Cowrywise App Makes Savings Fun, But Has Accounts Flagging Issues – Users’ Review
By Onome Naomi
The emergence of investment and savings apps is helping to sustain the culture of savings among Nigerians even in the face of a bleeding economy. While it takes self-discipline to save from an income that is not even enough, the apps are making it easier by automating the process, such that a particular preset amount is deducted from the user’s account on regular basis as savings.
Among the apps driving digital savings culture in Nigeria today is Cowrywise. Launched in 2017, Cowrywise offers savings with interest rates at periodic, fixed, and one-time rates. With this app, you can build your savings and investment portfolios and manage your money securely. It also allows you to save as an individual or with a group. A notable highlight of Cowrywise is the friendly user interface and the ‘Savings Challenge, which challenges you to engage in rigorous savings plans that help you build emergency funds or a better stash of funds at the end of the specified period.
The app provides its users with a rate calculator that enables them to calculate their interest even before they start saving.
The Cowrywise app, with over 500,000 downloads on the Google Play Store is flexible with a beautiful design and simple user interface. But while some of the app users are testifying to the smoothness and the ease of using the app for savings and withdrawals, the experience on the app has not been palatable for many other users.
Users who spoke with Nairametrics are more worried that the app easily flags their legitimate transactions as suspicious, especially, at the point of withdrawal, thus denying them access to their money at the time of need.
The Cowrywise app is, no doubt, one of the best out there when it comes to savings apps in Nigeria in that it simplifies savings and makes it convenient for the users to save. However, it needs to fix the bug flagging legitimate withdrawal transactions as suspicious, which could be frustrating for users.