7 Great Apps for Saving Money in Nigeria


Every day in Nigeria, you discover the importance and need to save money, in a bit to make your discovery easier, we have documented in this article, some great apps for saving money in Nigeria.

It’s no secret that saving money is one of the best ways to ensure a secure financial future for yourself and your loved ones. It’s almost hard to save money in Nigeria because of the rising cost of living.

Piggy banks, or “kolo,” as they are known in Nigerian slang, are a common way for individuals to save money. However, when dealing with greater sums of money, piggy banks may not be the best or safest method of storing your savings. And worse, terrible saving culture push most Nigerians in the arms or horrible loan sharks.

It is not only risky to have anything like this at home but doing so might also be a source of temptation for you. If you give in to temptation, you run the danger of depleting your savings account regularly to pay for frivolous purchases and essential costs.

Fortunately, there are now a plethora of fast and simple methods to save money thanks to technological advances. We now have reliable apps for saving money in Nigeria. They come with an intuitive user interface and assist in a way that is organized.

These money-saving Nigerian applications can be used to create a budget, set aside money for savings, make investment decisions, and keep track of your finances.

7 Popular Apps For Saving Money In Nigeria

Below are some great apps you could use for saving money in Nigeria:

1. PiggyVest

Interest rate: 5%-15%

One of the apps for saving money in Nigeria is Piggyvest, it is originally known as Piggybank, and was the first of its kind in Nigeria when it comes to saving apps. PiggyVest is a start-up with ties to UBA Nigeria Plc, a Nigerian banking institution.

You can save in Naira or dollars using Piggyvest. It’s also possible to choose the amount of money you want to save daily, weekly, or monthly. Additionally, you have the option of setting a withdrawal restriction on your account or saving towards a specified objective.

You can set a time limit on the amount of money you can access from your savings account by using the app’s safe lock feature. Each quarter, there are four possible withdrawal dates for unlocked money. Withdrawals made outside of these days will be subject to a 5% penalty charge.

The software is free to download on both Android and iOS and does not require a deposit or monthly subscription. On its site, Piggyvest also provides a variety of savings options: Safelock, Target savings, Flex Naira, and Flex Dollars.


Interest rate: 8.75%

This is Nigeria’s first and only all-digital bank, and it’s on our list for several reasons. Developed by WEMA Bank Nigeria, the savings platform is completely digital and has an innovative design. As a result, you no longer need to visit a physical WEMA branch to conduct your banking activities; instead, you can do it on your mobile phone.

You may save money at a rate of up to 8.75% per year – three times more than the usual bank interest rate! This account can be created in a matter of minutes. It’s as simple as downloading the app from the Google Play or Apple App Store and filling in all the essential information to create an account.

ALAT enables you to create a savings goal and select how much and for how long you wish to save. Savings can be automated or done at your own pace. The Group Savings feature allows you to either save on your own or with a group of friends. If you don’t withdraw more than three times a month from your savings, you’ll get an interest rate of up to 4.2%.

3. Cowrywise

Saving Plans: Life Goals, Regular Savings, Halal Savings,

Interest rate: dynamic 10% (Changes with market conditions)

Cowrywise is an online savings platform that was established in 2017. It provides customers with the option to earn interest at either recurring, fixed, or one-time rates. Your money is safe and secure when you use this software to manage your savings and investments.

A simple interest rate calculator is included to help you figure out how much you’ll earn over the duration. In addition, you have the option of saving individually or as part of a group.

One of the most appealing features of Cowrywise is the user-friendly layout, as well as the “Savings Challenge,” which encourages you to put money aside to have an emergency fund or more considerable savings account at a specified date in the future.

Your ideal house, your children’s education, and vacation across the world can all be organized using Cowrywise.

Your savings and investments can be stored with Cowrywise for at least 90 days, but there is no limit on the total amount of time they can be held.

4. Kuda Bank

Saving Plans: Fixed Savings, Spend+Save

Interest rate: 15%

Kuda Bank is likely one of Nigeria’s most prominent digital banks. This program allows you to create a bank account in a matter of minutes, and it does not require any documentation. Kuda is a special type of saving app too, one of the best apps for saving money in Nigeria. It allows you to save money and earn interest on it at the same time.

Using Kuda Bank’s Spend+Save feature, you can automatically save money whenever you buy anything. The savings plan is adaptable, and you will be able to save money according to a schedule that is most convenient for you.

All of Kuda’s transactions take place on mobile devices since the bank is entirely digital. There are no monthly fees for Kuda bank accounts.

5. V Bank

Savings rewards: None

Interest rate: 15%

V Bank, operated by VFD Microfinance Bank, is a digital bank in Nigeria that allows customers to save and earn high interest in their money. It’s become a popular saving app in Nigeria, allowing Nigerians to save on their smartphones.

Your digital and mobile banking will be simplified with V, and you’ll have easy access to your accounts, quick and safe transfers, withdrawals, and bill payments. You have the power to manage your finances. There are no complicated costs, no paperwork, and everything occurs on your phone.

The V app gives its users the ability to track their cash flows, participate in group budgets, and set spending limits.

To begin, just download the app from the App Store or Google Playstore, enter your BVN and phone number, and you’ll be able to activate your account in under two minutes.

Your savings with V Bank can earn up to 15% a year in compound interest.

6. Carbon

Savings Plans: Cash Vault, Goals, FlexSave

Interest rate: up to 15.5% (3–12-month terms)

Carbon is one of the most secure digital banks, guaranteed by the NDIC and approved by the CBN when you open an account and start saving. Everyone in Nigeria can benefit from Carbon’s savings plans.

Carbon makes it easy to open a bank account in Nigeria as well as create physical and virtual debit cards.

Carbon’s interest rates are better than those given by regular banks. The money you’ve saved will now be worth more.

At the monthly interval of your choosing, you can set up automatic deposits into your savings portfolio.

See: 20 Best Free Personal Finance Budget Spreadsheets and Templates for Google Sheets

7. Sumo Trust

Savings Plan: Main savings, Fixed savings, Mission savings, Fixed account

Interest rate: 10%- 15%

Finally on our list of most popular apps for saving money in Nigeria is SumoTrust app, previously known as SumoBank. The SumoTrust app allows you to save money on a daily, weekly, or monthly basis. The autosave option enables you to save automatically as well. Set the amount of money you want to save and when you want the app to start saving. No transaction fees are charged by SumoTrust. As a result, there are no hidden costs with this app. SumoTrust is also a safe software for storing your money.

There are several different savings options available on this platform. Using SumoTrust, you can earn up to 15% interest on your investments.


A lot of people find it difficult to save large quantities of money and deposit them in a bank, but with the help of these popular apps for saving money in Nigeria, you can reach your savings objectives quicker and obtain the best interest rates possible.

That being the case, what are you still sitting there thinking about? As soon as you sign up, you’ll be well on your way to saving the amount you want to.

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