COWRYWISE REGISTRATION|SAVINGS PLAN|HOW IT WORKS

In this article i will discuss these following keywords COWRYWISE REGISTRATION|SAVINGS PLAN|HOW IT WORKS.

Cowrywise is a platform that help people save and invest money easily. Saving money is one of the best habits anyone can have. If you want to start a business, go to school, build a house or accomplish any goal, one of the best way to achieve that is by saving money towards it. But saving money is not easy, it can be difficult with so much temptation. That is where Cowrywise comes in, they can help you save and pay you a very high interest rate of up to 15% per annum.

How does Cowrywise work?

Cowrywise works in this way: Anyone who is ready to save money for any purpose creates an account on the platform and starts saving. You can save to start a business, pay school fees, house rent, saving for rainy days or any any purpose at all. From as low as ₦100, you can start saving. There is no limit to how much you can save. Savings on the platform attracts an interest rate of up to 15% per annum. That means if you save ₦100, 000 your interest could be up to ₦15,000. Which is far more than what banks give as interest. There are tools to help you plan your savings free on the platform.

If you wish to check how much interest you will likely get for saving a certain amount for a particular period of time, there is a free tool that will help you calculate that very easily.

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Apart from savings, you can decide to invest and multiply your money. There are many investment opportunities on the platform. Opportunity to invest in mutual funds. All investments are professionally managed. The good thing is that if you have no idea how to invest and what to invest, they guide you through it. You can set up automatic investment of a fixed amount of money periodically with their Systematic Investment Plan (SIP). If you feel overwhelmed on what to invest, they offer free advisory service!

How to save money on Cowrywise

Follow these steps to save money on Cowrywise.

1. Create an account

The first step to start saving money on Cowrywise.com is to create an account. Creating account is very easy with no stress. Simply click here to create an account.

2. Create a saving plan

The next step is to create a saving plan. Once you have created an account, you will see options to create a saving plan. There are numerous options to pick from.

Regular savings: This is a normal saving account that you save money whenever you have. The minimum period you can save for is 3 months. You get a good interest rate for saving.

Halal savings: This is an option for you to save money on your own terms. You can withdraw whenever and do as you please. But there is no interest.

Life goals: This is saving for a long term goal. If you want to start a business, pay house rent or anything that requires up to at least a year to save. This one attracts high interest rate. The minimum duration you have to save is 1 year.

Saving targets: This is for saving with friends, family or lover. You can set saving goals and save. There is interest on the savings.

3. Set up your saving plans

You will be asked many questions to help set up your plan saving plan. First you will need to give a plan name. This is easy, let’s say you are saving for house rent, you can name it house rent. Whatever you want to name it, feel free. Then decide if you want to save automatically or manually. Automatically means they will deduct money from your bank automatically to save. manually means you will login to save when you want. Just follow the instructions and pick the options that suit you.

COWRYWISE REGISTRATION|SAVINGS PLAN|HOW IT WORKS

4. Choose payment method

Once you have set up your savings plan, you will be asked to choose a payment method. This is simply how you want to put money into your savings. There are many options.

Stash: You can put money into your saving by stash. Stash is pool that contains the money you made from your investment. If this is your first time, this option is not for you.

Bank Transfer: You can choose to transfer money from your bank

New debit card: You can add your debit care (ATM card) to your account and from there put money into your savings

5. Start saving!

Congratulations! Your are now ready to start saving!

How to invest in mutual funds with Cowrywise

Follow these steps to invest in mutual funds using Cowrywise.com

You need to create an account if you do not have one. If you have one then simply login. You can click here to create an account or login.

2. Click on invest in mutual funds

You will see an option to invest in mutual funds once you login to your account. Click on it to get started.

3. Follow on screen instructions

Just follow the on screen instruction. Make sure you read and answer the questions correctly. This will help you make the right investment.

Cowrywise interest rate

Interest rate on savings is about 10% per annum for short term savings but up to 15% per annum for long term savings. This means the longer you save, the possibility of getting a bigger interest rate.

Cowrywise customer care phone number

+2349030000857, +234 802 2212 229

Cowrywise customer care email

[email protected]

Cowrywise mobile app

The app is available for both android and iOS devices. You can find the app on Google play store or app store. You can click here to download any version that suits you.

Cowrywise head office address

5C Reverend Ogunbiyi Street, Ikeja GRA, Lagos Nigeria.

Importance of Cowrywise

Impact: Catalyst Fund startups deliver (or, in the case of B2B firms, facilitate the delivery) of life-changing products and services to underserved populations. These can include financial services like loans, savings, insurance, and investment, but also access to productive inputs or essential services such as energy, sanitation, and water.
Innovation: Our startups are pioneering game-changers that are innovating new products and business models. They drive the sector forward by demonstration effect and via the learning that Catalyst Fund documents and shares.
Growth potential: Catalyst Fund startups are distinctively investment worthy, developing businesses that are scalable, with high growth potential. Our startups are selected by an Investor Advisory Committee, who have deep experience in emerging markets and nominate high-potential startups, and then sponsor and mentor them through Catalyst Fund. As a result, our startups raise more funding than startups from other accelerators.

Cowrywise is a wealth management application that provides Nigerians access to automated, high-yield savings and investment products with minimum deposit amounts of only 100 Naira. The app also includes financial planning tools and a digital wallet that facilitate and encourage use among customers.

Impact

Financial inclusion rates in Nigeria are surprisingly low (41.6% remain excluded), but mobile penetration rates are high and rising (49% as of 2019). The World Bank reports that just 6% of adults in Nigeria have a mobile money account, and this has remained virtually unchanged since 2014. The gaps are especially marked with regards to access to investment and long-term planning products: Of 186 million adults, only seven million people participate in a pension fund, and a measly 400,000 invest in mutual funds.

In this context, Cowrywise is bringing digital savings and investment products to young people across Nigeria via a well-designed, intuitive app. With inflation rates typically north of 10%, savings that are held in cash or in lower-yield products are essentially deteriorating in value over time and prevent families from accumulating the resources they need to build resources and resilience over time. Furthermore, a study in Uganda found that poor households lost, on average, about 20% of their money when saving only through risky, expensive, informal means, such as storing cash at home or buying livestock (UNSGSA). In this environment, accessing high-yield savings products is essential to building the financial health of Nigerian households.

The demand for Cowrywise’s product is more than evident given the rates of uptake. With an average customer age of just 25 years, the app has acquired more than 140,000 users in just a few short years and over 70% of them are savings/investing for the first time.

Innovation

Cowrywise is able to achieve such benefits because of the innovations they made to traditional savings products. Most financial service providers have found savings accounts difficult to establish since low-income people tend save informally; two times as many customers saved using a savings club relative to a financial institution. Even when they have accounts, activity remains low. In one experiment, only 41% of those who opened accounts transacted at least twice in the first six months.

In contrast, approximately 75% of Cowrywise users remain active on the platform even two years after opening their accounts. Initial evidence indicates that their mutual fund offering is even stickier! Almost half of users deposit automatically, suggesting that Cowrywise has successfully embedded savings habits among many of their users, the holy grail of the financial health world. Furthermore, Cowrywise’s target population is young people, who are largely un- and under-served by formal financial service providers (youth are 33% less likely to have a bank account than adults).

The Cowrywise team has succeeded with youth by creating an intuitive, pleasurable user experience that is motivating virtuous financial habits that will serve these young people into the future. Cowrywise regularly adds new, interesting product features to keep customers engaged and intrigued. They also consistently develop rich, relevant content and an engaging experience on social media that keeps customers connected to the company and motivated to continue working toward their financial goals.

Growth Potential

Given the increasing adoption of mobile phone and internet connectivity, Cowrywise’s growth prospects are promising. In Nigeria, the investable asset market stands at $80 billion and is growing at 20% a year.

Cowrywise seems poised to capture this market growth. Assets under management have been growing 20% a month and have already surpassed eight million dollars. The team is determined to empower 10 million Nigerians with access to high-quality wealth management tools by 2025.

COWRYWISE REGISTRATION|SAVINGS PLAN|HOW IT WORKS

COWRYWISE REGISTRATION|SAVINGS PLAN|HOW IT WORKS

COWRYWISE REGISTRATION|SAVINGS PLAN|HOW IT WORKS