Best online savings platforms in Nigeria.

Best online savings platforms in Nigeria.

Online savings platforms offer the discipline required to form a savings habit.

One important thing you can do for your financial well being is to get in the habit of saving. Saving money is a worthy endeavor. One that offers you options and gives you some peace of mind.

The idea of saving, when you don’t earn much and can barely pay your bills might seem laughable. So why put in an effort to save? There is never going to be enough money to save. But you have to start somewhere and if you continue to work at it, your financial situation is likely to improve over time. Most struggles that come with saving are being solved by some financial technological companies (fintechs). Financial institutions like the commercial banks were the go-to choices for savings besides contribution and thrift schemes.

One of the major issues facing willing Nigerian savers was the ease of saving which wasn’t helped by the current financial frameworks that the country employed. Another issue is the relatively low-interest rates ( 3.6%) banks offer, compared to the high-interest rates( as high as 19%) they stipulate when they give loans. Other than savings deposits accounts, banks also offer other savings products that have higher interest rates, such as a fixed deposit account.

Check out the top online Investment platforms in Nigeria

But with the emergence of fintechs, saving has become easier and somewhat fun. There are Nigerian fintechs offering online savings services with higher interest rates. They have built platforms that encourage Nigerians to save more from their income and also earn a profit of up to 15% of initial savings over a period of time. Such platforms will also ensure discipline in terms of penalty charges on withdrawal from your savings.

If you are looking for a way to become better at saving, one that ensures that it becomes a habit. These online savings platforms offer all these with automation blended into the mix and they also offer higher interests rates that are way better than what banks offer.


PiggyVest (Piggybank)

Note: Piggyvest was formerly called Piggybank.

PiggyVest is a digital savings platform targeted at Africans.

Its flexibility allows anyone to custom save daily, weekly or monthly, depending on individual preference. Users can save towards a specific target or choose to place a withdrawal restriction on the account. There’s is a limit to the amount that can be saved on one’s account at a time. There is an allowance for 4 free-of-charge withdrawals annually. You can choose your own free withdrawal dates. Withdrawals outside these 4 days attract a 5% penalty fee. Only one withdrawal is allowed within 24 hours.

You can use payment cards, USSD or bank transfer for effecting savings into your piggyVest account within their app.

PiggyVest has a safe lock feature which gives you between 0.25% to 25% Interest upfront on your savings depending on your savings. You can SafeLock all or parts of your savings and get it back at a convenient time you set. According to piggybank, the minimum amount you can SafeLock is N1000 for ten days and that attracts an interest of 0.25% and the maximum you can SafeLock is N3 Million for 1000 days which attracts a 25% interest.

They also have a referral plan that allows you to earn N50 anytime someone creates an account with your link then you will earn N100 when they save their first N100 and earn N350 whenever they use the quick save option of N2,000 and above the first time.

  • Platforms:  Web,  Android,  iOS
  • Interest rate: 0.8% monthly, 10% per annum
  • Withdrawal charges: 5% fee but with 4 free-of-charge withdrawals annually
  • Savings rewards: Piggy Points, a reward system for users who get 1 point per every N2,500 saved. Every point is equivalent to N10.
  • Savings plan: Quick Safe, SafeLock Savings and Auto Save
  • Other features: PiggyFlex (a sub-account where all the interests generated from a PiggyVest account is paid into) SafeLock: This feature allows you put an amount of money aside for a fixed period — without having any access to it till that time is up. Think of it like your own customized fixed deposit account.


CowryWise not only gives higher interest rates, users can also access loans on the platform. A high saving score increases the chances of getting a loan on CowryWise. Interest on savings is paid on a daily basis. is another great platform for automated savings that. It’s saving option and interest is different from other savings platforms. it enables you to save using the periodic savings plan which enables you to save daily, monthly with 10% interest per annum. They have fixed savings plan for a fixed deposit for savings for 3 months and above and earn interest up to 15% per annum on your savings, you will be able to set the withdraw date and the interest you earn at withdrawal.

Cowrywise also have interest free savings option for individuals who don’t support interest on savings due to either religion or personal reasons.

  • Platforms:  Web,  Android,  iOS
  • Interest rate: 10% to 15%
  • Savings rewards: None
  • Issues debit card: No
  • Withdrawal charges: None
  • Minimum withdrawal: None


The first fully digital banking experience, ALAT by WEMA, not only offers basic banking services, but it also allows account holders pay bills through the platform. The bank’s debit card is delivered to account holder’s address at no cost. As with traditional banks, ALAT charges a monthly debit card maintenance fee.

The interest of 4.2% is on the condition that an account holder does not withdraw more than 3 times a month. ALAT has some saving plans that offer up to 10%; one of it allows withdrawal of 50% of savings once in every 30 days while another doesn’t allow withdrawal.

  • Platform:  Web,  Android,  iOS
  • Interest rate: 4.2%
  • Savings rewards: None
  • Issues debit card: Yes
  • Withdrawal charges: Free withdrawals using your debit card on a Wema Bank ATM or first 3 times a month on other bank ATMs, ₦65 fee otherwise.
  • Minimum withdrawal: None


KoloPay allows users to save money towards planned goals over a period of time. You can’t withdraw some part of your savings, you can only withdraw the whole amount even before a goal’s due date.

The platform allows you to share your savings goal with friends and family so that they can contribute to the achievement of the set target. KoloPay Deal — a feature on the platform — offers a massive discount on products and services to Kolopay users.

  • Platform:  Web,  Android
  • Interest rate: 6% per annum
  • Savings rewards: None
  • Issues debit card: No
  • Withdrawal charges: 5% charge if withdrawal is done before the set date
  • Minimum withdrawal: Not allowed; you can only withdraw the full amount

Payvest on Carbon (Paylayter)

Note: Paylater has re-branded to Carbon, and are now a digital financial platform.

PayVest is an investment feature on Paylater — one of the platforms giving collateral-free loans in Nigeria. The minimum amount that can be saved on PayVest is ₦50,000 and the investment tenures are currently in 3, 6, 9 or 12 months. You can only withdraw full investment prior to its maturity period.

Interest on the platform is earned on a quarterly basis and early withdrawal may lead to the forfeiture of interest not yet earned. Unlike other platforms on this list, PayVest doesn’t allow adding funds to an existing investment, the only option is to create another investment plan.

  • Platform: Web Android
  • Interest rate: Up to 15.5% (3 – 12 months terms)
  • Savings rewards: None
  • Issues debit card: No
  • Withdrawal charges: None
  • Minimum withdrawal: None

PayDay by ARM

PayDay allows users to create a savings goal and invests the fund on behalf of the savers in mutual funds.

Using a debit card to fund your PayDay Investor attracts a 1% convenience charge from the card payment platform provider. The charge is capped at a maximum of ₦1,500.

  • Platforms: Web,  Android,  iOS,
  • Interest rate: 12.6%
  • Savings rewards: None
  • Issues debit card: No
  • Withdrawal charges: NEFT transfer fee of ₦52.50
  • Minimum withdrawal: ₦1,000

We recommend Piggybank for your long-term savings as they are a dedicated savings platform that actually helps form a great saving habit. However, Cowrywise is another good bet as they also give high returns on your investment/savings moreover, they don’t charge a penalty on withdrawals. If you are looking for a more physical option, this  traditional kolo company might interest you.

Disclaimer: Listed interest rates are as currently displayed on the respective platforms and may be subject to change.

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Saving money is as important as having money itself. Saving money can help you become financially secure and provide for you a safe place in case of emergency.

Saving your money on Saverclub is so much fun and way easier. Below are five reasons you should activate your Saversclub account;

1. Build a savings habit: It is trite that if you do not respect money, it will slip through your fingers. How to respect money is by properly managing it and saving money is proper money management. You can set your savings plan on Saversclub periodically, it could be daily, weekly or monthly. Like this, a portion of your money is being saved whether you feel like saving or not.

2. It is so stress-free: Contrary to the traditional style of savings, where you have to plan for it, probably have to go to your commercial bank to deposit your cash, on Saversclub, after you set your savings plan by yourself, you can check back at your maturity date and your funds will be available in your wallet for withdrawal. Everything is automatic! You save whether you feel like it or not.

3. Interest rates are enticing: The aim is to grow money while you are saving it. You can earn up to 16% p.a. on your savings on Saversclub depending on the type of account. How sweet is that? Nothing beats that at the moment, and your commercial banks are not even close.

4. You can fuel your hustle: If you don’t have a side hustle, just know that the rest of us have left you. Having multiple streams of income helps you achieve your financial goals faster. You can save up your capital on Saversclub, like that, you even get more. Remember that your money grows here.

5. Build an emergency fund: No one truly knows tomorrow and what it holds. Imagine being in trouble and broke at the same time. We shouldn’t have to be in that position. The emergency funds account on Saversclub allows you to save any amount at intervals and the amount saved is available for withdrawal any time the need arises. We cannot predict the future, it is why you should save money on Saversclub for some sort of safety.

Years ago would have been the best time to start saving, however, today is not too late. Tomorrow may be though, this is why you should take your financial journey seriously on

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