Top 11 Money Saving Apps in Nigeria with High-Yield Interest 2023

Best Saving Apps in Nigeria

Last Updated on March 20, 2023

Saving apps in Nigeria can help you develop a savings habit instead of wondering where all your money went to when you’re broke. Saving is an important habit to have if you’re going to transform your financial position from where it is to where you want it to be.

Having money saved up can give some peace of mind and also gives you options.

It can be somehow to start saving up money when you don’t earn much and can barely even pay your bills. That’s why it is important to put in an effort to save. Because there is never going to be enough money or time to save. So now is always the best time to start.

When it comes to saving in Nigeria or anywhere else, you have to start somewhere. And if you continue to work at it, your financial situation is likely to improve over time.

There’s is no doubt that saving in Nigeria is an ever-present struggle especially, that’s why a bunch of Fintechs in Nigeria (financial technological companies) have sprung up to solve these issues.

Traditionally people turned to financial institutions like commercial banks for saving asides from the local contribution and thrift schemes that exist. But these systems seem to not be a great option for willing Nigerian savers as they were not really convenient means of saving. Then there is also the issue of interest rates. Banks in Nigeria tend to offer really low-interest rates (up to 3.6%) compared to the high-interest rates( as high as 19%) they stipulate when they give loans.

However, other than savings deposit accounts, banks also offer other savings products that have higher interest rates, such as a fixed deposit account. But this isn’t suitable for a lot of Nigerians looking to save. Which has created a trend of savers turning to saving apps in Nigeria to fulfil their needs.

These saving apps in Nigeria are making savings habits easier for Nigerians to build through fun and interesting ways. These online savings platforms in Nigeria are also offering higher interest rates than what Nigerians are used to.

These savings apps in Nigeria have built systems that encourage Nigerians to save more from their income and the ability to also earn up to 15% of initial savings over a period of time. They also ensure that savers remain disciplined by using penalty charges on early withdrawal from your savings as an incentive.

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

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List of Saving Apps in Nigeria for Daily, Weekly or Monthy Contribution

  1. Piggyvest
  2. Cowrywise
  3. Kuda bank
  4. V bank
  5. SumoTrust
  6. carbon
  7. CashBoxNG
  8. Sparkle
  9. TrueSaver
  10. Bundle
  11. Bitnob

Top Money Saving Apps in Nigeria 2023

Here are the top money saving apps in Nigeria for keeping your money safely:

1. Piggyvest

Save in Naira & Dollars

piggyvest savings app

Piggyvest was known formerly as Piggybank and it was the first pioneer for saving apps in Nigeria.

With Piggyvest, you can save in Naira or dollars. You can also choose to save daily, weekly or monthly, depending on your preference. You can also save towards a specific target or goal as well as the choice to place a withdrawal restriction on the account.

See: How does Piggyvest Really Work?

This saving app gives you 4 free-of-charge withdrawals annually. You get to choose your own free withdrawal dates. Withdrawals outside these 4 days attract a 5% penalty fee. And Only one withdrawal is allowed within 24 hours.

Piggyvest also offers different types of savings on its platform. They are Piggybank. Safelock, Target Savings, Flex Naira & Flex Dollar.

The Safelock feature allows you to 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.

You can use payment cards, USSD or bank transfers for saving money into your piggyVest account on the Piggyvest app. Piggyvest has a safety lock feature that can give you up to 15.5% interest that is paid upfront on your savings depending on your savings.

  • Platforms: Web, Android, iOS
  • Piggyvest Savings Plans: Piggybank, Safelock, Target Savings, Flex Naira & Flex Dollar
  • Piggyvest Interest Rates: 8% per annum on Piggybank, Up to 13% per annum on SafeLock8% per annum on Target 8% per annum on Flex7% per annum on Flex Dollar
  • Withdrawal charges: 5% fee but with 4 free-of-charge withdrawals annually
  • Other features: PiggyFlex (a sub-account where all the interests generated from a PiggyVest account is paid into)

Sign Up to Piggyvest with N100 & get N1000>>

2. Cowrywise

Save Money Online for Free

cowrywise savings and investing app

One of the popular saving apps in Nigeria. Cowrywise not only gives better interest rates than Nigerian banks but users can also investment plans on the Cowrywise app.

Interest on savings is paid on a daily basis on Cowrywise.

This app also allows its users to make automated and manual savings. You can also save using the periodic savings plan which enables you to save daily, weekly and monthly. Your daily returns are credited to your Cowrywise account by 12 midnight each day.

You can also save with others (group savings) with Cowrywise

Interest rates on Cowrywise are very dynamic. The interest rate shown to you when you begin your plan is the one that remains till the plan ends.

You can also pause any of your saving plans on Cowrywise too. You can also set the withdrawal date and the interest you earn at withdrawal. Cowrywise also has an interest-free savings option for individuals who don’t support interest on savings due to either religion or personal reasons.

  • Platforms: Web, Android, iOS
  • Saving Plans: Regular savings, Life Goals, Halal Savings,
  • Interest rate: dynamic ~10% (Changes with market conditions)
  • Savings rewards: NoneIssues debit card: No
  • Withdrawal charges: None
  • Minimum withdrawal: None

Sign up to Cowrywise>>

3. Kuda Bank

Save Money Automatically

how does kuda bank work - kuda savings app

Kuda bank is arguably one of the most popular digital banks in Nigeria. Without any paperwork needed, and you can open a bank account in minutes with this app.

Because Kuda is a digital-only bank, all its operations happen through smartphones. Kuda also fits the bill as one of the best saving apps in NigeriaWith a Kuda bank account, there are no monthly fees. you get a free debit card delivered to you. Kuda banks also offer loans to their customers too.

Kuda bank allows users to either save using a fixed savings plan or by saving as they spend from their account.

Interest rates for the savings plan on Kuda bank is 15% annually.

  • Platforms: Web,  Android,  iOS
  • Saving Plans: Fixed savings, Spend+Save
  • Interest rate: 15%
  • Savings rewards: None
  • Issues debit card: Yes. Free delivery
  • Withdrawal charges: None
  • Minimum withdrawal: None

Sign up to Kuda>>

4. V Bank

High-Interest Savings App

V bank also called V, is another digital bank in Nigeria that offers people the ability to save and get high interest on their savings. It’s growing as a popular saving app in Nigeria that offers Nigerians the ability to save through their smartphones.

V bank is owned by VFD microfinance bank. You can open a V bank account in 2 minutes with a smartphone. The V app allows its users to track their expenses and income, group budgets, and set spending limits. This digital bank also claims it does not charge any fees for transactions to other V accounts or accounts of other banks. V Bank gives you up to 12% interest on your savings.

  • Platforms:  Web,  Android,  iOS
  • Interest rate: 12%
  • Savings rewards: None
  • Issues debit card: Yes
  • Withdrawal charges: None
  • Minimum withdrawal: None

5. SumoTrust

High-Interest Savings Plan

Sumotrust savings app

SumoTrust formerly called SumoBank is another one of the legit saving apps in Nigeria. You can save daily, weekly or monthly with the SumoTrust app.

It also has an autosave feature that allows you to save automatically. With this, you can set how much the app should save for you and how when the saving happens.

SumoTrust doesn’t charge its users for their transactions. So there are no hidden fees with this App.SumoTrust is also a secure app where your money will be safe.

On this savings platform, there are several savings plan to choose from. SumoTrust Offers high-interest rates of up to 15% on its platform.

  • Platforms:  Web,  Android,  iOS
  • Savings Plan: Main savings, Fixed savings, Mission savings, Fixed account
  • Interest rate: 10%- 15%
  • Savings rewards: None
  • Issues debit card: Yes
  • Withdrawal charges: None
  • Minimum withdrawal: None

6. Carbon

High-Yield Interest Savings Plans

carbon savings

Carbon, another digital bank in Nigeria offers savings plans to Nigerians that help them earn more on their savings.

Carbon offers savings plans that are suitable for anyone in Nigeria.

With Carbon, you can also create a bank account, create physical debit cards and virtual cards in Nigeria. You can also make payments from the Carbon app, keep track of your credit history with the free caron credit report and also access loans too.

  • Platform: Web, Android, iOS
  • Savings Plan: Cash vault, Goals, FlexSave
  • Interest rate: Up to 15.5% (3 – 12 months terms)
  • Savings rewards: NoneIssues debit card: No
  • Withdrawal charges: None
  • Minimum withdrawal: None

7. CashBoxNG

Develop a Saving Habit

CashBox is another secure savings app in Nigeria that is looking to help people become better savers. You can start using Cashbox for free today.

  • Platform: Web, Android
  • Interest rate: 10 -15% per annum depending on the savings plan.
  • Savings rewards: None
  • Issues Debit card: No
  • Withdrawal charges: 5% penal fee on days outside withdrawal days.
  • Minimum withdrawal: None

8. Sparkle

A Better Way to Save

sparkle digital bank - microfinance bank loan in Nigeria

Sparkle is another digital bank in Nigeria similar to the likes of Kuda bank, Carbon and V bank. Which are some of the most popular saving apps in Nigeria.

Sparkle allows you to save by creating a unique stash (savings plan) where you can save daily, weekly, monthly or even randomly. You can also save the esusu (ajo) way by saving with a group of people on Sparkle.

  • Platform: Web,  Android, iOS
  • Interest rate: 3.75% per annum for a minimum amount of ₦ 100,000
  • Savings rewards: None
  • Issues Debit card: Yes
  • Withdrawal charges:
  • Minimum withdrawal: 2 withdrawals from your saving stash after which your interest will be forfeited

9. TrueSaver

Save in Groups

Truesaver savings app

Truesaver is one of the growing saving apps in Nigeria that helps people save in groups just like the local Ajo or Esusu. With this saving method, you’re forced to save till the end of the savings cycle.

Truesaver offers 10% interest on savings for a user. However, you have to activate the interest option whenever you start a savings plan on Truesaver.

  • Platform: Web,  Android, iOS
  • Interest rate: 10%
  • Savings rewards: None
  • Issues Debit card: No
  • Withdrawal charges: None Specified
  • Minimum withdrawal: None

10. Bundle Africa

Save in Dollars

bundle africa review crypto and cash social payment app in nigeria

Bundle Africa is a social payments app for sending and receiving cash and crypto. Asides from being able to trade cryptocurrencies, Bundle allows you to save in dollars (BUSD – the crypto version of the dollar) using its Bundle vault feature.

  • Platform: Web,  Android, iOS
  • Interest rate: ~5.7%
  • Savings rewards: None
  • Issues Debit card: No
  • Withdrawal charges: None Specified
  • Minimum withdrawal: None Specified

11. Bitnob

Save in Bitcoin Easily

bitnob savings

Bitnob is a fintech app that allows you to buy, save and invest in Bitcoin in Nigeria. You can save daily, weekly or monthly in bitcoin for at least $1 with the Bitnob app.

  • Platform: Web,  Android, iOS
  • Interest rate: ~
  • Savings Rewards: None
  • Issues Debit card: No
  • Withdrawal charges: None Specified
  • Minimum withdrawal: None Specified

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