COWRYWISE VS PIGGYVEST 1
Cowrywise vs Piggyvest: I’m sure quite a number of people have their monies saved with either Cowrywise or Piggyvest. This topic is controversial because what works for one person might not work for the other. Well, the aim of this article is to shed light on both platforms and give you enough reason to make your choice on which you would likely invest in.
So you are welcome to another insightful segment on the blog. This would be very informative, so keep reading. Hope you didn’t miss our previous post on Paystack vs Flutterwave.
As we all know, the art of saving is an integral part of life for anyone who is determined to get much out of life, most especially if you are earn a decent, regular income. More than saving, it is also imperative that you make profitable investments with your savings in order to attain a higher valued return at the end of the day.
Ask a good number of Nigerians about what the most popular savings and investment platforms are, 90% would mention the Cowrywise and Piggyvest apps.
Ultimately, deciding on a platform to save and afterward invest your savings for higher returns is an extremely important topic that shouldn’t be taken for granted in any way, and I’m sure you are in search of answers as to what your best option should be when it comes to these apps.
Cowrywise Features in Terms of Savings
Cowrywise is one of the many savings and investment companies instituted in Nigeria. It’s major aim is to ensure that savings and investments are simpler, without the usual protocols and jargons and above all, extremely rewarding with huge returns.
Cowrywise was established in 2017 and has been providing optimum financial services to the general public. With a meagre sum of N100, Cowrywise gives you a platform to start saving and investing in its periodic plans. Furthermore, there are four features available to meet with each individual’s unique financial goals.
Cowrywise Savings Features
On Cowrywise, there are five saving options, namely:
- The Regular Savings
- The Life Goals Savings
- The Emergency Plan
- The Saving Circles, and
- The Halal Savings.
But before we discuss each of these saving options, let’s consider what is known as ‘Stash” on the Cowrywise app.
What Is Stash?
To activate your Cowrywise account, you do not need a debit card, as in normal bank accounts. All you need is Stash-an in-app funding alternative for your savings and investment packages.
Once your stash has been set up, you obtain an account number that enables you make transfers to your Cowrywise account from any local bank in Nigerian. Funds in your stash can be transferred to:
- any of your savings/investment plans.
- Your Nigerian back account at a NGN25 service charge.
- Another Cowrywise user at no charge.
Now, let’s discuss the saving options on Cowrywise.
1. The Regular savings
The Regular savings feature on Cowrywise allows you save for a minimum of 3 months with an interest rate of 10%-15% per annum. In addition, you can create numerous regular savings plans which can be allocated to various projects such as getting a car, expanding your business, etc.
The benefit of the regular savings on Cowrywise that supersedes that of Piggyvest, is that Cowrywise helps to keep you disciplined as you cannot break the saving plan until its maturity date. This has undoubtedly helped a lot of people to delay gratification, hence achieving their set goals.
2. The Life Goals Savings
The Life Goals Savings are saving packages intended for various financial goals and are secured for at least one year. Under the Life Goals, several everyday lifestyle options are included for you in most cases and your options range from Family, Business, Education, Retirement, etc. This way, the hassle of thinking of which long-term to save towards is taken away, all thanks to Cowrywise.
3. The Emergency Plan
We all know that judging from its name, everyone needs this plan; yes, everybody.
With the outbreak of the pandemic in 2020 and subsequent lockdown in various countries, millions of people lost their jobs and only those who had Emergency Saving Plans managed to survive without dependence on loans or government palliatives.
Without exception, people are advised to have at least 6 months of their regular expenses saved up in an Emergency Plan. Therefore, if after consistent budgeting you find out that 120, 000.00 covers the cost of expenditure in a month,then your Emergency Plan should have at least 800k saved in it.
This saving plan is a refuge for unforeseen circumstances (which are bound to occur). Also, it ensures you are covered financially for unexpected events. And in comparison to the savings plan with a duration of at least 3 months, you can withdraw your funds at anytime. You only need to ensure that you are only withdrawing to sort out an ’emergency’. In addition, you earn returns on the emergency plan on Cowrywise from safe financial instruments.
4. The Savings Circle
The Savings Circle is a special option available only on Cowrywise. This option works under three variants, namely:
- Collections – Perfect for private, investment clubs.
2. Challenges – Perfect when saving with friends and family in a fun and motivational pattern.
3. Money Duo – perfect for two people, e.g lovers who are setting long-term financial goals together.
The Halal Savings Plan is dedicated to Muslims, who want to save with no interests attachment. On Cowrywise, regardless of whatever your belief is, there is an option for you to choose from.
Furthermore, on Cowrywise, you have the option of becoming an investor by buying units from over 20 mutual funds merchants on the platform; which is regulated by the Securities and Exchange Commission (SEC). Building on this, it becomes possible to invest long-term on a regular basis.
In summary, there are quite a number of options available to you on the Cowrywise app and there is a plan to suit your need. What’s more? You can start with as low as NGN100, which might seem little but has the power to foster huge returns with dedication. 2022 is here, what is your saving plan? See more about the Cowrywise app here
The next post would center on Piggyvest and its amazing benefits; you don’t want to miss out, so, Stay tuned!