How to save or invest money with Cowrywise

Cowrywise is a platform that help people save and invest money easily. Saving money is one of the best habits anyone can have. If you want to start a business, go to school, build a house or accomplish any goal, one of the best way to achieve that is by saving money towards it. But saving money is not easy, it can be difficult with so much temptation. That is where Cowrywise comes in, they can help you save and pay you a very high interest rate of up to 15% per annum.

There is no limit to how much you can save. You can start from N100 and save. Even if you have up to a billion naira you can save. The interest offered by Cowrywise is more than that offered by banks. So it makes more sense to save money with them than regular banks.

How does Cowrywise work?

Cowrywise works in this way: Anyone who is ready to save money for any purpose creates an account on the platform and starts saving. You can save to start a business, pay school fees, house rent, saving for rainy days or any any purpose at all. From as low as ₦100, you can start saving. There is no limit to how much you can save. Savings on the platform attracts an interest rate of up to 15% per annum. That means if you save ₦100, 000 your interest could be up to ₦15,000. Which is far more than what banks give as interest. There are tools to help you plan your savings free on the platform.

If you wish to check how much interest you will likely get for saving a certain amount for a particular period of time, there is a free tool that will help you calculate that very easily.

Apart from savings, you can decide to invest and multiply your money. There are many investment opportunities on the platform. Opportunity to invest in mutual funds. All investments are professionally managed. The good thing is that if you have no idea how to invest and what to invest, they guide you through it. You can set up automatic investment of a fixed amount of money periodically with their Systematic Investment Plan (SIP). If you feel overwhelmed on what to invest, they offer free advisory service!

If you are curious why they are able to offer higher interest rates than the banks. They do not spend much money as banks do. Banks spend so much money on operations: Offices, salaries, logistics and many more. Since they are able to cut all these expenses, then they are able to use same money and pay higher interest rate.

Is it safe to use Cowrywise?

It is safe to use Cowrywise. CowryWise Financial Technology Limited is a duly registered company with CAC with RC Number: 1419869. Their financial operation is provided under a Cooperative License with a registration number 15845.

They make use of a PCIDSS-compliant payment processor to handle all customers’ card details. The PCIDSS is a standard guide, globally, that all reputable payment processors must adhere to.  That means your important data are encrypted and securely stored. You do not need to worry about adding your card.

To ensure security of savers funds, assets are held by Meristem Trustees, a company registered with the Security and Exchange Commission (SEC) on behalf of savers.

How to save money on Cowrywise

Follow these steps to save money on Cowrywise.

1. Create an account

The first step to start saving money on is to create an account. Creating account is very easy with no stress. Simply click here to create an account.

2. Create a saving plan

The next step is to create a saving plan.  Once you have created an account, you will see options to create a saving plan. There are numerous options to pick from.

Regular savings: This is a normal saving account that you save money whenever you have. The minimum period you can save for is 3 months. You get a good interest rate for saving.

Halal savings:  This is an option for you to save money on your own terms. You can withdraw whenever and do as you please. But there is no interest.

Life goals: This is saving for a long term goal. If you want to start a business, pay house rent or anything that requires up to at least a year to save. This one attracts high interest rate. The minimum duration you have to save is 1 year.

Saving targets: This is for saving with friends, family or lover. You can set saving goals and save. There is interest on the savings.

3. Set up your saving plans

You will be asked many questions to help set up your plan saving plan. First you will need to give a plan name. This is easy, let’s say you are saving for house rent, you can name it house rent. Whatever you want to name it, feel free. Then decide if you want to save automatically or manually. Automatically means they will deduct money from your bank automatically to save. manually means you will login to save when you want. Just follow the instructions and pick the options that suit you

4. Choose payment method

Once you have set up your savings plan, you will be asked to choose a payment method. This is simply how you want to put money into your savings. There are many options.

Stash: You can put money into your saving by stash. Stash is pool that contains the money you made from your investment. If this is your first time, this option is not for you.

Bank Transfer: You can choose to transfer money from your bank

New debit card: You can add your debit care (ATM card) to your account and from there put money into your savings

5. Start saving!

Congratulations! Your are now ready to start saving!

How to invest in mutual funds with Cowrywise

Follow these steps to invest in mutual funds using

1. Create an account or login to your account.

You need to create an account if you do not have one. If you have one then simply login. You can click here to create an account or login.

2. Click on invest in mutual funds

You will see an option to invest in mutual funds once you login to your account. Click on it to get started.

3. Follow on screen instructions

Just follow the on screen instruction. Make sure you read and answer the questions correctly. This will help you make the right investment.

Cowrywise interest rate

Interest rate on savings is about 10% per annum for short term savings but up to 15% per annum for long term savings. This means the longer you save, the possibility of getting a bigger interest rate.

Cowrywise customer care phone number

+2349030000857, +234 802 2212 229

Cowrywise customer care email

Cowrywise mobile app

The app is available for both android and iOS devices. You can find the app on Google play store or app store. You can click here to download any version that suits you.

Cowrywise head office address

5C Reverend Ogunbiyi Street, Ikeja GRA, Lagos Nigeria.

Cowrywise website

Cowrywise interest rate calculator tool

You can visit the tool here to calculate your potential interest rate login

You can login at anytime through the website or mobile app

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Mfon Abel Ekene

Mfon Abel Ekene

Internet scientist and blog expert. Loves writing, researching and helping people reach their dreams. Speaker and authour.
Follow me on Twitter @mfonabel

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