Frequently Asked Questions


What Is CowryWise?

CowryWise helps make saving and investing seamless. CowryWise takes away the stress and planning required to save and invest on a regular basis through its automated and easy-to-use platform. Your savings also generate interests, up to 15% per annum, till a set maturity date. For Muslims who just want to save without earning interests, we have the automated halal savings option.

Why should I save on CowryWise?

Cowrywise is suitable for people who:

  • never want to miss their saving and investment goals again.
  • want to save and invest even while they are asleep.
  • want the discipline to keep their savings and investments for a long period of time without tampering with them.
  • want to earn interests higher than what their banks can give.
  • want to plan their financial goals with easy to use financial tools.

How are you able to offer higher returns than traditional banks?

This is simple. We do not have the high-cost base of traditional banks. Our operations are lean, driven by our proprietary technology. We invest our customers' funds in risk-free instruments offered by the Central Bank of Nigeria, Nigeria’s Debt Management Office (DMO) and a few low-risk investment opportunities such as corporate bonds and high-quality commercial papers. These cost savings are passed to our customers in the form of higher returns.

What kind of debit cards can I use on CowryWise?

CowryWise accepts debit cards issued by all Nigerian banks.

Do you currently grant loans?

At the moment, we do not give loans on this online platform. We only enable our customers to plan, save and invest.At the moment, we do not give loans on this online platform. We only enable our customers to plan, save and invest.

Savings & Returns

How much can I save on CowryWise?

You can start your saving plans with as low as ₦100 (One hundred Naira). We do not have an upper limit. You have a billion Naira you want to save with us? Please go ahead.

What types of savings and investment plans are available on CowryWise?

  1. Periodic Plans. With these, you can set your saving plan(s) to be daily, weekly or monthly for at least 3 months. You only need to specify this once and CowryWise ensures money is saved automatically on the specific days into your CowryWise account. These plans can also be topped up randomly with amounts outside the automated scheduled amount.
  2. Life Goals. These plans help you meet commitments to long term financial goals. These are similar to periodic plans but they have a minimum maturity period of 1 year.
  3. Save As You Earn. Unlike Periodic Plans and Life Goals, these are not automated and can only be topped up manually. If your income flow is irregular, such that you find it hard to keep up with automated savings, this will work perfectly for you.
  4. Fixed Plans. These allow you to keep aside a lump sum of money for at least 3 months. Unlike the aforementioned plans, they cannot be topped up.
  5. Interest-free Plans. These are for Muslims who don’t want to earn interest on their savings. They can be set up as periodic plans, life goals, save as you earn plans or fixed plan; but they won’t attract any form of interest.

How many saving plans can I create?

All dreams count, so you can create as many plans as you wish. Housing Plan, Car Plan, Wedding Plan, Education Plan, Children Plan, Vacation Plan and so on. You have the flexibility to give each plan a unique name that resonates with your financial goals.

How long can I keep my savings and investment with CowryWise?

There is a minimum duration of 90 days and no maximum time limit. You can keep your savings and investment with us for as long as you wish. We make everyday count by making your plans earn returns daily.

What rate of return do I earn on my plans?

We offer you a minimum of 10% per annum and this return accrues to you on daily basis. You can earn as high as 15% per annum on longer durations. This compares with 4.2% that banks give on your savings account which you can only get if you don't withdraw more than 4 times within a month.

How do my earnings accumulate on CowryWise?

For every plan created on CowryWise, there is a maturity period assigned to it. For each maturity period range, there is an attached interest rate. This can get as high as 15% per annum. Remember, we make everyday count by making your savings earn returns daily. This is done by prorating the annual interest rate attached to your plan. That is, a daily breakdown of the annual interest rate is paid on the available balance in your plan(s) each day. Also, as big fans of compound interest, your returns compound annually or whenever you rollover your plan after maturity.

Can I put my automated plans on hold?

Yes you can

  • Simply select the plan you wish to place on hold.
  • Tap “Edit”.
  • Tap “Plan Status” to toggle between “Active” and “On Hold”
  • Select “On Hold”
  • Finally, tap “Save” to save the edits you’ve made.

When does my saving begin to earn returns?

Your plans start to earn returns the following day after you begin saving on CowryWise and on daily basis thereafter. Your daily returns are credited to your CowryWise account by 12 midnight each day.

Can I monitor my savings and returns?

Absolutely. Our dashboard was designed with this objective in mind. You can monitor the progress on your savings and investment plans and returns on daily basis on our easy-to-understand dashboard. On the dashboard, you can view the following:

Balance: a sum of your current savings and current returns.

Current Savings: the total amount of savings you currently have in your CowryWise account.

Lifetime Returns: the total amount of returns you’ve earned since you create a CowryWise account.

Current Returns: the total amount of returns you are yet to withdraw.

Also, we also push instant notifications to your verified email address and phone numbers for key transactions on your CowryWise account, so nothing goes unnoticed or unapproved by you.

Fees & Charges

How much do you charge?

CowryWise is completely free: zero hidden charges, zero SMS fees, zero account maintenance fees. We mean it.

Safety & Security

How secure is my information?

CowryWise was built with the security of your payment data in mind. Critical customer data is encrypted and securely stored. We do not store your card information as we work with a PCIDSS-compliant payment processor to handle all our customers’ card details. The PCIDSS is a standard guide, globally, that all reputable payment processors must adhere to.

How safe is my money?

In addition to investing your money in risk-free instruments, invested assets are held by Meristem Trustees, a company registered with the Securities and Exchange Commission (SEC), on behalf of savers. These assets are marked to market periodically to ensure customers are not exposed. Think of it as insurance and more.

What is the role of Meristem Trustees?

Meristem Trustees is a subsidiary of Meristem Wealth Management Limited (Insert evident hyperlink to Meristem here). The company was incorporated by the Corporate Affairs Commission as a Private Limited Liability Company in April 2012 and duly licensed by the Securities & Exchange Commission (SEC) to carry out the functions of Trustees in the Capital market in June 2012.

Meristem Trustees holds all invested assets on behalf of savers. This makes your money absolutely safe.


When can I withdraw my money?

At the set maturity date, you can withdraw some or all of your savings together with interests. If you withdraw a part, you will be required to continue the good work of building wealth by setting a new maturity date. The longer your money stays on CowryWise, the higher the interest you will earn as your hard earned savings get returns every day. You can decide to rollover the plan for another period or withdraw part or whole. Rolling over matured plans for another period makes it possible to enjoy compound returns.

How do I withdraw my money?

Withdrawing your money is as quite simple and withdrawals are settled almost instantly.

To initiate a withdrawal, do follow these steps:

  • Log in to your Cowrywise account.
  • Tap “Make A Withdrawal”
  • Select the plan you want to withdraw from.
  • Enter the amount you want to withdraw
  • Select the bank. Viola!

If you have not added your bank details, tap “Banks & Cards”. Under “Banks” provide details of the preferred bank account to be credited and save. If withdrawal is not settled after six hours, do send us a message on any of our channels--Twitter, Instagram, Email or Live Chat.

Our People

Who is behind CowryWise?

CowryWise is a registered Cooperative with its assets held and monitored by Meristem Trustees Limited, an SEC-registered company.

CowryWise is run by finance and technology professionals with over 20 years aggregate domain experience. On our team is a CFA charterholder and technology solution architects. You’re rest assured your savings are in safe hands. Read more about our team