Top 10 Online Savings And Investment Platform In Nigeria
Top 10 Online Savings And Investment Platform In Nigeria
The need for saving and investing cannot be overemphasized especially in a country like Nigeria where you get to work your way out for all you need. Commercial banks used to be the major saving platforms among Nigerians, but that has changed. Most people no longer feel comfortable saving their money in banks because of the unnecessary charges that are incurred on it. Nigerian banks have failed woefully in the area of interests on people’s savings, hence, the need to move to online savings. One major reason for saving on online platforms in Nigeria is to be able to save money over a period of time and earn interest with it. Online savings also saves people the stress of having to go to the bank.
However, there are a number of online fraudulent platforms that pose as real, only to dupe people and get away with their hard-earned savings. Since it is online, there’s always risk of online frauds, but there are also genuine platforms that offer the best savings and investments with good interest rates. We have compiled a list of 10 online savings and investment platforms in Nigeria for you to choose from.
PiggyVest is an online saving platform in Nigeria that has been in operation for a long time. It was formerly called “Piggybank”, but the name had to be changed when they included investment platform. The app helps you to save money easily without having to go through any stress. You can save daily, weekly, or monthly, and you can also save towards a particular project and place a restriction on your withdrawals. The point of this app is to inculcate saving habits in young people. On the app, there is Core savings, where you can save anytime you want, with interest rate of 10% per annum. There’s also SafeLock where you can decide to lock away a certain amount of money for a period of time, with interest rate of 13% per annum. It also features Target savings which allows you save towards a specific goal, and there are a number of investments that you can take advantage of. Using PiggyVest is one of the ways to build steady wealth today; it has helped many people (including me) to build steady financial fortune. Click here to see how it works.
Cowrywise is a savings and investment platform in Nigeria that offers up to 15% interest rate per annum. It allows you to plan, save and invest your money with ease. The app is reliable and a safe platform to save on judging from the over 100,000 users and their feedback. It has a number of savings plan that you can take advantage of per time. There is the periodic saving plan that allows you to save money regularly, daily, weekly, or monthly. This plan is majorly for those who earn at a fixed price, like the salary earners and Corp members. There is also a life goals saving plan that allows you save towards a specific project or goal. It also comes with Save as you earn feature that allows you save anytime you want and with any amount. This plan is majorly targeted for traders, or artisans who don’t earn much regular income. Cowrywise also has a fixed savings that allows you lock funds for a long period of time, say, 6 months, a year or more. Halal savings is a saving plan suited for the Islamic banking system, it has no interest rate and is targeted for Muslims who believe in no interest banking. Saving circles is targeted for those who wish to save as a group towards a common goal. There are a number of investments you can choose from on the platform also. Click here to see how it works.
- SumoTrust
SumoTrust was formerly known as Sumobank. It is an online savings platform that allows you save money automatically. It is very secure and safe. One major advantage of this platform is that it is in partnership with Entrepreneur platform that provides you with various access to leaders in different industries as a business owner to help you grow and increase your business. The major aim of SumoTrust is to help young Nigerians save money constantly and be able to start their own businesses. It has an interest rate of between 10-15%. You get to withdraw money once you reach your savings goal, but there is a penalty fee if you want to withdraw before the set date. This is just a way to curb unnecessary withdrawal in the account. The app uses a high level of security that ensures that your details are secured and protected from online fraud. It also uses a blockchain security method that secures your account from hackers.
Top 10 Online Savings And Investment Platform In Nigeria
- PayDay Investor
PayDay is one of the online savings platform in Nigeria that is designed to help you create and maintain savings habit. It allows you to save money for the future with great interest benefits on your money. The app comes with a plan that allows you invest automatically and at any time you wish to, you also get to choose how much you want to invest. There’s also a plan to invest with a group of people towards a common goal. With PayDay investor, you get better returns on your money, and you’re able to track your investments over time. You also get to interact with experienced fund managers. You can start the program with as low as 1,000.
- ALAT
ALAT is owned by WEMA bank, and it is the first digital banking experience to include bills payment to the normal banking services. This account can also be used abroad to save money with ease. The platform has a condition that if you do not withdraw more than 3 times in a month, then you get 4.2% interest rate. It works like a normal bank account in that you’re given a debit card and charged for maintenance fee monthly. You can withdraw using your card on a WEMA bank ATM or on other banks, but you’ll be charged N65 if it is up to 3 times in a month.
- Kuda bank
Kuda bank was formerly known as Kudi money. It is a savings platform that makes savings easy and convenient. All you have to do is to link your normal bank account to it, and set a savings plan whether daily, weekly or monthly. Kuda bank automatically debits money from your bank account and saves it on your Kuda bank account at a specific date that has been set by you. Th platform helps to put you under control concerning your spending. The app offers a 10% interest rate on your savings per annum. It also comes with a “spend account” that allows you withdraw money at any time without charges. You’re also qualified to enjoy loans of low interest on the platform.
- Riby
Riby is a cooperative banking system that allows individuals and small business to save and invest money at good interest rates. They partner with banks and service providers to make savings and investments easier for users. You can also secure loans through this platform, and they have different segments. There is Riby Cooperative that allows Cooperatives and Associations to manage contributions, save and borrow money. There is also Riby Peer lending that allows peer to peer lending. There is also the saver app that allows you save and manage your savings per time.
Read Also: 10 Ways to Develop a Future-Proof Savings Habit in 2020
- KoloPay
KoloPay is a savings platform that allows you save towards a particular goal over a certain period of time. You can also share your savings goals with your friends and they can contribute towards achieving the goal. However, you cannot decide to withdraw part of your savings except the whole amount. But you can withdraw before the due date that was set.
Top 10 Online Savings And Investment Platform In Nigeria
- Smartsaver
This is another way of saving money easier and faster online. The funds are moderated by FCMB, and they use Paystack for their payments. The platform is secure and safe for saving and investing. You can set target goals and save daily, weekly, or monthly. The investment plan allows you earn up to 30% interest rate depending on the nature of the investment. With the SuperSave plan, you can save at any time and earn up to 8% per annum, quarterly. You also get to enjoy the benefits of obtaining loans with no collateral.
- I-invest
This is one major investment platform that allows you to buy treasury related investments without going through an investment broker. You can also track your investments per time. The platform provides you with an easy way to save and invest your money while earning interest on them. The interest rates, however, depend on the type of investment you choose to go into. There is a referral bonus for every new user you invite to the platform through your unique referral link.
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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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