REVIEW: The Cowrywise app makes saving fun, but has an issue flagging accounts

The emergence of investment and savings apps is helping to sustain the culture of saving among Nigerians, even in the face of a faltering economy. While it takes self-discipline to save from an income that isn’t even enough, the apps make it easier by automating the process so that a particular preset amount is regularly deducted from the user’s account. user as savings.

Among the apps driving the digital savings culture in Nigeria today is Cowrywise. Launched in 2017, Cowrywise offers savings with interest rates at fixed, periodic rates., and single 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 user-friendliness user interface and the “Savings” section Challengewhich challenges you to commit to rigorous savings plans that help you build emergency funds or a better reserve of funds at the end of the specified period.

The app provides its users with a rate calculator that allows them to calculate their interest before they even start saving.

User reviews

The cowries applicationwith over 500,000 downloads on the Google Play Store is flexible with beautiful design and simple user interface. But while some app users testify to the smoothness and ease of use of the app for savings and withdrawals, the experience on the app has not been acceptable for many other users. .

Users who spoke with Nairametrics are more concerned that the app will easily flag their legitimate transactions as suspicious, especially at the time of withdrawal, thereby denying them access to their money when they need it. Here’s what they have to say about their experience:

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  • For Bisi Adedeji, everything works fine in the app except for the problem she faced while withdrawing her savings. “The app is good and makes it easy to back up. However, I was disappointed last week when I wanted to withdraw my savings and it was flagged as suspicious. I was unable to complete the transaction that day and it took me about 3 days to speak with their customer service before the issue was resolved. This aspect of the app should be looked into,” she says.
  • Lanre Awolere also had the same experience of withdrawing from the app after registering and was only able to upgrade after contacting the app’s customer service. “I think the app is just too sensitive to security. There should be a way to detect fraudulent transactions and report them without causing problems for people who want to withdraw their money legally,” he said. -he declares. said.
  • On the Google Play Store, some users of the Cowrywise app have reported similar issues, although several others describe the app as one of the best based on their experience. But there are also concerns that the save limit of the app which was previously N100 has been revised up to N1,000.
  • According to Nicholas Uchenna, he has had no disappointments in the last 3 years he has used it. “I’ve been using Cowrywise for nearly 3 years now, and I’ve never been disappointed with their service and constant improvements to make saving easy and fun. They have come a long way to prove themselves worthy of being a great financial institution, it is a great privilege to have joined them on this journey. And I look forward to more exciting projects to come,” he said.
  • But the experience is not the same for Tunmise Tope, who was frustrated after his transaction was flagged by the app. “What a very useless app, I send money to the regular account and then moved it to the stash because I wanted to send it to a friend using the same app, only for them to report my account “Who sends them work? They said they noticed an unusual transaction. I’ve been messaging their customer service for the past week but they haven’t responded and even their call center number isn’t going through” , he lamented.
  • Egbeyalo Motunrayo had the same experience with the app. According to her, “My account was reported for trying to transfer money to my bank account. Support was silent, no response. WhatsApp customer support line was silent, I filled out the form and no response yet. Please rectify this immediately.
  • Sharing a similar experience, Ahmad King said: “I wish I could rate the app -5 stars. The app is totally useless. I opened an account and a friend sent me money, I tried to withdraw and they immediately reported my Their customer service was of no help as everything was just useless in the app.
  • cowries Customer service, however, responded to Ahmad’s complaint via the same platform by saying: “Hi Ahmad, we’re sorry to hear this. Our system automatically flags an account to protect it when it notices improper action. We would love to look into the matter. Please contact our customer support team to resolve this issue as soon as possible.
  • Another user, Winifred Dada, has this to say about the Cowrywise app: Since I started using this app last year, it has been really wonderful and easy for me to save money. Thanks. However, since the last two updates, I noticed that the minimum I can save is N1,000, please can this be fixed? So that even if I don’t have up to that amount I can still save Overall it’s a wonderful app.
  • Lawal Abdulrasheed feels the same about the upward revision of the savings limit on the app. “By revising the minimum savings of N1000 upwards, you think you want to help your customers save more, but I really want to tell you that you are not! Please return to the status quo where the customers will save what they are able to save, fingers are not equal,” he said.


The Cowrywise app is, without a doubt, one of the best savings apps in Nigeria in that it makes savings simple and easy for users. However, it needs to fix the bug that flags legitimate withdrawal transactions as suspicious, which could be frustrating for users.

Lance B. Holton