Investing in Nigeria is an intimidating endeavour for a lot of people. This is particularly so for young people who are just joining the labour force with modest income levels. For a lot of underemployed folks as well, saving is hard enough let alone investing.
However, it doesn’t have to be so. In this piece, we will try to break down simple ways to get started in your investment journey.
1. Have A Goal
Having a goal is the first step in getting started in your Nigerian investment journey. Your goal will define a clear picture of what you desire to get out of investing. Goals make the investment journey purposeful. Would you like N50million by age 40? Would you like to have a piece of land at Ibeju Lekki by 35? Or you simply would like to have a strategic capital or cash of N10 million in your account by age 30?
2. Do Your Research
Once you have a goal in mind, the next step is to do some research. The research includes learning about the investment options available in the Nigerian market. Some popular investment vehicles include Treasury Bills, Mutual Funds, Fixed Deposits, and Equities (stocks) among others. These investments have varying risk-return profiles. You could send us an email (hello@cowrywise.com) if you need help before deciding which one is good for you, based on your income level and expected performance over the years.
3. Start Saving
As soon as you figure out which of these investment products align well with your goal, start saving aggressively. Saving aggressively doesn’t necessarily mean you should save all your salary. It means to be consistent with whatever amount you feel capable of saving, usually like 10% –20% of your monthly income. Once you have saved up a certain amount, you can then move this amount into any investment vehicle you have identified in Step 2 above.
A Smarter Approach
I know you are thinking that might take a long time; saving for a while and then start investing later. This is one of the reasons we built Cowrywise. Cowrywise allows you to save and invest at the same time. Whoop! Whoop!
Cowrywise is an automated saving and investment platform in Nigeria, that allows you to automate your savings daily, weekly or monthly. Your savings are then automatically moved into risk-free investment instruments that provide you access to earn predictable returns. This predictability helps you to properly gauge your progress towards achieving your goal.
The Cowrywise App combines the 3 steps outlined above. You get to not only save money conveniently but also save time as your savings are immediately invested. The App opens up investment opportunities to millions of savers. This is our idea of #BeyondSavings.
Download the Cowrywise App from Google Play Store or the Apple App Store and start ‘savesting’, or visit the Cowrywise website.
How has your experience with Cowrywise been so far? Share your story with us here. We want to celebrate you!
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How can I collect my money back once is mature
You sell the units.
Hw can I get my money back…. When I have emergency cases….. cause am in need of it now??
How can I collect my money back once is mature.on mutual benefit
there is a sell option …or am I wrong?
Yes, there is
What a great teaching today Mr. Ope. Thank you sir. Please, i plead for more of these teachings
Well explained, well understood
Thanks for teaching Mr ope
Good and straight to the point.
Teaching is in-born in you; keep it up.
How can I turn my daily savings to investment for Mutual funds
Once they mature, you can transfer them to mutual funds.
I always love your teaching… Can’t wait for another ???
Very much thanks for this update. But please put me to light in a situation you are to contribute a fixed amount to run for let’s say three years and along the line one is not able to make it to the end due to unforseen circumstances after a period of say five months. What will happen to his contribution?
It will keep earning.
What about me that I invest with #1000,and I cash back with dat 1000,which kind of invest is that
This is insightful and i like the pizza explanation thingy. Is mutual fund risk free or there is any chance of default?
Thanks for your kind words. There varying risk levels for mutual funds. On Cowrywise, we have hem categorized from low-risk to high-risk. To find your best fit, we’ll take you through a short risk assessment.
Well understood…cheers?
That’s great to know.
clementogbewe@gmail.com
What is the parcentage interest rate of all the mutual funds?
Lol! May be free investment ,???
Ope ?
Thank you very much for the explanation. It breaks the whole concept down to perfectly understandable bits.
Now, my question is this – high risk mutual fund investments, where the YTD earning is something negative (as sometimes seen on the CowryWise platform), how do people actually make money from those?
I am always happy and expectant to get a mail from you, Ope, because I know I am about to learn something new.
Thank you for teaching with the whole illustration, I understood mutual funds better.
PLEASE I WOULD LIKE YOU TO EXPLAIN CALL UPTION AND HOLD UP TION
How do you know the maturation period
Hi Henry.
Only savings plans on Cowrywise have maturity dates.
You can purchase and sell your investments on Cowrywise at any time.
However, we always advise you to stick to a long-term investment strategy.
Thank you vary much ope for your explanations.
My question is can one deposit dollar In cowrywise stash??????????.??..
Nice of u cowrywises keep it up.
I believe cowrywise is gonna make this country different.
Why did they stop automatic debit oooooooo