You probably are like me, a young millennial, living in a country that at the moment shows little concern about us getting financially stable early on in life. With the current backlash the Nigerian economy is going through, the mention of anything investment is simply a mirage. Most people just want to be certain of where the next meal will come from.
However, no matter how sad the case seems to be, nothing beats the fact that financial investment is a wholesome endeavour. If indeed you care about what your finances will look like in the future, then you better start weighing available investment options.
This post gives you a detailed review on all the investment options available in Nigeria. We bring you the guide to investing with the fintech outfit known as Cowrywise. If you use social media, you must know “Ope from Cowrywise”
Cowrywise, is a fintech startup that basically provides you with a platform upon which you can not only manage but also make wise decisions when your finances are concerned. Cowrywise has a target set of goals for its customers. They call it the three steps to financial freedom. These steps are quite a cliche but actually very vital. They are; plan money, save money, and invest money.
Investing on Cowrywise
We will be dwelling on the third rung on the ladder of financial freedom. I must state this as a take away that there are many false investment sources out there in the country. Ensure that your hard earned funds are not thrown into the WIND. Make sure you investigate any investment opportunity.
Note that if it sounds too good to be true, then it possibly isn’t. Check to ensure that such an investment channel is registered with relevant authorities to carry out their activities. In addition, any investment platform that promises to pay back as much as 300 percent and with no plan for reinvestment is very much likely to be false.
From several reviews and experiences of quite a number of people who have been using Cowrywise since its inception, the firm seems to have passed the credibility test. With a reasonable level of confidence, your funds are safe on Cowrywise. Now let’s take a look at the investment options this startup offers her customers. This is how to get your money working for you.
This is good if you have cash you want to keep away for a long time. Compound interest simply means interest paid upon interest over a period of time. For example, you invested 10,000 naira on the first day of January at 10%pa (per annum/year). This implies that by the end of December, your returns should be NGN11,000 naira. Now, in the second year, you’ll earn 10% on NGN11,000 and not just the NGN10,000. At the end of December of the second year, your total money should be NGN12,100.
On Cowrywise, you are offered 10%pa compound interest for your saved money. It is profitable to start investing as early as you can. Don’t wait till you start earning a salary. Trust me, there is this satisfaction you get as you watch your money get compounded over time.
Mutual funds is another major investment option that Cowrywise offers her customers. Let me shed light on what mutual funds entails. Mutual funds basically means pooling money from small investors from different sources to make up a bigger investment. Thereafter, returns on investment are shared across all parties.
Cowrywise has a lot of mutual funds markets from which you can benefit. However, before purchasing a mutual fund, you’ll be required to take a short risk assessment test. Don’t worry, calm down, it’s nothing too serious. This test is to know your investment risk level or strengths. This is to determine what kind of mutual funds will better suit your personality.
Mutual funds can simply be explained like this. Mr A needs NGN100,000 to start a business. You and a group of others then raise money and hand it over to Mr A for use. Mr A promises that for every NGN1000 you give to him, you get NGN200 at the end of the third month. So by the end of the agreed time, you become NGN200 richer.
Cowrywise groups these funds into low, medium and high risk funds. At the end of the short assessment, you’ll be provided with mutual fund options that best suit your risk level. Examples of Nigerian mutual funds you can invest in are; Afrinvest Plutus Fund, Meristem Money Market Fund, etc.
The good thing about mutual funds on Cowrywise is that you can invest any amount of money. You don’t need to be a millionaire to get started. Your return on investment (ROI) will of course be proportional to your invested amount. Regardless of whether you are an undergraduate, corps member, entrepreneur or a corporate worker, mutual funds is one investment platform to try out.
At the end of the agreed term of investment, your funds are due for withdrawal. You get to withdraw your earned cash to any other finance outfit you so desire. With Cowrywise, you can withdraw all your money to the last zero and at no cost attached as long as the time for withdrawal is due.
Cowrywise currently does not have the option of making withdrawals in the case of an emergency. This strict policy implies that cash can only be withdrawn on the set date. They claim the strict restrictions on withdrawal will make you committed and disciplined to saving and meeting up your financial goals. So, you have to give it a second thought when investing on the platform. Investment of this sort is better done with spare cash.
Getting Started: The Cowrywise App
Getting started on your journey to financial freedom has been made easy on Cowrywise. With your smartphone device, you can control and manage all your savings and investments. With less than 10MB, you can install the app and get started.
The application comes with a beautiful user interface that will keep you glued to your screen for a long time. Also, when you get confused or stuck in anyway, the app provides you the luxury of topnotch customer care service. You get to easily chat up a customer care agent to put you through or to answer any savings or investments question you may have. What more, they are available 24/7. Dope right?
Are Your Funds Safe?
This is definitely a cause for concern for any prospective Cowrywise customer. You want to know if your money is in safe hands – free from theft.
Cowrywise is a registered financial outfit in the country. The company is not just a legal entity, they also have a partnering team of investment professionals. These professionals perform the duty of managing and investing your funds through different channels with the aim of getting you maximum returns on investment.
Assets are held in trust by Meristem Trustees which is duly registered under the Securities and Exchange Commission (SEC) on behalf of customers. Start saving and investing for those future dreams and goals. In the long run, you’ll be glad you did.
Established in 2017, Cowrywise is inarguably one of the fintech startups topping the digital finance charts in the country. With services aimed at improving your finances, you shouldn’t worry about going bankrupt when you come onboard. If you are looking for a tech product that is aimed at making you disciplined financially, then, Cowrywise is your best bet.