Full Guide on How to Save and Invest on Cowrywise

Savings and investments have never been easy, but they have become possible with the advent of fintech platforms like Cowrywise.

The Nigerian fintech startup has presented an unparalleled avenue for securely and lucratively making savings and investments.

This is what Cowrywise has been designed to achieve, thereby making it easier to save and invest.

With a user-friendly interface and quality features, Cowrywise has become an ideal platform for managing savings and investments.

This article would serve as a complete guide on saving and investing on Cowrywise, explaining the various aspects of the platform and other helpful tips.

About Cowrywise

Cowrywise is a FinTech company in Nigeria that was launched in 2017 to make saving and investing easy. It was designed to be user-friendly, highly secure, and convenient. 

It actually allows users to perform financial activities from home. Cowrywise is licensed under the Securities and Exchange Commission. The users are insured through the NDIC.

Which bank does Cowrywise operate under?

Cowrywise partners with Stanbic IBTC Bank, one of Nigeria’s leading commercial banks, to provide its patrons a secure and stable banking infrastructure.

This partnership enables Cowrywise to give users an account number where money is received and managed.

Also read How to Easily Open a Nigerian Domiciliary Account Online

How do I fund my Cowrywise account?

Funding of your Cowrywise account is pretty easy and can be done from numerous channels.

You can fund your account with your debit card, bank transfer, or USSD code.

• Just log into your Cowrywise app
• Click the “Fund” button, and follow through with the transaction.
• You can even set a recurring deposit to automate your savings and investments.

How to Save in Cowrywise

Saving on Cowrywise is as easy as setting up an account and your savings goals. Here is a step-by-step guide on how to save in Cowrywise:

• Download the Cowrywise app on your mobile phone and install it.
• Create your account by signing up with personal details, culminating in creating your password.
• Set your savings goals by stating the amount you want to save and how often you will save.
• Fund your account with your debit card, bank transfer, or USSD code.
• Click the “Save” button and select the suitable savings plan to start saving.

How to Invest on Cowrywise

Among other ways of growing one’s wealth is by investing in Cowrywise. Let’s look at the step-by-step guide on how to invest on Cowrywise:

• Login into your Cowrywise app and click the “Invest” button.
• View the investment options available on the platform. These include fixed income, equity, and real estate investments.
• Select those that best suit your financial goals and risk tolerance among the available investment types.
• Fill in the amount of money invested and the time needed for this investment.
• Confirm your investment and start earning returns from it.

Cowrywise Investment Options

Cowrywise variants are targeted at various investment opportunities for several financial goals, coupled with risk tolerance.

Some of the investment options on this platform include but are not limited to the following.

• Fixed-income investments promise returns at a fixed rate over a specified period, creating a low-risk avenue for investment.
• Equity Investments: While these investments present better prospects for returns, their risks are higher.
• Estate Investment Portfolio: This portfolio allows investors to invest in specific real estate projects that are most likely to appreciate in value over time.

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How Cowrywise Works

Cowrywise works simply by availing a platform through which a user can save and invest his or her money securely and conveniently. Here is an overview of how this platform works:

• Creates an account through the Cowrywise App and sets up his savings goals.
• Fund your account through a debit card, bank transfer, or USSD code.
• The funds are then invested in a portfolio of assets, which includes fixed income, equity, and real estate investments.

The Returns on investment are credited to the user’s account, creating long-term wealth.

How to use the Cowrywise App

• Download and install the Cowrywise App on your mobile device.
• Log into your account with your username and password.
• Please scroll through the app for various features and options in savings, investments, and transactions.
• The application allows you to fund your account, make recurrent deposits, and follow up on your savings and investments at any time.
• Contact the Cowrywise customer support team if you have any questions or issues using the app.

How can I withdraw my investment from Cowrywise?

Generally, investment withdrawal is quite easy on Cowrywise and can be done in just a few steps:

• Log into your Cowrywise account
• Hover over the ‘Investments’ tab, click the investment you want to withdraw from and click ‘Withdraw’.
• This will bring up a pop-up of the amount you want to withdraw and the means of withdrawal-whether bank transfer or wallet transfer.
• Cowrywise then processes the request and credits the user’s account with the amount requested.

Cowrywise charges a small withdrawal fee contingent on the type of investment and the type of account held by the user.

How to Buy Dollars on Cowrywise

Buying dollars on Cowrywise will be relatively easy for users looking to diversify their portfolio, probably taking advantage of the fluctuation in the exchange rate. To buy dollars on Cowrywise, follow these steps;

• Log into your account.
• Click the tab for Dollar Wallet, and from there, a ‘Buy Dollars’ button you can click will appear.
• You will be prompted to choose a preferred payment method, such as a debit card, bank transfer, or balance maintained in the Cowrywise wallet.
• You will be further asked to enter the number of dollars you want to buy and authorize the purchase.

Cowrywise then credits the user’s dollar wallet with the amount purchased to be used to invest at any time or withdraw whenever needed.

How to Transfer Money to Stash on Cowrywise

It is relatively easy to transfer money into Cowrywise’s Stash for investment in a diversified portfolio of equities and bonds. To deposit money into the stash, a user logs onto the Cowrywise account and clicks on the tab ‘Stash’.

Later, the option of clicking the ‘Transfer’ button and selecting the right transfer means—bank or wallet—will appear.

It will then prompt the user to enter the amount of money to be transferred and confirm the transfer.

Cowrywise would execute the transfer and, following this, credit the user’s Stash account after the transfer has been confirmed with the amount that the user has requested to invest in different kinds of assets such as stock, bonds, ETFs, among many other securities.

Of course, it is worth noting that, depending on the account type or even the amount being transferred, Cowrywise charges a small fee for every transfer.

How to save in dollars on Cowrywise

Saving on Cowrywise in dollars could be an investment opportunity, especially to diversify an investment portfolio or take advantage of exchange rate volatility.

Saving in dollars would first require having a dollar savings plan on Cowrywise. This could be through the Cowrywise login page by clicking “Create a Plan” and selecting “Dollar Savings.”

Setting up savings frequency and preferred currency, especially in USD, is only possible after indicating your target amount.

Interestingly, Cowrywise allows users to save in dollar denominations at a reasonably decent competitive exchange rate, arguably better than traditional banks.

After setting up the dollar savings plan, one is allowed to fund his or her account with any means, including debit cards, bank transfers, or even cryptocurrencies.

Cowrywise has also introduced a “AutoSave” feature, which will enable the user to create automatic transfers from a bank account to the Cowrywise dollar savings plan.

It may turn out to be quite useful for people who want to save a fixed amount regularly and don’t want to bother about money transfers.

Also, Cowrywise does not charge for dollar savings plans, which simply means users can save as much as they want free.

How to find my stash account number on Cowrywise

Finding one’s stash account number on Cowrywise is pretty easy.

You can do this by logging into your Cowrywise account and clicking the “Stash” tab. This opens a page showing all active stash plans, displaying the account number, plan name, and balance.

The stash account number is usually unique and identified; it could be used to identify a particular stash plan. It is meant to be secret to avoid giving access to unauthorized persons into one’s account.

If one finds it difficult to locate his/her stash account number, he/she should contact Cowrywise customer support for help.

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How to withdraw my money from Cowrywise before maturity date

Your money is available before maturity, though some penalties might be attached to it. With Cowrywise, you have an option for flexible withdrawal whereby one can get their money returned any time before maturity; this is most likely with an attached fee.

The type of plan and amount being withdrawn will thereafter be charged a specific fee. Thus, it is always important to consider the terms and conditions of any plan before investment to understand early liquidation penalties.

It is easy to withdraw your money before maturity on Cowrywise: log in, click “Withdraw”, and select the amount you want to cancel.

The confirm withdrawal request page opens with a request to authenticate the transaction using the Cowrywise login credentials.

Know that there is a minimum amount one can withdraw from Cowrywise, meaning one cannot withdraw below the threshold. This could vary depending on the type of plan and geographical location.

FAQs

Conclusion

Cowrywise creates a fresh avenue for saving and investing money in a secure yet profitable manner. Its friendly application, easy funding options, and myriad investment choices make Cowrywise the best way to realize one’s financial dream by building wealth over time.

References

• cowrywise.com/how cowrywise works/
• dadesign.studio/How to Save & Invest on Cowrywise
• dignited.com/How to Save & Invest on Cowrywise
• dotcommagazine.com/How to Save & Invest on Cowrywise

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