investing and saving money

3 Best apps for investing or saving money in Nigeria

Most people who earn earnestly want to invest their monies for returns but do not know credible platforms to invest so as not to lose their monies.

Also, with Nigerian banks overcharging, saving money has become a challenge that people are seeking alternatives for their monies.

Because of these, there is an emergence of several brokerages and new companies offering savings and investment options through their apps with the number growing exponentially. Choosing the best platform has become a major problem for people who want to save and invest.

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In this post, I will be focusing on the 3 proven, credible, and best apps in Nigeria where you can easily save and invest with several juicy features to help you attain your short and long-term goals.

1. PiggyVest

PiggyVest which was first launched on January 7th, 2016 as Piggybank.ng is the first online savings and investment app in West Africa. When it was first launched, it was a savings only platform.

It was rebranded to PiggyVest in April 2019, and this was also the time it started offering direct investment opportunities in addition to the savings they were previously offering.

PiggyVest is a wonderful platform that helps you save money that you might be severely tempted to spend.

On PiggyVest, you can earn up to 10% – 15% for just saving on the platform, then up to 25% return on investment (ROI).

Below are the PiggyVest plans for savings and investment:

a. PiggyBank

On this plan, you are allowed to save daily, weekly, or monthly. You have two options, either you save manually by using the QuickSave feature or by using the AutoSave.

On QuickSave, you just add funds to your Piggybank from your bank account (you can easily do this using your ATM card).

The second option is the AutoSave feature. This option allows you to automatically add funds to your Piggybank without having to do it manually anytime you want to save. When you turn your AutoSave on, you are required to set a specific amount of money you want to be added to your Piggybank and also set it if you want it daily, weekly, or monthly.

For example, if you want to automatically add N100,000 every month, PiggyVest then automatically deducts the amount from your bank account and add it to your Piggybank every 30 days. The same applies to daily and weekly savings.

On Piggybank, you get an interest rate of 10% per annum.

You can withdraw from your Piggybank for free at the end of every quarter (March 31st, June 30th, September 30th, December 31st). Withdrawing outside the free withdrawal dates attracts a penalty of 5% on the amount you want to withdraw.

b. Target Savings

This plan allows you to save towards a financial goal. You can save for a ceremony, school fees, rent, holidays, etc.

You can add money to your target savings account the same way you do on Piggybank (QuickSave or AutoSave).

You can save with a friend towards a goal.

c. Safelock

On Safelock, you lock down a specified amount of money for a specified period of time. This plan allows you a whopping interest rate of 13% and higher.

This plan does not allow you to withdraw your funds before your specified payback time, unlike Piggybank and Target Savings.

d. Investify 

Most investments are quite expensive which makes it difficult to get in. But on PiggyVest using the Investify plan, you can invest in bits, this means that you can invest in small affordable portions and still enjoy the same return rates.

This plan helps you invest in low risks investment opportunities and earn higher interest rates.

Note: you are not charged a dime for savings, maintenance, or any annual charge on PiggyVest.

To get started saving and investing using this platform, go to Piggyvest and sign up.

2. Cowrywise

Cowrywise is a savings and investment platform founded by a team of young professionals with over 20 years of experience in the finance and technology industry.

This is a great saving and investment platform as it is very easy to use and you are not charged any annual fees, or savings charges, or maintenance fees. Cowrywise comes with impressive interest rates whether you are saving or investing on the platform.

You can earn up to 15% on savings on Cowrywise.

You can withdraw on Cowrywise only on the set maturity days. The interest rates are on a compound interest basis.

Below are the Cowrywise plans for savings and investment:

a. Regular Savings

This plan enables you to save daily, weekly, or monthly on your terms. You are only able to withdraw after 3 months. You can also set the plan to automatically withdraw from your bank account either daily, weekly, or monthly into your Cowrywise account.

b. Life Goals

This plan allows you to save long term to meet financial goals. The minimum maturity period for this plan is one year.

c. Halal Savings

This plan was designed specifically for Muslims who do not want any interest on their savings. With Halal, you can set up regular savings, life goals, or save as you earn.

d. Saving Circles

This is a plan where you can save with family and friends on set targets and meet them.

e. Invest Easy

This plan allows you to invest as you go on the platform. With the Systemic Investment Plan (SIP), you can automatically invest a certain amount periodically. Cowrywise also has an “Advisory to help” feature which offers free advisory services to help choose the right investment.

f. Invest in Nigerian mutual funds

This plan allows you to invest in different Nigerian mutual funds provided by top investment firms in Nigeria.

Visit Cowrywise to start saving and investing.

3. Bamboo

Bamboo is a digital investment platform offering the cheapest, fastest, and most secure way to invest in both Nigerian and the United States Stock Markets from your mobile phone.

With Bamboo, you can buy and sell stocks for as little as $20 easily from your mobile phone.

Bamboo is a member of the Nigeria Securities Exchange Commission (SEC) and the U.S. Securities Investor Protector Corporation (SIPC). This means that your securities are insured up to $500,000 with the SIPC.

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In conclusion, these platforms are very easy to navigate and use. You can choose any from the 3 and start saving/investing. To get started, just download the Android or iOS version of the apps from Google Play Store or Apple Store, sign up, and start saving/investing.

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