As easy as it sounds, saving and growing your money in Nigeria is no mean feat.
With the current biting inflation, the abundance of fraudulent fintechs, and the unreliable legal sector in Nigeria, you could find yourself losing money instead of growing it.
So, what are some reliable ways anyone could start saving and getting a reasonable return in Nigeria?
Well, that same question is on my mind. That is why I’ve taken the time to research and test a few pathways for saving money reliably in Nigeria.
In this post, I’ll introduce you to a few smart money apps that have proven to be legit and can help you start saving as fast and as little as you can afford.
Let’s get right to it.
PiggyVest
When I think of Piggyvest, the first thing that comes to mind is safe lock. That’s actually a trademark of Piggyvest but it also signifies things that are important to savers in Nigeria — reliable savings and security of funds.
Piggyvest is known for pioneering automated in-app savings in Nigeria, and for paying interests on savings upfront, which can also be reinvested.
They offer savings in Naira and dollars, with flexible and lock-up options, and a healthy interest above 10% per annum.
Cowrywise
Cowrywise has somewhat been under the shadow of Piggyvest even though they both launched about the same period.
However, Cowrywise has a different target audience with very differentiated offerings.
I consider Cowrywise to be the fintech with the best mutual funds offering in Nigeria. You just can’t beat them to that.
Apart from savings, they offer a bouquet of well-targeted mutual funds and halal investments.
Risevest
I consider Risevest to be one of the best apps for young Nigerians to invest their naira in dollar assets.
Risevest offers U.S stocks, real estate and fixed income investments that pay a minimum of 10% per annum.
The best thing about this app is that you can invest in assets according to your level of risk appetite. You can also play it safe and save for a fixed income.
So, instead of going through the stress of opening a USD domiciliary account in Nigeria for saving in dollars, just login to your Risevest app and start investing.
Bamboo
Bamboo is one of the pioneers of mobile stock investing in Nigeria. The company is leading the charge to help Nigerian millennials and GenZs buy stocks of global companies.
With a capital of just 1,000 Naira and a verified Bamboo account, young Nigerians can now invest in global companies they use almost on a daily basis, and have long admired, such as Google, Apple and Amazon.
Chaka
Chaka is a product of Risevest and acts as a pipeline for all their Nigerian investment offers.
They offer savers and investors a good mix of local and foreign diversified portfolio of assets, such as stocks, fixed income, and local bonds.
In my opinion, Chaka offers the best place for Nigerians looking to invest in a balanced portfolio for the long-term.
Trove
Trove is a government-compliant app for Nigerians to invest in stocks, ETFs and government bonds.
In a sector that is rife with all kinds of investment scams, Trove is one of a few fintechs that are licensed by the Securities Exchange Commission(SEC), which helps to put investors’ minds at rest.
If you’re looking for a compliant fintech with security of funds in mind, to use for quick save investments in Nigeria, then Trove is a very good option.
Kuda Bank
Kuda bank has evolved from a payments app to an app for saving and growing money in Nigeria.
I remember their initial proposition being “The bank of the free” where users do not have to pay charges for transactions.
However, that has now changed as Kuda is helping more and more young Nigerians save money and keep track of their finances.
With Kuda, you can start saving with as low as 1,000 Naira and earn interest as high as 15% per annum.
V Bank
V Bank is a micro banking platform for young Nigerians to save, budget, and track their finances on the go.
V Bank offers so many features that fit the lifestyle of the average young Nigerians. For example, they have a group saving feature where friends could save and bank together towards specific financial goals.
If you’re a young Nigerian looking to minimize transaction fees, manage your money, and save for multiple financial goals, then V Bank is an ideal fintech.
FAQs on Apps to Save and Grow your Money in Nigeria
Are these apps safe to use in Nigeria?
Yes. Almost all of them have a license from the Central Bank of Nigeria(CBN) to operate as either mobile money providers or micro finance institutions. A few of them like Trove and Chaka are licensed by the SEC for their investment offerings while most of them are NDIC insured for users’ deposits.
For more information, kindly contact any of the fintech companies for better clarifications.
Can I use more than one app?
Of course. There is no limit to what tools you can use for planning your financial future.
For example, I use Piggyvest for short-term savings, I use Risevest for investing in U.S-based assets, I use Chaka for finding discounted Nigerian stocks, and I use Kuda for everyday transactions and organizing my finances.
So, there’s no limit to what you can do with these apps. Just use as the need arises.
Which app is best for beginners?
As a beginner, I believe you mean someone who just wants to save and get a fixed return.
For that you can use apps like Piggyvest, Risevest, and Kuda Bank.
You could also take it up a notch by putting some money into stocks, Treasury bills and government bonds using apps like Cowrywise and Chaka.
How much can I make with these Apps?
Honestly, I believe that investing should be passive, and your first goal should be how to keep your funds safe before thinking of how to grow them.
That said, with these apps, according to historical data, you could realistically expect to make a minimum of 10% of your capital per annum.
The more risk you take, such as investing in stocks and REITs, the more money you can make. However, that also increases your chances of losing money.
So, you might have to seek professional financial advice if you’re looking to take substantial risk with these apps.
