Consistency is the secret ingredient to building wealth. Whether you’re saving for a dream car, house, investing for retirement, or building an emergency fund, staying on track with your contributions makes all the difference. But what happens when your payment method becomes the very thing standing between you and your financial goals?
If you’ve ever experienced a declined card payment, scrambled to replace an expired card, or missed a savings milestone because of payment hiccups, there’s a feature on Cowrywise that might just solve all these problems.
Direct Debit: The Payment Method You Might Be Overlooking
Among Cowrywise’s three funding methods, debit cards, bank transfers, and Direct Debit, the latter often flies under the radar. Yet for serious savers and investors who value automation, it’s arguably the most powerful option available.
Here’s how it works: Direct Debit connects your automated savings or investment plans directly to your bank account, allowing Cowrywise to process payments automatically based on your plan settings. No more manual transfers, no more card drama, just seamless, consistent contributions toward your goals.
Perfect for: Investors who value automation and want to maintain their Streaks without interruption.
Important note: Direct Debit works best for recurring payments on automated plans, not one-time transactions.
Why Direct Debit Is a Game-Changer
Eliminate Payment Frustrations
Card issues are surprisingly common. Failed charges, expired cards, and the hassle of enabling online transactions at your bank can derail even the most disciplined savers. Bank transfers, while reliable, require manual action each time. Direct Debit eliminates these pain points, running quietly in the background while you focus on your goals.
Protect Your Streaks
For Streaks enthusiasts, Direct Debit is essential. As long as your linked bank account has sufficient funds, you’ll never miss a payment, and never lose your hard-earned Streak. Set it once, and let consistency work its magic.
True Financial Automation
Direct Debit removes barriers to financial wellness by offering a simple, accessible alternative to card-based transactions. It’s financial inclusion in action, giving more people the tools to participate in automated savings and investments without the friction.
Setting Up Direct Debit
Getting started takes just a few minutes:
- Navigate to Profile > Payments > Banks
- Select your bank from the list of supported institutions
- Enter your phone number and address
- Send a ₦50 confirmation fee (details will be provided)
- Wait for confirmation – you’ll receive a notification once your account is linked (this can take up to 24 hours or more)
Once confirmed, head to your automated plans and switch your payment method to “Linked Bank.” From that moment on, your contributions will flow seamlessly from your bank account to your savings or investment plans.
Supported Banks
Direct Debit supports 23 major Nigerian banks, including Access Bank, GTBank, UBA, Zenith Bank, First Bank, Ecobank, Stanbic IBTC, and many others, covering the vast majority of Cowrywise users.
The Bottom Line
If you’re serious about building wealth through consistent savings and investments, Direct Debit removes every possible barrier between you and your financial goals. It’s the difference between hoping you remember to save and knowing your future is being built automatically, one payment at a time.
Already using Cowrywise but haven’t set up Direct Debit yet? Now’s the perfect time. Link your bank account and experience the peace of mind that comes with truly hands-free saving and investing.
