5 Investment Apps To Save & Grow Your Money In Nigeria 2023

If you want to save and increase your money in Nigeria with a dependable savings platform, read on, as this post will supply you with the top money-saving applications that are safe and secure with high-interest returns.

The purpose of money-saving applications is to encourage you to save money while also tapping into investing programs to help you create wealth for yourself in the future.

You may achieve your financial objectives, whether they are short-term or long-term, with the help of these apps. No matter your income or financial standing, there is always a savings plan that can fit you thanks to savings apps.

Hence we suggest that you make the most of this free, instructive article and save aside money for rainy days. Here are Nigeria’s top applications for saving money.

1. Piggyvest

The first online savings and investment app in West Africa, Piggyvest, is the most popular money-saving app in Nigeria. On January 7, 2016, it was introduced as “Piggybank.ng” as a platform for savings-only transactions.

It provides investing alternatives, in addition to assisting people in saving money and growing their savings. Hence, you can invest some of the money you save while also saving some of it for a huge return on investment.

Almost 4 million people in Nigeria have downloaded the Piggyvest app from the Google Play Store.

4 ways to build your savings in the Piggyvest money-saving app:

  • Automated savings

You may safely increase your savings either manually or automatically with automated saves. Automatic daily, weekly, or monthly savings are possible. Your usage of it is hence flexible. Also, you can adjust the setting to fit your savings objective.

Additionally, you can earn up to 10% interest per annum by saving your money with Piggyvest’s automated savings plan

  • Fixed savings

If you have any money that you don’t want to spend or don’t plan to use anytime soon, choose this option. Fixed savings provide you the option to temporarily lock your money away to prevent spending. Your money can be locked for a period ranging from 10 to 1000 days.

You can receive an upfront payment of up to 12% of your annual savings by selecting this option.

  • Dedicated Savings

This saving strategy is a good option if you want to save money towards a specific goal or a number of goals. The benefit of this strategy is that you can contribute on an individual or group basis.

Savings with a purpose earn 9% interest annually. As a result, it is a fantastic reward for practicing frugal spending.

  • Flexible savings

Flexible saving helps you be ready for unexpected events. Your emergency money can be divided up, given names, and categories using labels in Flex Naira. Additionally, it offers 8% yearly interest on your investments.

It’s interesting because Piggyvest allows you to start growing your money for free, without requiring a deposit or any ongoing fees, and with utmost security on par with a bank.

2. Cowrywise

Cowrywise is yet another top-notch app for saving and growing your money in Nigeria. It was introduced in 2017 to address the financial needs of Nigerians and has no fees or penalties after you get started.

You can automate your finances and save money toward your goals with the aid of this money-saving app. Also, it gives you the chance to invest and save money.

With only one account, which guarantees a mouthwatering interest rate on your money, you can save money in numerous ways. In Google Play, the Cowrywise app has received over 500,000 downloads.

4 different ways to save your money with Cowrywise

  • Regular savings

This savings strategy enables you to earn a sizable return while saving money for a minimum of three months.

  • Life goals

You can set aside money with this savings strategy for a long-term objective for at least a year. You will also receive a fantastic interest rate on your investment.

  • Halal savings

If you’re a Muslim who doesn’t want to earn interest on your money, this strategy is great for you. It doesn’t use automation, doesn’t have riba, and doesn’t charge interest.

  • Savings circle

This plan gives you the option to save with others if you don’t want to embark on your saving adventure alone. Of course, there is a fair interest rate attached.

3. Kuda bank

The Kuda bank app assists you in managing your finances to prevent wasteful spending and get ready for unforeseen financial circumstances. It is a money app for Africans that enables cost-free saving, investing, and transfer of funds.

In Google Play, there are more than 5 million downloads of the app.

3 ways to save your money using Kuda bank

  • Save and spend

It is a method of saving money that enables you to do it automatically each time money is taken out of your Kuda account. Also, you may decide how much of your income should be saved each time you make a purchase, and you can always take a withdrawal.

  • Flexible savings

Through daily, weekly, and monthly savings with an annual interest rate, a flexible savings plan aids you in creating a culture of saving money for long-term goals.

The interest your account has accrued over time will be lost if you remove more than 20% of the funds you have put aside for saving goals. So, it’s best to just withdraw from target savings.

  • Fixed savings

This set savings plan will work well for you if you have a significant quantity of money that you want to use in the future. You may earn up to 15% interest on your savings with this plan.

You are not permitted to withdraw before the money is due to mature; if you do, all interest earned will be forfeited, and your savings plan will be destroyed.

Kuda Bank will withhold 10% of your accrued interest as a government withholding tax from each matured savings plan withdrawal or payout.

4. SumoTrust

If you have trouble saving money, SumoTrust is here to help you develop the habit of saving and investing so that you can use their numerous savings programs to save for your short- and long-term financial objectives.

Savings applications like SumoTrust are open about how they work and assist you in reaching your goal much more quickly than you anticipate.

3 types of savings plans with SumoTrust

  • Fixed savings

You can keep your money locked up for a long time—up to one year—with the fixed savings plan. With this plan, you can receive an interest return of up to 15%. And you can securely deposit any amount you want.

  • Main savings

Using this strategy, you may automatically save money every day, every week, and every month while earning an annual interest return of up to 10%. But you are limited to withdrawing on the designated day. So, you must employ a different emergency rescue strategy than this one.

  • Mission savings

A mission savings plan can be used to set aside money for projects or other goals. Setting a savings goal and starting to save will take care of the rest.

5. Digikolo

You can utilize the brand-new saving software Digikolo in Nigeria to build your savings. Although being unpopular, it is secure and safe. You may earn up to 13.5% interest yearly on your savings with Digikolo. About 5,000 people have downloaded Digikolo’s apps from the Android store.

3 ways to save your money with Digikolo

  • Digitarget

Digitarget is an excellent option for you if you’re thinking about saving money because it lets you establish a savings goal and withdraw when you hit it. In addition, using this savings strategy will earn you 10% interest.

  • Digikolo

Digikolo is an automatic and adaptable savings program. Also, you can receive a 10% interest return on any digicoins you earn by referring friends.

  • Digilock

 As its name suggests, the digilock plan enables you to lock your funds for a predetermined period and earn 13.5% interest upon withdrawal on the designated day.

Final Thought

When you decide to start saving money, keep in mind that you must create the habit of doing so because there is no other way to use money-saving applications but to reduce your expenditure.

To put it another way, saving comes before spending; you don’t save what’s left over after spending; rather, you save first, then spend what’s left over. Although there are numerous money-saving apps, the ones mentioned above are the finest in Nigeria.

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