What is the best saving app or service in Nigeria?
Technology has had a huge impact on the Nigerian Financial sector. Where E-commerce and marketplace startups failed, Fintech has thrived.
One of the biggest wins for fintech has been its success in getting young Nigerians to save and invest their earnings.
In the past, you would have had to join long queues, fill several forms, and sign several terms before being able to get a good income-generating instrument. Today, the apps we are going to talk about in this article have made saving and investing a fun activity.
What used to be known as “Kolo” in the Yoruba language (a wooden piggybank) has become digitized and unlike the traditional wooden box, it will be harder for your sibling to break into your digital piggy bank. Also, you get decent rates on your savings, which means you don’t have to lose money to inflation.
When it comes to choosing an online saving platform, these saving and investment apps are the most popular choices among youths in Nigeria.
This ranking considers the following metrics in ranking the top saving mobile apps in Nigeria:
- The year of establishment
- The minimum and maximum amount that can be saved
- Charges made on withdrawals
- Whether or not there is an option for investment
- What platforms are they available on
Top Saving Apps in Nigeria
Without further ado, let’s take a look at the best saving apps in Nigeria:
Launched in January 2016 as a savings-only platform under the name Piggybank, in 2019, the name was changed to PiggyVest. PiggyVest is the first online “Savings and Investment” app in West Africa, offering customers direct investment opportunities as well as savings. This means that on the PiggyVest app, you can save and invest all at the same time. With PiggyVest, you can save as low as 50 Naira daily, and there is no maximum amount.
PiggyVest offers its customers between 10-15% interest on savings and over 25% returns on investments. Using the PiggyVest app or website, users use their debit card details to transfer money or set up an autosave instruction to fund their accounts periodically. You provide a designated bank account for your withdrawals, and it takes between 10-15 minutes for that account to be credited.
A 5% fee is charged on withdrawals made from your Piggywallet account on days aside the set withdrawal days while withdrawals from your Flex accounts are free. With the Piggybank Flex dollar account, you can also fund your savings, invest, and transfer funds in US dollars. The target savings and safe lock features on PiggyVest allow you to lock away some funds until you need them.
With Investify by PiggyVest, you can invest in pre-vetted, low-medium risk primary, secondary investment opportunities. The PiggyVest Extra Protection ensures that your investments are protected, keeping losses away.
The PiggyVest app is available for download on the Apple and Google play store.
Launched in 2017, Cowrywise provides customers with savings and investment opportunities. With an interest rate of up to 15% on savings, CowryWise makes it to the list of the top 5 savings platforms in Nigeria. You can choose to autosave a specified amount periodically or do use the one time savings feature to fund your account whenever you want.
CowryWise accepts all debit cards issued by Nigerian banks and has a minimum savings amount of 100 Naira with no cap at a maximum amount. Your savings are locked for a minimum duration of 90 days with no maximum time limit. Interest is paid on your savings every day at 12 midnight.
CowryWise provides different saving plans designed for different circumstances. They include:
- Savings Circle: this feature allows for group saving among family and friends. This helps them in saving towards a particular project or goal.
- Regular Plan: with the regular plan, you can choose to automate your savings periodically or save as you like. You can only withdraw from this at its maturity date ad you earn interest for however long it stays.
- Life Goals: this is best for long term financial goals and comes with a minimum duration of one year.
- Halal Savings: This plan resembles the regular plan, but without interest, it is targeted at Muslims looking to save without receiving interest.
- One Time Savings: this feature allows you top off any of your existing plans whenever you want.
Withdrawals can only be made at the set maturity date, and you can choose to withdraw some or all of your savings alongside the interests. Withdrawal is made directly to the bank account you have provided under “Banks & Cards.”
CowryWise is available for both Android and iOS.
3. ALAT by WEMA Bank
Launched in 2017, as a digital bank account, your ALAT account is opened within minutes, and you can set a savings goal in terms of time and amount. With ALAT, you received a physical debit card to make cash withdrawals, but you can choose to delay this option.
With ALAT by WEMA Bank, you can make money from referrals. Using the goals feature, you can set aside specific amounts depending on our schedule. This comes with a 10% interest on the amount saved by annum. ALAT functions as a regular bank account, and you can carry out other transactions without entering a physical bank. ALAT is available on the Android and iOS platform.
The Hausa term for money, Kudi launched in 2016. The Kudi.Ai helps users manage their finances using a conversational style. Part of Facebook’s Free Basic, Kudi does not require data services to function.
On Kudi, users can carry out different functions, including fund transfers, bill reminders, airtime purchases, and so much more. For every transaction, users are, however, charged a breaking fee of 100 Naira. Kudi is available for download on the android play store.
Formerly called SumoBank, Sumo trust provides customers with savings and investment features and between 10%-15% returns on savings per annum. With SumoTrust, users can save as little as 100 Naira daily and set InstantSave withdrawal periods. The Fix Saving option lets you lock away funds until you need it, this option has a minimum time limit of one year before you can make withdrawals.
Also, by being a user on Sumotrust, you enjoy free access to the Entrepreneur Platform business academy “Motute.” There you can learn various skills in Nigeria as well as connect you to like minds who you can collaborate and work with. You can also make earnings by referring family and friends to sign up on the platform. SumoTrust is available on all devices.
Savings can be very stressful when you have to pile up lump sums for deposits in the bank but with these popular saving applications, you can set aside as little as 50 Naira daily.
So what are you waiting for? Go ahead and sign up on one of these apps, and in no time, you will hit your saving target.