Fintech companies in Nigeria have continued to help millions of Nigerians with financial services at a much faster rate and sometimes in a better manner than many of the traditional banks. These fintech companies offer financial services including offering credit facilities in the form of loans. Cowrywise has continued to be at the forefront of providing top-notch savings and investment services to its users. In this guide, we’ll go into detail about what you need to know about Cowrywise, the services offered by Cowrywise and whether Cowrywise offers loans to its users.
Cowrywise is a financial technology company that is centred on the goal of building a savings and investment culture for the whole of Africa and its growing population of underserved middle class and millennials. Cowrywise as a platform offers top-notch savings with good interest rates, you also get investment opportunities across various industries and niches as Cowrywise provides investment portfolios that are widely diverse to suit the range of customers registered on Cowrywise.
Does Cowrywise Give Loan
No, Cowrywise does not offer loans in any guise to its users. Cowrywise only provides savings products and portfolio investment services to its users. Therefore if you wish to get a loan from Cowrywise you will not get one because Cowrywise does not offer it.
Cowrywise Savings and Investment Interest Rate
Cowrywise offers savings products with interest rates ranging from 5.5% to 8.5% per annum depending on how long you want to save for. If you’re saving for three months Cowrywise offers you a 5.5% interest rate, if you save for 6 months Cowrywise offers you an interest rate of 6.5% per annum on your saved amount, if you save for up to nine months Cowrywise offers you interest rate of 7.5% on your savings, then you if you save for up to one year you get a savings interest rate of 8.5% on Cowrywise.
Cowrywise also offers good interest rate returns on investment portfolios it offers to users. The interest rate offered by Cowrywise ranges from 3% to as high as 33% or more in some instances, these interest rates vary depending on the investment portfolio.
Cowrywise Savings and Investment Eligibility
To be eligible for savings or invest in Cowrywise you need to have a functioning Cowrywise account, be of legal age, and have a verifiable source of income. You also need to have your Cowrywise account fully verified with your KYC document.
Cowrywise Savings and Investment Application Process
Applying for either Cowrywise savings or investment involves an easy process. Follow these steps to apply for Cowrywise savings or investment:
- Login to your Cowrywise account via the mobile app or on the Cowrywise website.
- Click on the two horizontal band lines at the top right corner of the website or mobile app, then select and click on the personal section drop-down arrow
- Click on savings or invest on the personal section of your account
- Depending on whichever you wish to do either to save or invest, fill in the required information that will be asked by Cowrywise
- Submit your savings request or investment purchase and wait for the returns on your savings or investment at maturity
Benefits of Cowrywise Savings and Investment
Cowrywise offers several benefits to users of its savings products and investment portfolios. Some of the main pros of Cowrywise savings and investment include:
- With Cowrywise you can automate your savings, meaning you can set a daily, weekly or monthly savings routine with a specified amount
- Cowrywise offers better returns on savings and investment compared to what your traditional bank will offer on your savings account for instance
- Cowrywise is fully licensed by the SEC and CBN therefore your funds are safe
- You get access to advanced portfolio management
- Reduced risk exposure with Cowrywise mutual funds investment
- You can reinvest your dividends
Cons of Cowrywise Loan
- You run the risk of dilution of your profits in mutual fund investments on Cowrywise
- Ownership risk and high cost of investment in Cowrywise mutual funds
Cowrywise does not offer loan facilities to its users, but the company offers high-return investment portfolios and high-yield savings accounts. If you wish to grow your money that is idle and doing nothing Cowrywise is the platform to invest your money for good returns.