Cowrywise Reviews: Is It Still Legit in 2023?

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Many Nigerians have imbibed the culture of saving due to the emergence of savings apps in Nigeria. One of the apps fueling this savings culture is Cowrywise.

Cowrywise is a FIN-TECH company launched in 2017. The objective of this company is to enable Nigerians to save and invest with ease. Cowrywise offers savings with interest rates at fixed, periodic, and one-time rates and various investment plans.

Cowrywise is a legitimate platform where you can build wealth through savings and investments. With this app, your money is secure, and you can manage your accounts from wherever you are.

This Cowrywise review is to educate you on how and why you should consider the Cowrywise app, its features, and more.

Is Cowrywise Still Legit in 2023?

Yes, Cowrywise is still a legitimate platform in 2023. The company has its headquarters in Lagos, Nigeria, and over 500,000 users on their platform.

Cowrywise secures its users’ funds through partnerships with renowned investment platforms such as Meristem Trustee and Afrinvest. Meristem Trustee is a company regulated by the Security and Exchange Commission (SEC)  in Nigeria. The SEC is the highest regulatory body for investment platforms in Nigeria.

Furthermore, the Cowrywise platform uses a two-step verification process to secure funds. Therefore, all user’s data is encrypted and stored in their database to prevent unauthorized access and a Two Factor Authentication for all transactions.

The Cowrywise App

The Cowrywise app is on Google Play for Android and the Apple Store for iOS users. Over time, the app has had over 500,000 downloads and review ratings of 4.2 from over 20,000 users.

The Cowrywise app enables you to:

  • Save and invest your money
  • Get returns on your savings daily
  • Invest wisely and with ease
  • Withdraw with ease
  • Receive prompt customer support
  • Earn through referrals.

Reviews on the Cowrywise app have been very good, as they have a user-friendly interface and offer prompt customer care service.

The Cowrywise App Features

The Cowrywise app provides both saving and investment features listed below:

  1. Regular Savings
  2. Life Goals
  3. Halal Savings
  4. Savings Circle
  5. Cowrywise Mutual Funds.
  6. Sprout
  7. Money Duo (new feature)

The app allows you to save and invest as little as ₦1000 on their periodic plans. 

Let me explain how these features work:

Regular Savings

With the regular savings feature, you get to decide if you want to automate your savings daily, weekly, or monthly. You may also decide to save at any time you want to. The minimum savings period for this plan is 3 months. 

Life Goals

This feature allows you to save for your long-term goals, such as vacation, tuition fees, building, and so on. This plan has a minimum savings period of 1 year. You can automate your savings daily, weekly, or monthly as you desire, and at maturity, you either withdraw or roll over the plan. 

Halal Savings

This savings feature is for Muslim brethren who just want to save money without interest. When you create a Halal savings plan, your funds will be locked until the maturity date. It works like a regular savings plan, except that there is no interest.

Savings Circle

The savings circle feature allows you to save with other people as a group. So, you can save with family and friends to meet a common goal.

Cowrywise Mutual Funds

The Cowrywise mutual funds are the investment feature on the app that allows you to invest in naira and dollar mutual funds on the platform.


Sprout is an investment plan for large businesses, small to medium enterprises, and start-ups. This feature enables business people to invest in mutual funds using spare cash from their businesses. You can withdraw from the plan anytime the need arises in your business. 

The minimum investment amount in the Sprout plan is 1 million naira.

Money Duo

This is a recent feature Cowrywise introduced to help partners or friends start a savings plan together. Both parties can start saving for a shared goal like a trip, marriage or schooling.

We love this plan because it allows two people to save without the risk of one person having exclusive access to the other person’s money. Both of them can plan for a shared goal while still maintaining control of their money in their individual Cowrywise apps.

Cowrywise Interest Rates

The interest rates on Cowrywise depend on the instruments they invest in for you. The instruments are government bonds, Treasury bills, and commercial papers.

Therefore, the interest rates can range from 5% to 15%. 

How to Sign Up on the Cowrywise App

Now that you know the features and interest rates you get to enjoy on the Cowrywise app let me show you how to sign up on the app.

There are two ways you can sign up on the Cowrywise app, 

  1. Through the website
  2. Through the app from Google Play or Apple Store.

NOTE: Cowryise takes its rules on savings seriously. Hence, when you save with Cowrywise, you can’t break it until maturity. If you don’t want a strict savings plan, save your money in the Stash wallet for emergencies or use another saving app.

How to Sign Up through the Cowrywise Website

Here are the steps to follow to sign up through the website:

Step 1

Go to the Cowrywise website on your browser

Step 2

On the far right corner, click on “Sign up for free.”

Step 3

Type in your Email address and click “Continue.”

Step 4

An OTP code will be sent to your email address; type the code in the box to verify your email and continue

Step 5

Complete your profile by providing your legal name, phone number, and password.

How to Sign Up Through the Cowrywise App

To sign up through the Cowrywise app, follow these steps:

Step 1

Download the Cowrywise app from your Android’s Google Play or iPhone’s iOS store

Step 2

Click the “Sign Up” button and input your email address

Step 3

Verify your email address by typing the OTP code sent to the email  and continue

Step 4

Complete your profile by inputting your legal name, phone number, and password.

Step 5

Log into your account to start saving and investing.

What is  Cowrywise Stash?

The Cowrywise stash is similar to a mobile wallet; it is a money pool on the app that receives cash from sold-out mutual funds. More so, you can transfer money to your stash from any bank account through bank transfers or USSD. 

You can transfer funds in your stash to your savings plan, investment plan, and other Cowrywise users. Also, you can transfer from your stash to your bank account at ₦25 processing fee.

How to Withdraw From Cowrywise

Withdrawing from the Cowrywise app can only be done if your savings has matured or you have some money in Stash.

Assuming your savings has matured, here are the steps to withdraw your money from your Cowrywise account:

Step 1

Log into your account on the app or website

Step 2

On your homepage, click on the “Save” tab and choose your savings plan.

Step 3

Click on “Transfer to Stash,” then “Withdraw to Stash” to withdraw money to your Stash

Step 4

Enter the amount and set a new date for your plan’s maturity then click on “Make Withdrawal.”

Step 5

Click “Banks and Cards” under Banks, type in your bank details, and save

You will receive your money in your bank account within 24 hours.

Withdrawal Charges on Cowrywise

There are charges for each withdrawal on the Cowrywise app except for locked savings, where withdrawals are free at maturity.

Here is the breakdown of charges on Cowrywise:

  • Initial withdrawals from Stash (up to 10 withdrawals) – ₦25 charges
  • Withdrawals up to ₦50,000 from Stash – ₦50 charges
  • After 10 withdrawals, – ₦100 flat rates apply.

User Experience and Reviews on the Cowrywise App

The Cowrywise App is undoubtedly one of the best saving apps in Nigeria today because of the good app reviews received on Google Play and App Store. Cowrywise reviews are more positive than negative.

As stated earlier, the Cowrywise app has a 4.2-star rating on Google Play and a 4.4-star rating on the iOS App Store. 

Positive Reviews

Users give a thumbs up to the Cowrywise app as the best app for savings and investments. Also, the user interface has been credited with being easy to use and understand.

Furthermore, user experience shows that they enjoy prompt support from Cowrywise Customer Care and the security system on the app.

Other users appreciate the Cowrywise app for helping to discipline them toward saving through automated savings plans.

Negative Reviews

Some users complained that the processing time before funds drop into their bank account is too long. Hence, they can’t get emergency funds. 

Others said they were frustrated with the incessant app updates and would love it to stop. Also, users complained that the withdrawal fees are on the high side.

Other savings apps to consider 👀

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Cowrywise Customer Care Support

You can contact Cowrywise Customer Care Support through their email address:, by WhatsApp: +234 903 0000 857, or by calling +234 802 2212 229.

Cowrywise Customer Care can also be reached via their social media platforms on Instagram, Twitter, and Facebook.

Final Thoughts

Cowrywise is the only SEC-licensed financial management app where you can plan, save, and invest money easily. With their direct access to large mutual funds in Nigeria, you can build your savings and investment portfolios and manage your funds securely. 

This Cowrywise review has been able to give you abundant information on the features of Cowrywise, how to create your account, and more. Another savings app like Cowrywise is Piggyvest.

Cowrywise Reviews – Frequently Asked Questions

How Do I Make Money on Cowrywise?

You can earn interest on your money saved and invested on the app. Also, Cowrywise gives bonuses when you refer people to use the app. You can get your referral code on the app and start sharing.

How Do I Invest in Cowrywise?

Cowrywise only deals with mutual funds. You can invest in naira and dollar mutual funds. To invest in Mutual funds you will log into your account and take a risk assessment. The result of the test will help Cowrywise choose a suitable plan for you. 

You will then be required to buy some units of the fund to have your money invested in it.

How Long Does Cowrywise Withdrawal Take?

Withdrawals from Stash are processed 24 hours after it is initiated.

What Are the Advantages of Using Cowrywise?

The advantages of using Cowrywise are highlighted below:

  • Automated savings daily, weekly, and monthly
  • Savings lock to enhance discipline and better returns
  • Interest rates are better than bank accounts
  • Two-factor authentication for better security of funds.

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