Cowrywise

Cowrywise is a Nigerian savings and investment platform built for disciplined savers and young investors. With over 300,000 active users, it offers SEC-regulated mutual funds, automated savings, and a user-friendly app. While praised for its ease of use and financial planning tools, concerns remain around slow withdrawals and customer support.

Nigeria ★ 2.9/5 Security: B
★ 2.9 Rating
500K Downloads
0.5% Pricing
B Security

Overview

Cowrywise is a Nigerian digital savings and investment platform that enables users to save money regularly and invest in various financial instruments. The platform helps Nigerians save and invest money regularly, reimagining how financial services are delivered to people. The app is designed for individuals who want to build disciplined saving habits and grow their wealth through automated savings plans and investment options.

The platform targets young professionals, students, and anyone looking to develop better financial habits. Licensed by the SEC, the platform enables users to grow and manage their money securely with direct access to the largest pool of mutual funds in Nigeria. Users can set up automated savings plans, invest in mutual funds, treasury bills, and other financial products while tracking their financial goals through an intuitive mobile app.

Key Features

Automated Savings Plans

Set up recurring savings with customizable frequencies

Investment Portfolio

Access to mutual funds, treasury bills, and bonds

Goal-Based Savings

Create specific savings targets with timelines

Round-Up Feature

Automatically save spare change from transactions

Financial Planning Tools

Budget tracking and expense categorization

Referral Program

Earn rewards for referring friends

Multi-Currency Support

Save and invest in Naira and USD

Emergency Savings

Quick access savings for urgent needs

Pros & Cons

Advantages

  • SEC-licensed and regulated platform
  • User-friendly interface and design
  • Automated savings encourages discipline
  • Competitive interest rates on savings
  • Goal-based savings features
  • Round-up savings functionality
  • Multiple investment products available

Limitations

  • Slow withdrawal processing times
  • Account flagging issues reported
  • Limited investment options compared to traditional brokers
  • Customer service response concerns
  • Withdrawal restrictions on certain plans
  • Limited to the Nigerian market primarily
  • Processing delays during peak periods

Security Features

SEC Licensing

Two-Factor Authentication

Regular Security Audits

Fraud Monitoring

Pricing & Fees

ServiceFeeDetails
Savings Plans0% No fees on regular savings accounts
Mutual Fund Investments0.5% - 1.5% annuallyManagement fees vary by fund type
Treasury Bills0.5%Processing fee on investment
Dollar Savings1% annuallyManagement fee for USD savings
Emergency Withdrawals2% Fee for breaking savings lock
Fund Transfers₦50 - ₦100 Depends on the transfer amount
Account Maintenance₦0 No monthly maintenance fees
Investment Advisory2% annuallyFor premium advisory services

Getting Started

1. Download the App
Install Cowrywise from the App Store or Google Play Store on your mobile device.
2. Create Your Account
Sign up using your email, phone number, and verify your identity with BVN.
3. Complete KYC Verification
Upload valid ID documents and complete the Know Your Customer verification process.
4. Link Your Bank Account
Connect your existing bank account for funding and withdrawal purposes securely.
5. Set Up Your First Savings Plan
Choose a savings goal, amount, and frequency for your automated savings plan.
6. Explore Investment Options
Browse available mutual funds, treasury bills, and other investment products based on risk preference.
7. Enable Security Features
Activate two-factor authentication and set up security questions for enhanced account protection.
8. Start Saving and Investing
Begin your automated savings journey and monitor progress through the dashboard interface.

Detailed Ratings

Investment
8.0/10

Final Verdict

Cowrywise offers compelling features for disciplined savers and long-term investors, making it an attractive option for Nigerians seeking automated savings solutions. The SEC licensing provides regulatory security, while the user-friendly interface encourages consistent saving habits. However, withdrawal processing delays and account flagging issues remain significant concerns that potential users should carefully consider before committing to the platform.