5 Best Savings Platforms in Nigeria (Mobile apps) 2020
Are you in search of the best savings and investment platforms on which you can safely save your money in Nigeria? You landed on the right page!
It is no longer news that there is a huge need to save some part of your earnings. For the reason that you need to invest in bigger returns and also for a better tomorrow.
You must keep safe some money as much as you can. But in as much as we are determined to save, we are usually challenged by how we can save our money.
You may not save your way to becoming a millionaire but you can save ahead of rainy days instead of taking micro loans to solve pressing needs, you can turn to your savings to sort your house rent, pay for tuition or start a new business.
Perhaps you are tired of your bank and want to try out platforms other than commercial banks. I believe that if you carefully go through this post, you will be opened to the knowledge of other platforms in Nigeria where you can secure your savings.
PiggyVest is one of the most popular saving platforms in Nigeria. The platform is run on a mobile app which is available on both android and iOS systems.
PiggyVest will help you attain some financial freedom by enabling you to save responsibly and invest when the need be.
On this saving platform, you can earn 10% to 15.5% interest per annum on savings alone. You will also earn over a 25% return on investment.
There is a minimum amount you can withdraw on PiggyVest and that is N3000 and they charge a 5% withdrawal fee. They also allow four free withdrawals annually.
Another saving and investment platform in Nigeria worth mentioning is CowryWise. This saving platform is available on both the web and android app.
CowryWise offers 10% to 15% interest per annum on savings. On this platform also, you can get loans without hassle, unlike some financial platforms.
But to stand a better chance, you have to save high to prove that you have the financial muscle to pay back the loan.
There are neither withdrawal limit nor withdrawal charges on CowryWise but there is no savings reward.
Sumo Trust formerly known as Sumo Bank is a savings and investment platform in Nigeria that helps you save money without hassle or fear.
It may interest you to know that Sumo Trust connects you to business leaders in various industries, in case you need some consultations to grow your business.
On Sumo Trust platform, you can save with purpose; say it is for travel, house, business, school and so on. This platform is fashioned in such a way as to meet your personal needs.
The Sumo Trust platform is only available on the web. Simply log on to www.sumotrust.com and get started.
The annual interest rate on the Sumo Trust saving platform ranges from 10% to 15% per annum. You are given a debit card with which you can withdraw.
You will be charged a penalty fee worth 4.5% of what you withdraw when you have not reached your savings goal. Aside from the above, you will not be charged anything on withdrawal.
Alat savings platform is owned by the WEMA Bank, a commercial bank in Nigeria. This platform inculcates some digital experiences in its usage. Thus, on the Alat platform, you can pay bills and also perform other basic banking operations.
The Alat platform is carried by mobile apps on both android and iOS systems. Alat can also be accessed via the web. The annual interest rate of the Alat saving platform is 4.2%.
When you are enrolled on the Alat platform, you will be given a debit card for which you can withdraw and perform other basic transactions.
The last but not the least of course, on our list of five best saving platforms in Nigeria is Kolopay. Kolopay like Sumo Trust allows you to save money towards a certain goal(s) over a given period of time.
On Kolopay, you cannot withdraw part of your savings. You can only withdraw all at once, but the thing is that you can withdraw before the set date. You can also share your savings with your family and friends.
The interest rate per annum on this saving platform is 10% and you will be charged 5% on the withdrawal.
Kolopay is hosted both on the web and on the android app. Simply visit www.kolopay.com to kick start your saving.
Now you can glide on smoothly and prepare for your future having known the five best saving platforms in Nigeria. You must note, however, that choosing any of the above platforms is your choice. We may not be accountable for any loss.
Have you come across other platforms that you think need to be on this list? If yes, kindly recommend in the comment section. If you have questions or suggestions to make, we will be glad to hear from you.