Online savings platforms in Nigeria have revolutionized the way people save money. These platforms offer a convenient and secure way to save money and earn interest at the same time.
One of the advantages is that online savings platforms cater to the needs of savers of all levels. If you want to save for a vacation or retirement, below are the online saving platforms you can consider:
List of Online Savings Platforms in Nigeria
- Cowrywise
- PiggyVest
- Investment One
- KoloPay
- I-invest
- SumoTrust
- KudaBank
- Alat by Wema
- SmartSaver
- PayDay
1. Cowrywise
Cowrywise is one of the top online savings platforms in Nigeria. It helps save and invest through a mobile application. With CowryWise, you can make investments in low, medium, and high-risk options.
The investments include mutual funds, agriculture, and securities from third parties. It thrives on 10% as its savings interest while investment interest varies.
2. PiggyVest
PiggyVest allows for flexibility savings. Users can choose to save daily, weekly, or monthly. Also, users can save towards a goal or place withdrawal restrictions on the account.
It allows users to get four free-of-charge withdrawals yearly, which is set as the last day of every quarter. You can on top choose your free withdrawal dates. Outside these 4 days, Withdrawals attract a 5% penalty fee.
The savings interest on PiggyVest is charged at 10%. Its investment interest, however, includes savings, mutual funds, and others.
To understand how it works, check out our comprehensive review on PiggyVest. Also, you can find out more about mutual funds in Nigeria.
3. Investment OneÂ
This saving platform is a subsidiary of Guaranty Trust Bank. Some financial services available on Investment One include;
- Stockbroking.
- Trust and pension fund management services
The interest rate at Investment One varies.
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4. KoloPay
The KоlоPау savings platform іn Nіgеrіа аllоwѕ уоu the opportunity to ѕаvе money tоwаrdѕ planned gоаlѕ оvеr a period.
What’s more spectacular is the option to share your savings gоаl with аnуоnе (friends and family). This will help them contribute to the achievement оf your set target.
You can earn up to 10% interest per year with KoloPay, but if you withdraw before the set date, you may be charged up to 5%.
5. I-invest
I-invest is a pan-African inter-brokerage service firm in partnership with Sterling Bank. The platform helps investors of all experience levels find investments that match their needs.
The savings interest rate lies between 8 – 11%. Treasury bills are also included in its investment perks.
6. SumoTrust
The platform is targeted at Africans and pays between 8-10% annually. You can save money for business, school, emergencies, trips, shopping and more.
You can also get help from business leaders at a lower cost to grow your business.
7. KudaBank
Kuda Bank is a financial technology platform that is bringing innovation to Nigeria and beyond. It leverages its ‘bank of the free’ catchphrase as it offers a variety of charge-free services to its users.
Like many of its competitors, KudaBank also offers a 10% interest rate on savings. It also provides low-interest loans for its users.
8. Alat By Wema
ALAT prides itself as Nigeria’s fully digital bank designed by one of the oldest banks in the country; Wema Bank. It helps people save more with a certain interest rate. Its savings interest is at 10%.
For users of ALAT, their debit cards are delivered to the account holder’s address. What’s also interesting is that ALAT; like Kuda Bank, is accessible overseas. You can create a free virtual dollar card for online payments.
9. SmartSaver
SmartSaver is another smarter and easier way of saving money. It offers up to a whopping 30% interest rate on savings per annum.
Users of SmartSaver also enjoy the perk of getting loans with zero collateral. Like PiggyVest, you can set your savings plan daily, weekly, or monthly.
10. PayDay
The PayDay savings platform is a product of ARM Investment Managers. The investor app helps you earn interest while saving or investing your funds. It offers a savings interest between 10.9% – 12%.
Conclusion
With online savings platforms, it is easier for Nigerians to save money and earn interest.
Review these platforms and choose that which resonates with you the best
