Saving Apps in Nigeria.
Saving is as old as the origin and history of man. From time antiquity, saving money has been what almost everyone wants to do; notwithstanding social, economic or political status. There are some scholars who believe that the need for saving money comes naturally to many people. Therefore, there is hardly anyone who does not think of saving money once in a while. As a matter of reality, in this present world of harsh financial and economic realities, one is expected to stash some in case of emergency and unforeseen events or occurrences. Therefore, one with little or no savings is bound to be visited by harsh financial realities before long. This is made worse when the economy experiences periods of downtime; not forgetting its effect on the general living standards of the population.
In the past, you would have had to queue long hours, fill forms, and sign several terms before being able to get a favorable or reasonable income-generating or saving tool. This day, technology-powered apps are taking over. To this end, we are going to discuss the top saving apps in Nigeria.
Top Saving Apps in Nigeria.
On this sub-top, Ranks MG could have streamlined this better when they gave a wholesome delivery on the top apps in Nigeria people should be looking at. According to Ranks NG, the following are some of the top fintech saving apps in Nigeria:
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
What are the top savings app to keep your money in Nigeria? Based on safety of funds, interest rates, and flexibility of the platform, here are the best saving apps in NiNigeria1
- Mint Digital Bank App
The Mint app is arguably the best place to entrust, save and invest your money. It is number one on this list because it has continued to ensure that their customers smile to the bank. Also, carrying out financial transactions with little or no charges is something every customer should be looking out for not to even mention the mouth-watering interests accruable from banking with the Mint Digital App. The Mint Digital App represents about the best saving app in Nigeria despite coming into prominence just few years ago. The Mint saving app puts you in control of how you want your savings to pan out. According to the Mint website, you can decide on three methods of saving on the Mint Saving App:
On this savings platform, you can earn up to 36.5% on your money, with flexible savings options. Most people’s needs inform their saving habit. With Mint, one can set objectives to save based on your needs. One can save to buy a car; buy a house; go on a vacation or start a business. You can run this savings on Mint automatically or manually.
With Mint, you can save in the event of emergencies. You can even borrow and pay later.
With the Mint App, you can rnake your expenses into source of revenue. Build a good savings habit with no effort required. All you have to do is activate the round-up savings on the Mint App and earn as much as 15% on your savings.
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 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 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 to top off 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 one of the top savings apps in Nigeria and it is available for both Android and iOS.
Carbon is more popularly known as a loan platform, however, you can earn up to 16% per annum when you invest with Payvest; a carbon product.
Carbon also offers quick loans to customers, which means you can take a loan from them, invest your money at market-leading interest rates, recharge airtime on any network, pay bills for all your favourite services, and transfer money, all at the lowest possible cost with Carbon. Carbon also offers you a free credit report, which includes your credit history across financial institutions and notifies of issues you may be having. Carbon is one of the best fintech solutions in the country, and it is one of the best savings platforms in Nigeria.
- 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 your 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 platforms.
Savi.ng is a property of VFD Microfinance Bank, a limited liability company, regulated by the Central Bank of Nigeria as a microfinance bank. Savi,ng
Savi.ng currently offers two savings plans.
- Goal Savings: Goal savings plans enable you to save and earn consistently towards a financial goal or set of goals such as rent, school, gadgets, or travel.
- Periodic Savings: Periodic savings helps you meet commitments to long-term financial goals by saving daily, weekly, or monthly.
Savi.ng currently offers 8% per annum on both goal savings or periodic savings plan. Savi is available on both the Google Play Store and Apple Store.
Pettysave is a financial technology solution that enables you to schedule your savings conveniently either daily, weekly, or monthly. You can save towards specific targets such as rent, school fees, travel, car, wedding, etc. Also, Pettysave allows you to invest your funds for a decent return on your investment.
Pettysave has three savings options:
- AUTOSAVE: It lets you automatically save a fixed amount from your bank account either daily, weekly, or monthly at an interest of up to 10%.
- TARGET SAVE: It lets you achieve your saving goals by using the target save feature e.g. car, travel, school, etc. while still earning up to 10% interest.
- Vault: It lets you secure your excess funds as fixed deposits to earn more interest. Funds can be fixed for a minimum of one month and above and earn up to 12% interest depending on the length.
Pettysave is one of the most popular savings apps used by young Nigerians and it is available on both the Google Play Store and Apple 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.
- Kuda Savings App
This is another saving app that have captured the hearts of many by putting money in people’s pockets just for saving with it. With the Kuda saving app, you can monitor your finances at every go. You can also open all kinds of accounts with them with favorable charges and enticing interests on savings. In fact, you can earn 15% interest on your savings every year and you can save automatically.
If you want to save in dollars, CowryWise Saving App should be your darling because this app ensures foreign currency friendliness to all customers home and abroad.
Saving money can be gruesome and tiring. This is why a lot of people find it hard to keep up with saving. They might be interested in saving but sneak back to not saving anymore before long. This is not helped by the stress people encounter with traditional banks as well as other factors outside these banks. Carrying large sums of money to banks can be dangerous; especially with the sorry security situation in the country. Therefore, one needs a reliable platform to do financial transactions without stress. This is where the saving apps come in. It is also important to go for saving apps with the most reliable and favorable features.