Have you heard about the PiggyVest alternative that allow Nigerian to save and invest money? Do you know that you can make as high as 30% interest rate by saving with this platform which is quiet impressive? I will tell you everything you need to know about Cowrywise and how to save or invest.
- Name: Cowrywise
- Launched: June 2017
- Founder: Ahmed Razaq (CEO) and Edward Popoola (CTO)
- URL: www.cowrywise.com
- Team: 47 Employees
Cowrywise is a financial technology company digitizing the African investment management market and democratizing access to savings and investment products for the continent’s expanding underserved middle class and millennials. We are developing a digital savings and investing culture for the next generation of affluent Africans with our over 500,000 users. The first Nigerian company to be accepted into the Catalyst Fund program, supported by JP Morgan and UKAID, is Cowrywise, a Y Combinator company.
How Safe is Cowrywise?
You might be a little worried about the platform’s legitimacy as a potential user or investor in Cowrywise. Do not be concerned; your investments are in capable and trustworthy hands.
Cowrywise is a legitimate business because it is a registered FinTech company in Nigeria. Additionally, they have a group of investment experts who manage and invest savers’ money with the sole objective of providing the best returns possible to clients.
Meristem Trustees, which is registered with the Securities and Exchange Commission (SEC) on behalf of the saver, is in charge of holding the assets in terms of the safety and security of the savers’ money.
Available Investment Plans
There are mainly two investment plans at Cowrywise App
- Naira Mutual Funds: With the help of this investment strategy, you can buy stocks, bonds, treasury bills, and other securities in Nigeria. Depending on your investment, you could make as little as 3% interest with this plan or as much as 40%.
- Dollar Investment Funds: You are able to invest in USD assets such as Eurobonds through this investment strategy. Earn interest in dollars while securing your assets against Naira depreciation.
The two investment strategies are excellent and, depending on your investment, can produce a sizable sum of money.
Available Saving Plans
Cowrywise offers four (4) very nice saving plans.
- Regular Savings: Savings on a regular basis are possible with this plan if you lock your funds away for at least three months. With this strategy, you earn an astounding 12% interest annually.
- Emergency Savings: With this plan, you can save money for unexpected expenses and withdraw it whenever you want, earning 9.90% interest annually.
- Money Duo: With this strategy, you can pool your savings with a significant other and earn an annual interest rate of 9.90%.
- Saving Circle: With this particular strategy, you can pool your savings with those of others who share the same financial objectives. You can achieve a 12% annual interest rate with this strategy.
How to create a Cowrywise account?
You only need to complete a few simple steps to create an account with Cowrywise, and you’re all set. The steps to register for a Cowrywise account are as follows:
- Download the Cowrywise App from the Playstore or the iOS App Store.
- After the has been successfully installed, launch the App and select SIGN UP.
- After entering your email address, select “Get Started.”
- Fill in the blank field with the OTP that was sent to your email, then click Continue.
- Correctly enter your information in the provided field, then select CREATE ACCOUNT.
- Please select SECRET MY ACCOUNT.
- Create four (4) pins next, then click DONE.
- Select two (2) security questions, enter the answers, and click CONFIRM to further secure your account.
- By selecting the confirm button, designate your device as the primary device.
Congratulations! You have successfully created a Cowrywise account. Please note that before you can take advantage of Cowrywise’s advantages, you must link your BVN.
Verifying your Cowrywise account
At Cowrywise, there is only one way to confirm your identity—by connecting your BVN to your account. To carry out this;
- Go to your Dashboard.
- Visit Stash and select UNLOCK STASH NOW.
- Click the Verify BVN button after entering your eleven (11) digit bank verification number (BVN) and the date of birth it is associated with.
- Your BVN will instantly update and verify.
In conclusion, Cowrywise is a fantastic way to save money and invest, and may be the best PiggyVest substitute for Nigerian users. Cowrywise is more dependable and trustworthy because it has a Security and Exchange Commission (SEC) license and Nigeria Deposit Insurance Commission (NDIC) insurance. With Cowrywise, you can earn an interest rate of over 30% on your investments and savings, respectively. So Cowrywise is a platform for me to try out.