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Cowrywise is a personal finance platform that automates saving. Users can input their card details, and the app deducts a fixed amount from their accounts every month.
Pros
- Cowrywise is very easy to use. Set up took me about 5 minutes.
- One can start with as little as N100 monthly.
- Deductions can be set for daily/weekly/monthly.
- Money saved is invested in money market instruments.
- Interest paid is higher than commercial banks: Cowrywise guarantees a minimum return of 10% per annum which accrues daily
- No charges: There are absolutely no charges for withdrawal or deposit or account maintenance or SMS alerts.
- Safety: Funds deposited are warehoused with Meristem Trustees which is registered with the Securities and Exchange Commission (SEC).
How do they make money ?
A lean operational model means the company does make some profit as money market rates are higher than the 10% it offers customers for deposits.
Cons
- The site isn’t very mobile friendly. I had to use a laptop to complete opening of my account. A mobile app would go a long way here.
- A bug in age requirements: While filling my profile details, I noticed the maximum age for date of birth is limited to 1960.
- Limited to just saving