Helping young Africans understand money
Cowrywise is a wealth tech startup based in Lagos helping young Africans understand money. They had an existing web platform and Android app that allowed people to set up savings plans for automated savings, and wanted to create a similar experience on iOS.
As part of the design team at Cowrywise, I worked with Feyisayo Sonubi to bring the iOS app to life. During this process, we also improved the user experience of existing features and introduced new features that helped people save better and invest too.
One time savings
Through the app, users are able to create automated savings plans that allow for recurring deductions. In addition to that, users are also able to do one-off savings to any plan of their choosing. This ensures that users can add whatever spare change they come across to their savings balance and also helps to reinforce positive savings behaviour.
Mutual funds
Cowrywise offers more than just automated and one-time savings. They also allow users to invest in mutual funds, a sophisticated instrument that pulls funds from multiple users to buy securities. With mutual funds, Cowrywise evaluates the risk profile of users and recommends funds that are the most appropriate using language that is clear and concise.
Saving circles
Cowrywise also allows for users to save collaboratively either with the intention of achieving a specific financial goal or working together towards a specific project. Users can invite their friends to a savings circle and jointly monitor their progress towards their goals.
Leaderboards and performance
Of course, users save with specific goals in mind. Cowrywise recommends how much more you need to save to meet your savings targets for a specified time frame. In addition, there is a leaderboard for Savings Circles where users can see how they perform relative to other members of the circle.