you choose, you can sign up via your PC and register. Just ensure you have a Nigerian functional card for automated savings and an account where your funds will go to at maturity.

I will share an update post on my experience of this App in coming weeks and we can get to probably create a Saving Circle Plan to unlock and enjoy more benefits. You can sign up in the meantime by using my Cowrywise link and get N250 free.

As at the time of sharing this post, 10days after I started saving, I have saved N10,100. I was prompted to save N100 after opening the account and I save N5,000 weekly, I had earned N16.68 interest.

Are you a core saver or the type that spend as you earn? Have you ever used Cowrywise App? Let’s have a conversation in the comment section.

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5 Comments

  1. Mide
    May 30, 2019 / 3:01 pm

    Thank you for this detailed post! I definitely know a little more about how Cowrywise works.
    I can wait to start saving up with them too.

    http://www.theportablehub.com

  2. June 1, 2019 / 10:50 am

    First piggybank, now this. It’s sha better than saving your money in a bank. The earnings are far so little on a savings account, even fixed. This online savings banks should become a culture

    • June 6, 2019 / 9:05 am

      Do you get. I was looking at my earnings yesterday and i was glad. My bank will still charge me card maintenance fee and a whole load of other fee I don’t understand.

      And this keeps me disciplined.

  3. Jahzmene
    June 11, 2019 / 2:51 pm

    I am signing up on this with your link NOW

    • June 11, 2019 / 2:52 pm

      Please do hun and let me know the feedback afterwards ❤️

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