8 Online Savings Platforms in Nigeria

Just as investing is very important when it comes to attending financial freedom, it is also important that you learn how to save and with the use of technology, you can safely save your money using any of the 8 Online Savings Platforms in Nigeria mentioned below.

Importance of Saving

Below are some of the importance of saving according to iciciprulife.com

  • It offers peace of mind: Knowing that you have a certain amount accumulated for times of your need, gives you the peace of mind. You can lead a stress-free life with the knowledge that you will not have to struggle if things take an unexpected route
  • It gives you a better future: Your savings can be the answer to a number of your goals. You can buy a house, accumulate funds for your retirement, or purchase a vehicle. You can secure your future, indulge in the best of things that life has to offer and live a very fulfilling life
  • It provides for your children’s education: With a considerable amount of savings, you can fuel your children’s dreams and pay for the best schools and colleges across the world
  • You can plan your short term goals: Savings are not just aimed at the long term. You can also benefit from savings in the short term. A lot of people save for a few months and then travel
  • It gives your family security in case of an unfortunate event: By saving in a disciplined manner, you can make sure that your family is well-provided for. In unfortunate times, your savings can act as a cushion for your loved ones and help them overcome any financial difficulty

Online Savings Platforms in Nigeria.

1 Cowrywise

online savings platforms in Nigeria

Cowrywise is one of Nigeria’s most popular online savings services, allowing you to save and invest through a mobile app. CowryWise allows you to invest in low-, medium-, and high-risk alternatives.

Some of these investments span mutual funds, the agriculture sector, and other third-party money market instruments. It thrives on a ten percent savings rate, while investment rates fluctuate.

2. PiggyVest.

online savings platforms in Nigeria

This online savings platform, formerly known as ‘PiggyBank,’ is aimed to assist customers in better managing their finances. PiggyVest allows users to save in a variety of ways, such as daily, weekly, or monthly. Users can put money aside for a certain objective. They can also put restrictions on the account’s withdrawals.

This platform allows customers to receive four free withdrawals each year, which are scheduled on the final day of each quarter. Furthermore, you have the option of selecting your own free withdrawal dates.

Withdrawals made outside of these four days are subject to a 5% penalty fee. PiggyVest charges a ten percent interest rate on savings. Its investing interests, on the other hand, include savings, mutual funds, and other types of investments.

3. Investment One

online investment platforms in Nigeria - investment one

Guaranty Trust Bank [GTB] owns and operates the savings, investment, and private banking platform. Aside from these, Investment One provides a variety of financial services. Asset management, stockbroking, trust and pension fund management, and other services are among them. Investment One has a variable interest rate.


4. KoloPay

online savings platforms in Nigeria - kolopay

The KolоPау savings platform in Nigeria allows you to save money for a certain goal over a period of time. What’s more, you may share your savings goal with anyone (friends and family), allowing them to contribute to the attainment of your goal.

KoloPay has an annual interest rate of up to ten percent and withdrawal fees of up to five percent if you withdraw before the deadline.


5. I-invest

online savings platforms in Nigeria - i invest

I-invest is a pan-African inter-brokerage service provider in conjunction with Sterling Bank Plc, similar to Investment One, which is completely owned by Guaranty Trust Bank. Both novice and experienced investors can use the platform to match their investment maturities to their needs.

The savings interest rate ranges from 8% to 11%. Treasury bills are also included in the benefits of investing with it.


6. SumoTrust

online savings platforms in Nigeria - sumotrust

Another online savings program that helps you save money automatically may be found here. The platform, formerly known as SumoBank, is aimed at Africans and pays between 8 and 10% annually.

SumoTrust allows you to save for a variety of purposes, including business, tuition, emergency savings, travel, shopping, real estate, and more. SumoTrust gives you cheap access to a variety of business professionals who can help you grow and scale your company.


7. KudaBank

online savings platforms in Nigeria - kuda bank

Kuda Bank, formerly known as KudiMoney, is a disruptive financial technology platform that is driving innovation in Nigeria and beyond. It capitalizes on its ‘bank of the free’ tagline by providing a variety of cost-free services to its members.

KudaBank, like a number of its competitors, pays a ten percent interest rate on savings. It also offers its customers low-interest loans.


8. Wema’s Alat

online savings platforms in Nigeria

ALAT takes pride in being Nigeria’s first totally digital bank, built by one of the country’s oldest institutions, Wema Bank. It encourages customers to save more money by offering a fixed interest rate. It pays a ten percent interest rate on its savings.

ALAT subscribers will receive their debit cards at the account holder’s address. ALAT, like Kuda Bank, is also accessible from outside the country. For online payments, you can create a free virtual dollar card.

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