Cowrywise is an automated and easy-to-use platform that helps make saving and investing seamless and takes away the stress and planning required to save and invest on a regular basis. Cowrywise is suitable for individuals who would like to keep up with their saving and investment goals for a long period of time without tampering with them. Here is everything you need to know about Cowrywise:
1. Customer’s information: Cowry works with a PCIDSS, which is a global standard guide that all reputable payment processors must follow, and this is where critical customer data is encrypted and securely stored.
2. Funds safety: several security and safety layers are in place in the Cowrywise experience, ranging from the security of the technology platform to carefully selected asset classes, which include bank-grade security and best-in-class assets.
3. Saving plans: the minimum amount that can be saved on Cowrywise is #100 and savings could either be regular, halal, or life goal savings. Users can set savings plans to be daily, weekly, or monthly for a minimum of 3 months, but you would be required to specify this once during the setting up of your plan. Life Goals help users meet commitments to long-term financial goals. These are similar to periodic plans, but they have a minimum maturity period of 1 year.
4. Withdrawal of funds: withdrawal can only be done at the set maturity date. To initiate a withdrawal, on your homepage, click on Plans (select either regular or circles), withdraw the funds to your stash by clicking on the transfer to stash and withdraw to stash buttons, enter the amount and choose the new maturity date for your subsequent savings, then click on Make Withdrawal.
5. Mutual funds and interest: Mutual funds are created by pooling money from many small investors in order to make large investments all at once. The common mutual funds are referred to as equity funds, fixed-income funds, and balanced funds. To invest in mutual funds, a user will need to sign up and log in to take a short risk assessment. The results of this test will help suggest funds that can be invested. On mutual funds, a user has access to monitor how much the fund has been earned or lost.
6. Cowrywise Stash: this is a money pool on the app that receives cash from sold mutual funds. On the Cowrywise stash, users can transfer from any bank account into their stash via bank transfers or USSD. Funds in your stash can be transferred to a savings plan, investment plan, or another Cowrywise user. It can also be transferred to any bank account for as low as N25. A Cowrywise user does not need a debit card to activate a Cowrywise account, but you can use your Stash, which is also an in-app funding option for your savings and investment plans. Once set up, it provides you with an account number and you can make transfers to it from any Nigerian bank.
7. Becoming an investor: On Cowrywise, you can immediately become an investor by purchasing units from any of the over 20 mutual funds available on the platform, which are all regulated by the Securities and Exchange Commission (SEC). Leveraging this, you can invest for the long term on a regular basis. Also, there are multiple savings plans that cover your different lifestyle needs, like rent, weddings, and vacations.
Cowrywise is your best go-to app if you want an application that caters to both your savings and investment needs and also meets your finance.