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Cowrywise lets you save money through automated deductions from your account. The app was founded by three individuals: Razak Ahmed, the Chief Executive Officer (CEO); Edward Popoola, the Chief Technology Officer (CTO); and Feyisayo Shonubi who is in charge of product design. Together the team has put Cowrywise in place to enable Nigerians save money seamlessly, set achievable financial goals and earn competitive returns better than their regular bank savings account.

Saving With Cowrywise

After a quick successful download from Google play store or iTunes, opening a Cowrywise account takes only a few minutes. To open an account, one must first register by providing necessary information like name, email address, phone number, and password. A verification code is then sent to your mobile phone which you have to enter on the app to verify your account. Once you have checked your email and verified your account, you can begin your saving journey on Cowrywise.

You can start saving on Cowrywise with a starting amount of just N100 which is relatively cheap when compared to other Nigerian savings platform. Cowrywise puts your financial goals plan into consideration. This is why it provides you with the following savings plans to choose from:

Life Goals

This lets you make automated long term savings towards key life goals; it has 1-year minimum maturity.

Savings Circle

With “Savings Circle”, you can save together with friends and family towards a specific goal.

Periodic Plan

Periodic Plan is quite flexible as it lets you save towards any goal giving you a 3-month period for minimum maturity.

Fixed Investment

This is for large amounts of money and allows for a long-term maturity period.

Halal Savings

This is a form of savings with no interests. It is targeted specifically towards Muslims.

Save As You Earn

As the name implies, Cowrywise lets you save whenever you like with no specific maturity deadline.

The app has a simple interface and is quite easy to navigate through. It makes things easier by providing a bot name “Sisi”. Sisi responds to all your complaints or feedback via Facebook. Interestingly, there is also has an active social media page where you can get updates and more information about the app.

What Happens To Your Your Funds?

Cowrywise ensures depositors’ funds are invested in money market securities. Money market securities are short-term assets that mature within a period of one year or less. They include Certificate of deposit (CDs), interbank loans, Treasury bills, and commercial papers. The funds are entrusted to Meristem trustees to ensure their safety.