Cowrywise review: Is Crowrywise legit, safe and other questions - Startuppreneur

Cowrywise review: Is Crowrywise legit, safe and other questions

Crowrywise is one of the tech startup in Nigeria that seeks to provide a platform that will save people from excess spending which is characteristics of many Nigerian, according to the your saving plan there is guarantee of interest and not only that they also allow you to invest into a mutuaal fund isn’t that great.

But in all this function and offers the question still remain is cowrywise legit or safe, I will not blame people for this question, MMM and other dubious investment app is still fresh in memory, even Thrive Agric is going through some problem recently, there for it is important to know if it is legit or not.


We will be answering this question and other you might have stay tune.

Brief history of Cowrywise; how it all started

Cowrywise is a tech startup that want to promote the culture of saving in Nigeria, it was founded in 2017 by Razaq Hamed and Edward Popoola when they observed that Nigerian don’t save and it affect them when emergency arise.


To make them save they have to do better than banks and yes they did with whooping interest rate and low risk investment scheme (mutual fund).

Currently it has about 8 investors (nationally and international) that back it.

Is Cowrywise legit or safe and regulated by cbn

The first thing to look for when determine legitimacy of a venture is location, and cowrywise pass this as they have a secure office in Ikeja Lagos Nigeria.

It is not only cowrywise in the game they partner with Meristem trustee which help to secure fund and you know what, this Meristem is under the regulatory of CBN it will be difficult for them to do a shady deal.


They are also insured by NDIC another insurance company regulated by CBN, if anything miss NDIC will answer.

Concerning data cowrywise take data of their customer seriously as it is encrypted with bank grade security also any transaction cowrywise require two factor authentication.

Cowrywise is PCI DSS compliance which means your credit card details is encrypted and unreadable even by crowrywise when making transaction.

How do they give out high interest rate on saving?

Cowrywise invest your saving in low risk investment scheme such as Treasury bill, government bonds and other commercial paper.

They do this with collective money and this help to boost return unlike if you do it alone.
When I make investment where does it go?
On the issue of investment, cowrywise did not use bond or treasury bill they invest your money in mutual fund.

What is mutual fund?

Mutual fund stem from coming together of two or more people to pool resource together and make investment, the profit thereof is share accordingly.

In the case of cowrywise they collate the resource together and invest it, which means you will share profit and loss together with other investor.

Normally there is rarely a loss in mutual fund but the interest rate can be low.

Other questions

Which bank own cowrywise

Cowrywise is in pertner with many banks in Nigeria, but it is not own by a bank, it is a company on it on.

How to sign up on cowrywise

It is simple head over to their website or download their app In play store for adroind user and app store for ios. Once you enter you will see icon to sign up.

What are the features/ product of cowrywise

As stated above in introduction cowrywise is a two edged sword you can invest and also save with them, both attract interest rate.

Below are the features on the platform.

Savings circle

Regular saving
This is like a normal saving in banks but you can only withdraw after three month.

In this feature you can save manually or automatically such that the amount you want to save will be automatically deducted from your account.

Life goals
As the name implies life goals, in this plan you are saving toward a particular goal such as education, vacation or anything, like regular saving you can also save automatically or manually but here you can only withdraw your saving after a year or roll over.

Hala saving
This is for Muslim whose believe does not allow collecting interest rate; here you save tour money for duration of time without accruing interest.

Saving circle
You know saving can be fun, with saving circle you can save with friends and family towards a goal. This is best for couple who do thing together.

As stated above, you can also make investment in low risk investment scheme called mutual fund.

Interest rate
There is interest rate for any saving you made or invest and they range from 5% to 12% per annum according to the plan you chose.

How to withdraw from cowrywise

Follow the below step to withdraw your earning form cowrywise

Once you logging to the app (website and app), look for stash option and click it

After that click on transfer money

Then click on bank account

Enter the amount to withdraw

Input your pin and voila you will receiver alert (3 minute to 2 working days)

How to make money form cowrywise

There are only three way to make money on cowrywise you invest , save or become a referrer.

To refer people follow the below

On cowrywise website

If you are on cowrywise website login to your dashboard

Locate and tap referral

Click on share referral link or copy it

On app

Login to your dashboard

Tap your profile image

Click referral program

Tap share or copy the link

Once someone register with your referral link and save or invest #5,000 both of you will be given #1,000. You will be paid your earning monthly.

Is cowrywise on WhatsApp and Telegram

Cowrywise is on WhatsApp and telegram but not for investing purpose, they are using the Platform to answer question form their user and potential user, debunk any group that use their name for investing purpose, such group have been debunk many rimes by cowrywise.

Cowrywise rating and review

Cowrywise has a good rating and review, at the time of writing this article it has 4.5/5 on play store with positive review and some enquiries. On app store it has 4.6/5 rating and a lot of positive review.

Is cowrywise legit final thought

Though all finger in this article point to cowrywise as legit and safe to use I will want you to exercise caution when saving or investing your money with them.

Remember what happen to Thrive Agric, I know the tech start up is not dead yet but already having problem with paying return and capital as at the time of writing this article and the memory of Bamboo and the like is still fresh, they did not fail, they were chase out of business by SEC.

The truth is Fintech is till new in Africa. Nigeria and other Africa government don’t know how to react yet, give it time and you see some license revoke haa, cryptocurrency exchange platform comes to mind.

I didn’t say you should not invest or save but do so with caution.


Above is an article that tell if cowrywise is legit, we have done our part it is left to you to make your decision, the ball is now in your court.

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