Over the past few years, the need for platforms for digital investment has risen. With this need, different types of financial technology applications offering diverse services have risen across Nigeria.
With these apps, you can save your money, invest in various online platforms and even earn through their various campaigns.
The rise of these fintech apps has come with opportunities for various people and businesses to project their finance to the next level.
Cowrywise is one of these fintech apps. Its services make it stand out from the rest.
Founded in 2017, Cowrywise is a fintech app that offers services that makes saving, transacting, and investing online easy and profitable. With its automated saving campaign, you earn additional interest when you save for a particular period.
Since its inception, Cowrywise has gone to partner with various investors. Some of the investors with Cowrywise include;
- Quono capital
- K’ 50 ventures
- CATALYST FUND
- SHL CAPITAL
Some of its partners:
With a cowrywise saving plan, users can engage in long-term saving plans and not miss a single session. Financial goals can be achieved through automated savings and interests.
What’s more? (CowryWise Review)
You don’t have to deliberate about the safety of your money as all assets by the company are held by Meristem Trustees. An organization that belongs to the national security and exchange commission. So, your savings are 100% safe and secured.
As regards customer information security, your data are backed by an end to end encryption which reduces the risk of hacking to none.
The Cowrywise mobile app is available on mobile app stores for both android and IOS devices. Visit your mobile app store and search for ‘Cowrywise’ to download it.
How to Save Money With Cowrywise (CowryWise Review)
Cowrywise offers one of the best saving plans among the list of fintech apps. It comes with four saving plans, each with its properties and benefits. Here are the saving plans offered by Cowrywise.
I. Regular savings: this is a saving option where you can save your money for a period of three months and get an additional interest of 10% to 15% at the end of the period. The process can still be repeated as many times as desired.
II. Life goals: the life goal-saving plan allows you to save towards achieving a particular goal in mind. For instance, you have a business plan that requires capital to start up. With a life goal, you can subscribe to a plan that deducts the set amount and saves it till you reach the goal. Note that the minimum saving period with the life goals option is one year. That is, you cannot withdraw your savings during this period.
III. Halal savings: this option was built specifically for Muslims around the globe. With halal savings, you get to save without automation which means, you don’t take any interest. The halal option can run for as long as you set it to as it comes with no minimum or maximum saving period.
IV. Saving circles: this saving option refers to a joint saving account where a group of people can opt-in and save up to reach a particular goal. Saving circles deal with targets. The group can range from 3 to up to twenty people and there are no saving limits with this option.
How to Invest With Cowrywise (CowryWise Review)
Cowrywise makes investing online easier and profitable. The mutual fund’s platform is a Cowrywise project created to provide people with an avenue to invest and make money with Cowrywise.
With mutual funds, the money of small investors is combined to make a massive investment that guarantees huge returns.
There are different methods of saving with mutual funds on Cowrywise depending on the amount to the invested and the investment type. Each investment type has different characteristics and returns rates. Here are the different types of investments with mutual funds:
1. Balanced funds
2. Equity funds
3. Bond funds
4. Money market funds.
To invest with Cowrywise, log in to your account using your username and password. Proceed to select ‘plans’ from the dashboard options. Thereafter, swipe left to investment and select ‘buy mutual funds.
Please, ensure you understand the various characteristics of a mutual fund type before investing in any platform.
Cowrywise stash: Cowrywise stash is a payment processing option that allows cowrywise users to fund their accounts without using their debit cards among other alternatives. With this option, you can invest or save money anywhere, anytime.
Cowrywise stash functions like an e-wallet where you can fund, transfer and even withdraw from with or without an internet connection. Primarily, you can fund your stash account using bank transfer or USSD from your mobile phone.
To set up your stash, select the ‘stash’ option from the dashboard, including your account number, mobile number, and verify your BVN. Thereafter, proceed to set up your stash pin.
Domiciliary accounts: (CowryWise Review)
Corwywise also comes with a Eurobonds platform that allows users to invest in dollars from any currency and make huge returns.
Eurobonds allows users to buy bonds in dollars and earn from them over time. It is like saving in dollars and earning interest in dollar rates. Great, right?
There are two methods of earning with Cowrywise Eurobond. They include:
I. Annual returns:
This option is available for users to get paid after every year. The total interest is accumulated and paid a year after the investment was made. While annual returns may be more profitable, there is no guaranteed interest rate.
II. Currency Exchange:
Currency exchange is a great way of earning with Eurobond. Here, you can generate interest by converting your investment back to your local currency after a particular period.
For instance, you invested in Eurobond when the dollar rate was N250 to $1, you can withdraw your money when the dollar rate rises to N500 to $1. In this case, you have secured a hundred percent interest.
Isn’t that interesting?
How to Earn With Cowrywise (CowryWise Review)
In 2019, Cowrywise activated its ‘refer to earn’ campaign that allows users to earn when they refer the app to their friends to download and use. Over time, the refer and earn campaign has been modified into different categories according to the social class and interest of the participants.
For a start, you get a total of N250 credited to your stash account when you refer a person to download the app.
The referred person also gets credited the same amount credited to their stash account. There is no limit to the number of people you can refer and earn.
The accumulated earnings get credited to your stash at the end of each month.
There are two extra categories you can opt in to earn depending on your class. They are:
I. Campus ambassadors
When you sign up as a campus ambassador, you become eligible to earn an extra N100 with every referral. That means you get to earn a total of N350 with every sign-up from your unique referral link.
Ii. Cooperate Ambassadors:
Cooperate ambassadors is another referral campaign developed specifically for people in working spaces. When you sign up as a cooperate ambassador, you get to earn an extra N250 with each referral. This means that you get a total of N500 credited to your stash with every sign-up from your unique referral link.
(To generate your unique referral link, a select referral from your dashboard and copy the generated link.)
How to use cowrywise (CowryWise Review)
You can access Cowrywise through the official website: cowrywise.com or download the application from your mobile app store by searching Cowrywise and signing up.
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