We recently gave Cowrywise Stash a makeover! In this article, we explained the following to help you enjoy the feature:
- What is Cowrywise Stash?
- Why should you use Cowrywise Stash?
- How to set up your Stash
- How to set up your unique username
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. Thankfully, with Stash, that’s no problem. It helps you invest without a debit card. There’s more, but let’s explain this.
The feature works like an e-wallet. Once set up, it provides you with an account number that you can make transfers to. The money in your Stash can be used to:
- Top up your savings and investment plans. It’s super fast that way.
- Receive payout of returns from your investments
- Receive mature funds from your saving plans
- Transfer money to other Cowrywise users, for free!
However, at this time, Stash is not a replacement for your bank accounts.
Why should you use Cowrywise Stash?
Here are the perks of using it:
- It’s great for building your emergency fund. However, Stash doesn’t give you interest like an actual Emergency fund on Cowrywise.
- Unlimited free transfers to other Cowrywise users. You can even send money to them via your contact list or their usernames.
Also, 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.
Important: 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. However, transfers can only be made to accounts that are linked to your registered BVN.
How to set up your Stash
A few steps to get you started:
1. Download the latest Cowrywise app.
2. Signup and create a free account. You can log in after signing up.
3. Tap “Stash” on your menu bar.
4. Enter your Bank Verification Number (BVN) and the date of birth linked to your BVN.
5. Click on verify and proceed to set up your Stash pin.
Your BVN is safe with us. Check here
How to set up your unique username
With our recent update, we reintroduced Circles and also introduced usernames. You can now transfer funds in your Stash to other Cowrywise users using their unique username. Yup, we’ve added a new and even easier way to send those funds to your friends and family.
Here’s how to set up your unique username:
1. Log in to Cowrywise.
2. Tap on your profile image and then tap on “Edit Profile”.
3. Tap on “Username” and get editing!
Now you’re all ready to make free transfers to users and begin making almost free transfers to your bank accounts.
Start exploring Stash – your digital wallet now. 🎉