What is Cowrywise Stash?
First, let’s use an example. Imagine you’ve set up an investment plan. Sadly, there’s a funding hurdle; you don’t have a debit card. With Stash, that is no longer a problem. Stash helps you invest without a debit card.
The feature works like an e-wallet. Once set up, you can:
- Top up your savings and investment plans. It’s super fast this way.
- Receive payout of returns from your investments
- Receive mature funds from your savings plans
Please note that Stash is not a replacement for your bank accounts.
Why you should keep your Cowrywise Stash active
It is important to keep your Stash active by using it for your allocated savings and investment funds. This is due to an update by the Central Bank of Nigeria (CBN) on virtual accounts. Inactive Stash accounts are deactivated if found to not have received any funds within 6 months.
Bank transfer charges differ depending on how much you’re transferring and how many times you’ve made transfers per month. Withdrawals below 50k = N25. Withdrawals above 50k = N50. These fees are applicable to your first 10 withdrawals in a month. After that, it becomes N100 flat fee per withdrawal in that specific month, regardless of the amount.
Transfers can only be made to accounts that are linked to your registered BVN.
How to set up your Stash
1. Download the latest Cowrywise app.
2. Create an account for free
3. Tap “Stash” on your menu bar.
4. Enter your Bank Verification Number (BVN) and the date of birth linked to your BVN.
5. Tap on verify.
NB: If you have added your BVN when creating an account, you won’t need numbers 4 & 5.
Your BVN is safe with us. Check here.
Start exploring Stash – your digital wallet now. 🎉