Cowrywise review (Is Cowrywise legit/safe?)
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Cowrywise review (Is Cowrywise legit/safe?)
Read my post on Cowrywise in this Cowrywise review.
There are lots of online platforms for saving and investing money such as cowrywise, piggy vest, kolomoni etc. But people are contemplating if they should save or invest in it due to the fact that they don’t know if it is a scam or legit.
It will saddened one’s heart to invest or save in a platform that later turns out to be a scam.
But be rest assured that in this article, we will spread more light to cowrywise investment platforms and you will also discover that it is the best platform for investing.
Read my post on Piggyvest review
What Is Cowrywise?
If you are coming across this for the first time, I am sure you might be wondering what this cowrywise is all about.
Cowrywise is an online platform where you can save and invest without stress. That is, you can save anytime, anywhere even at the convenience of your home. It also has an automated option where all you need to do is set the amount and time according to how you want it. And you also receive interest where you can withdraw when it matures.
When Was Cowrywise Established?
Cowrywise was founded in the year 2017 by Razak Ahmed who is the CEO, Edward Popoola the chief technology officer and Feyisayo Shonubi who is in charge of Product design.
This platform is located in Nigeria at 5C Rev. Ogunbiyi St, Ikeja Lagos.
How Secure/safe/legit Is Cowrywise?
Cowrywise is a registered platform, it is monitored by SEC and Meristem Trustee Limited. It is also registered with Lagos State Government as a cooperative and also with the Corporate Affairs Commission (CAC).
Cowrywise is run and operated by professionals with lots of experience. With these, you can be rest assured that your investment and money is secured.
Why Save On Cowrywise?
Investing or saving on cowrywise comes with a lot of benefits such as
- Securing your future even when you are asleep at night
- Planning your financial goals
- It also helps in keeping your funds for a long period of time.
How To Register For Cowrywise
There are two ways in which you can access this app.
- By downloading the app from Google Playstore for Android users and Apple Store for iphone users
- You can as well visit Corywise website by using your web browser such as chrome, Opera mini etc
How Much Can You Save on Cowrywise?
Read my post on how to check zenith bank token
Some might be wondering about the price they can start with or save. You can save from as low as #100 naira to any amount you want to invest or save. They do not have a limit to the amount you can save if it is up to a billion naira.
Does Cowrywise Have Different Investment And Saving Plans?
The answer is Yes! There are different plans available for you to choose. Even if you are a Muslim who does not want an interest for your saving, there is a plan for you.
- Regular Saving: This plan has a minimum of three months. That is, you can set the duration to either daily, weekly or monthly for three months. All you need to do is choose how you want with the amount and cowrywise will automatically save the money on the days specified. You can as well top up your savings manually besides the automated amount.
- Saving Cycle: This plan allows you to save in groups and also set targets. That is, you can form a group such as family, friends etc to save towards a goal.
- Halal Saving: This plan is for muslims who do not want interest on their savings. They can choose to save periodically, life goals or fixed plans.
- Life Goals: This particular plan is for long term financial goals. It helps you stay committed with a minimum maturity time to be a year. So, if you want to save for a year, go for this plan.
- Mutual Funds: in cowrywise, mutual funds take money from small scale investors to make a massive investment. There are different types of mutual funds such as
- Fixed Income Funds: invest in low risk investment that comes with a promise.
- Equity mutual funds: it invests your money in company shares that has been carefully selected
Can I Invest In Mutual Funds?
You can invest in mutual funds cowrywise. Just log in if you are an existing user or sign up. Then you will be asked to take a short risk assessment. The result of this assessment will help us in suggesting the right funds you can invest in. Once you have selected a particular fund, just buy some units of the fund and your money will be invested.
What Does Risk Assessment Mean In Cowrywise?
Before investing in a mutual fund, you are asked to take a risk assessment. Based on the result you are either given a fixed income fund or an equity mutual fund. Fixed income funds have a low risk unlike the equity mutual funds that come with a high risk although it is very attractive.
Who Is Referred To As A Trustee In Mutual Fund?
They are those who ensure that the fund managers invest your money correctly and as well as earn returns.
Can I Have Multiple Saving Plans?
You can open as many saving plans as you want. Be it an educational plan, housing plan, feeding plan, car plan or even marriage plan. You are free to give it any name you desire.
What Is The Minimum And Maximum Time I Can Save?
You can keep your investment or savings with us for as long as you want as we wish to help you achieve your goals. But the minimum duration or time is 90 days which is equivalent to 3 months.
Can My Plans Be Paused?
Of course you can. In case you wish to pause any of your plans for one reason or the other, just follow these simple steps to accomplish that.
- Click on the plan you wish you pause
- Click on “Edit”
- Click on “Plan Status” and two options will be displayed. That is “Active” and “Pause”
- Click on “Pause” and tap “save” and the changes will be applied immediately.
How Long Does It Take For My Savings Earn Interest
After saving, you start earning returns or interest from the following day. That is, it takes 24hrs to earn your first interest and this continues each day. Immediately it gets to 12 midnight, your return is added to your savings.
Cowrywise Interest Rate
The interest rate on cowrywise varies. It can range between 5% interest per annum to 12% interest per annum. Before creating a plan, you will be shown the rate and how much you will earn. But trust me, the interest rate will be more than your bank rate.
Can My Savings And Return Be Monitored?
You can monitor your savings, investment and returns on the dashboard. You can as well monitor your investment and savings progress everyday without stress. You don’t need to worry as notifications will also be sent to your verified phone number and email.
Does Cowrywise Charge SMS And Maintenance Fee?
The answer is No! Cowrywise does not charge any SMS and maintenance fee.
How Can I Redeem My Cowrywise Investment?
To redeem your cowrywise investment, you have to sell the units you bought and make a withdrawal request and the money will be credited into your stash. Once it reflects, you can withdraw it instantly into your bank account.
NB: it takes between 24 to 48 hours before the sold unit fund to reflect in your stash
What is Cowrywise Stash?
This is a feature in the platform that receives cash from mutual funds that are sold. Money in your stash can be transferred to other areas such as your investment plan, saving plan and as well as to another user in cowrywise. You can also transfer money from the bank to your stash using a USSD or bank transfer.
Who Is A Fund Manager?
A fund manager is in charge of the money invested in mutual funds and ensures that the fund earns more money.
What Does Cowrywise Management Fee Mean?
This refers to a token charged by the fund manager to ensure that your investment funds earn money. This token is usually withdrawn from the interest your fund accumulates and this token is stated on the details of each fund.
How To Withdraw On Cowrywise
It is very simple and easy to withdraw funds from cowrywise. All you need to do is:
- Log into your account
- Select the plan you want to withdraw (matured plan)
- Enter the specific amount you want to withdraw
- Select the destination you want the fund to be deposited. You can withdraw directly into your bank account or stash
- Input your pin to confirm the transaction and withdraw.
Can I Deactivate My Cowrywise Account?
You can deactivate your cowrywise account. But to do this, you have to contact the company.
Conclusion
Thank you for reading my Cowrywise review.
Investing and saving in cowrywise is easy, faster and secure. All you need to do is seat back and watch your money grow.
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