Saving is an integral part of achieving financial stability in life, and its advantages cannot be overstated and in this article we’ll navigate through 5 top Savings apps in Nigeria with big interest rates.
Saving comes easily to some people, while others need more incentive to save a portion of their profits.
According to the National Bureau of Statistics (NBS), nearly 83 million people, or 40% of the total population, live below the poverty line of N137,430 ($335.48) per year.
Many people find it difficult to invest and there isn’t enough money to fulfill their immediate needs.
Here we have top five savings apps in Nigeria to watch out for
PiggyVest is the largest single online savings & investment platform in Nigeria. The company is on a mission ‘to give everyone the power to better manage & grow their finances.’
Since its launch in 2016, Piggyvest has continued to provide excellent support to its 1,000,000+ customers, assisting them in managing their finances with ease and clarity. PiggyVest users save funds that they would otherwise be tempted to waste recklessly, with over 500,000 downloads on the Playstore and over $1,000,000,000 safely saved in PiggyVest every month.
It ranges from 10% to over 13% per annum depending on your savings
Cowrywise is a wealth management app that makes it simple to budget, save, and invest money.
You can build your savings and investment accounts, manage your money safely, and build a better financial future with direct access to Nigeria’s largest pool of mutual funds.
The platform has an interest calculator that determines how much interest you can earn in a specific period. Read more here.
3. Kuda Microfinance Bank
Kuda Bank is a free, digital-only bank with a microfinance banking license from the Central Bank of Nigeria. Kuda includes tools for tracking your spending habits, saving more, and making the right financial decisions.
The platform offers you up to 25 free transfers to other banks every month. With over 1M downloads on the Playstore
Kuda offers up to 15% annual interest on your savings.
Crowdyvest is an impact-driven cooperative society that creates financial solutions for a community of individuals and organizations that are committed to long-term growth and financial freedom in alignment with the 17 SDGs.
Interest is accrued daily with rates between 12.5 to 15% per annum. You can read more here.
Vestpay is a savings and investment app that addresses the problem of safe investment opportunities, savings culture, and wealth development in this area. In a nutshell, Vestpay allows you to keep your money in your wallet. They provide an intelligent way to save for your goals, pay bills, obtain loans, and invest.
Vestpay offers 15% on target savings and a variety of investments opportunities ranging from livestock to crop and real estate. Read more on the website here.