ProductUpdates

Update: Stash is getting a major upgrade

3 Mins read

Every year, Cowrywise works round the clock to make your account more secure, and the experience, even more rewarding. So far, we have released updates that allow you to set up security questions, PIN, and a primary device. And with this update coming next week, you will have more control over Stash, and how you move your funds in and out of the app.

Why is this update necessary?

As an investment company, one of our major goals has always been, and still is, to help you build wealth. But, more importantly, we understand that the wealth you have worked so hard to build, should be preserved, sustained and protected. And an essential part of meeting this goal is building features that can adequately protect your funds, as well as elevate and simplify your experience on the app.

What this also means is that the task of protecting the wealth you are building is dependent on our joint partnership. We ensure that on one hand, we continue to build a secure product you can save and invest on for years to come. On the other, that you protect your smartphones and keep your personal details like your password, BVN, PIN and details to your security questions private and close to your chest. 

I’m sure that’s something we can agree on.🤝

What we foresee is a future where you continue to build wealth with Cowrywise as you always have; saving and investing with ease, peace of mind, and zero worries as to the safety of your funds. It is one thing we are proud of and the one thing you can bank on.

What exactly is changing?

Stash has evolved to give you more control and transparency over how you manage the inflow and outflow of funds. With the new update, you will have insights on the state of your transactions and your activity on your account. Stash has been re-engineered from the ground up to improve your withdrawal experience.

In the coming week, here are the changes you can expect to see on Stash.

Withdrawals will now take 24 hours to process: This means that whenever you make a withdrawal request, the amount requested settles in your bank account 24 hours later. Why has this changed? Once you initiate a withdrawal request, it now has to pass through a disbursement service, which will take 24 hours to process, giving us more time to validate and successfully process your withdrawal request.

Get actionable insights: With this update, gone are the days when you made a withdrawal and you had no idea what became of it. Stash will now give you more insights into the status of your transactions. From the dashboard, you know when a transaction has been initiated, if it is pending, failed or has been successfully processed. So, you don’t have to wonder if your funds are ‘hanging’ or not.

One withdrawal at a time: The implication of the 24 hour processing period is that you can only make one withdrawal at a time, and you will only be able to initiate another withdrawal after the previous request has been successfully processed or cancelled. Which means you will need to plan ahead to meet your financial obligations when you make each withdrawal request.

Withdrawal cancellation: On top of that, you can cancel a withdrawal request if you make a mistake or change your mind. Important to note, is that cancelling an initial withdrawal request to initiate another, would mean you have to wait again for the processing period to elapse to get the value processed to your account.

What should you do?

Plan ahead: With the 24 hour processing period, withdrawals will no longer be instant. If you need to make a withdrawal request to make payments, or meet financial obligations, you’ll need to plan ahead to take into account the 24 hour processing period.

Withdraw wisely: The changes in Stash mean you need to be more deliberate about how you carry out transactions. Initiation and cancellation of withdrawal requests will have varied implications on when your requests are successfully processed and deposited in your bank account.

As mentioned before, building and protecting your wealth is a partnership. We remain committed to ensuring the safety and security of your account, while optimizing the app to ensure you continue to enjoy a smooth and seamless experience.

In the meantime, get ready to update your app and keep saving and investing.

ALSO READ

Find out how investments work on Cowrywise

Withdrawals on Cowrywise: What you need to know

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