7 of the best apps to save money in Nigeria with competitive interest rates

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Looking for the best apps to save money in Nigeria?

This post guides you on how to save money and the best Fintech savings apps for people looking to securely save naira in Nigeria.

Saving apps in Nigeria
Money Saving; Best Apps to save money in Nigeria.

Want to save in dollars instead? Check out these 5 Platforms To Save In Dollars With Incredible Interest Rates

Why Save Money?

We save money for a lot of reasons and one of them is to reach a financial goal and be sustainable in the future.

Another reason to put money aside is emergencies. Unexpected situations occur frequently, and if you do not have sufficient funds to manage them, you may find yourself in a lot of debt.

Having an emergency fund can provide you with complete peace of mind and help solve unplanned financial issues.

You may also want to save towards a goal to buy something you desire.

I never realized how far saving small amounts can go until I could get myself a laptop with a weekly and monthly savings done on one of the reputable money saving apps for Nigerians.

Since you are ready enough to open this blog post, I bet you’ll enjoy using any of these apps to save and also implement tips on how to develop money saving goals. Good luck as you save for personal or small business needs.

How to get better at saving money

Most Nigerians do have good financial habits. We are so horrible with setting money aside for rainy days or even businesses. But, there is a walk around. The following tips will help you get started on your journey to saving money:

Create a budget

If you have a monthly paying job or a consistent source of income, I assume you already have a budget. If you have not added a savings budget, do so. It’s unfair to you if it’s all expenditures.

Create a saving goal

Every task starts with a goal. Before you save, outline how much you intend to raise. When you have a saving goal, you can reach and even surpass it. The most important thing to have in mind is the readiness to meet whatever savings threshold you create.

To create a realistic goal, choose something to save for. No one saves for nothing, right? There are tons of things to put money aside for. A new gadget, fun holiday, study program, family, house, car, etc. There is a lot to choose from.

Create a saving plan

Now you have a goal, ask yourself the following questions and ensure you give an answer. You can draw out a checklist for every answer you deem fit.

  • How do I start my savings journey?
  • What do I do to meet or surpass my goal?
  • How much will I save per day, week, or month?
  • For how long do I intend saving until I reach my goal?
  • Where do I save them?

Where Should You Save Your Money?

This section of the post will give a valid reply to the last question in our Saving Plan “Where Do I save”.

Most of us are familiar with the conventional method of saving money. But, let us be honest, savings accounts aren’t what we perceived them to be.

I grew up with a vague idea of getting paid for saving; but experience has told me otherwise. People practically lose money for leaving their funds in the bank. Rather than earn, or at least have their initial deposits, savers lose bits of their savings every month.

Why I Advise Against Saving In Regular Banks

What is the essence of leaving your money in the bank if all they do is get deducted by?

We are saving for rainy days and not to lose our minds.

Most traditional banks claim to pay certain savings interests, but we know how meager the rates are. Saving in traditional banks turns out to be a sure way to lose money gradually.

Thanks to innovative ideas, there are currently a lot of trustworthy apps to save money in Nigeria. These apps encourage you to start a healthy money saving goal with their easy-to-use interface. You wouldn’t have to worry about losing bits and bits of your money every day.

By all means, you should know what a piggybank, kolo or saving box is. You may have owned one in the past. No, I am not about to convince you to buy a savings box or the latter. The world has grown exponentially and saving money is a lot easier now. No temptations, unforeseen circumstances, or unnecessary bank deductions.

The best apps to save money in Nigeria

If you are tired of losing money and need to know which app is best for saving money in Nigeria, don’t stop reading this post.

I did some research and found a few saving apps that offer better opportunities for your money.

I recommend these apps because they are reliable, your money is safe with them, they offer high interest payouts and little to no service fees. I will list them in no particular order because they are all great apps. Simply choose the best platform for you;

PiggyVest (formerly PiggyBank)


PiggyVest is one of the safest online savings & investment platforms in Nigeria. Since it launched in 2016, Piggyvest has continued to offer outstanding services to over a million users; with more and more people joining every day.

With Piggyvest, you can save, invest and manage your funds at impressive interest rates. Piggyvest offers up-to 36% annually, depending on your savings plan.

The savings plan you choose on the platform determines the interest rate per annum.

  • PiggyBank – 10%
  • FlexNaira – 8%
  • SafeLock – 6%-36%
  • Target Savings – 9%
  • Flex Dollar – 7% (subjective) 

I’ll briefly discuss the different savings plans below.

Piggyvest Savings plans


This plan encourages you to save regularly and limits your withdrawal to once quarterly (in every 3 months). Withdrawing more than once quarterly will incur a 3% fee on every withdrawal.

Annual Interest rate is 10% with daily payouts.


According to Piggyvest, this plan enables you to save for emergencies and comes with no transaction or withdrawal fees.

Annual interest rate is 8% with daily payouts.

NoteYou’ll give up interest earned for the month if you withdraw over 4 times in a month.


This savings plan is strict. It restricts access to your funds until its due date.

Annual interest rate is 6%-12.5% and 26%-36% for 2 years.

They pay Safelock interests upfront.

Target Savings

Enables you to save towards a goal.

Annual interest rate is 9%

Flex Dollar

The Flex Dollar plan lets you save and transfer funds in dollars.

Annual Interest rate is 7% and determined by the market behaviour.

To make savings even more enticing, Piggyvest introduced Investify to enable you invest in low-risk investment opportunities. Thus, the more funds you push into the investify scheme, the more money you make.

Piggyvest offers 4 free withdrawal dates for unlocked funds. Withdrawing outside the free withdrawal dates attracts a 2.5% penalty fee. You can withdraw your money once it’s up to N3000. They spread the 4 free dates across the 12 months quarterly; 1 free withdrawal date in every 3 months.

Is PiggyVest safe and approved by CBN?

CBN approves the Piggyvest saving app, which allows the platform to operate as a microfinance bank. PiggyVest runs an online hassle free savings scheme and is managed by AIICO Capital, a renowned asset management firm in Nigeria.


OPay is an ePayment wallet by Opera software, developers of Opera web browser series. This platform started out as a simple mobile wallet and payment processor. It has since expanded to offer loans and savings opportunities. For this blog post, we will concern ourselves with its savings opportunity.

Opay’s Owealth

In 2020, Opay introduced the Owealth flexible savings plan, with an enticing 15% annual interest with daily payouts. At the moment, it’s the best rate you’ll find for a flexible plan.

Owealth allows you to deposit and withdraw from your savings without incurring a fee or losing your savings rewards.

Opay's KYC levels

You can start with any amount which can be as high as your verification level can handle. OPAY has 3 KYC levels, as seen in the screenshot below.



Cowrywise is another exceptional savings and investment app that aims to help its users manage their finances. With Cowrywise, you can save and invest your money easily and build a better financial future.

Once you’ve registered or logged into your dashboard, create a savings plan or choose the default savings plans. I will discuss them below.

Cowrywise Savings plans
  • Regular savings – 5.5%-8.5%
  • Emergency plan – 8%
  • Life Goal – 7.5%-8.5%
  • Savings Circle – 3%-7.5% (subjective)
  • Halal – no interest

Regular Savings

This is a locked plan with a minimum span of 3 months. You can not withdraw funds from this plan until its due date.

Annual interest rate is 5.5%-8.5%

Emergency Plan

The emergency plan is a flexible plan that enables you to save for when you need funds urgently.

Annual interest rate is 8%

There’s a 1.5% processing fee for top ups.

Life Goal

This is a long-term savings goal with a minimum span of 1 year.

Annual interest rate is 7.5%-8.5%.

Saving Circles

Save in groups or join a savings challenge.

Annual interest rate is 3%-7.5%

Halal Savings

Halal savings is an interest-free savings plan for Muslims who don’t want to earn interest on their savings.

You can revert to this post on the official cowrywise blog to learn how they determine their interest rates.

Cowrywise offers individuals the ability to withdraw their funds without restrictions or penalties. You can safely call this app a direct competitor and an alternative to piggyvest.


Kuda Bank is a digital only, mobile bank. Although it has no physical banking location, they offer the services expected of a bank. Enjoy banking with no fees, up to 25 free monthly transfers, a free debit card and great savings plans.

Kuda Bank has 3 savings plans with up to 15% annual savings interest. I’ll briefly discuss the plans below.

Kuda Bank Savings Plans
  • Spend + Save – no interest
  • Flexible Savings – up to 10%
  • Fixed savings – up to 25%


This plan enables you to save a percentage of the amount you spend on your remaining balance. They automate the saving process. You can withdraw from your spend + save savings without fees.

This plan has no savings interest. 

Flexible Savings

This plan enables you to save and withdraw up to 20% of your funds. Withdrawing over 20% of your flexible savings before reaching your goal will cost you all interest earned.

Annual interest rate is up to 10%.

Fixed Savings

I didn’t see a significant difference between the fixed plan and flexible savings on Kuda except the annual interest rate. They share a similar penalty for withdrawing. It is also not a locked plan.

Annual interest rate is up to 25%.

Kuda referral code PUJCKCHU 



ALAT is a digital bank, the first if its kind in Nigeria. It is an innovation of Wema Bank Nigeria, developed to give you easy access to saving your funds and doing other bank transactions without going to the bank.

With Alat Digital Bank, you can open a savings account using your phone number and Bank Verification Number (BVN) as well as other documents required for the registration process. It’s simple, convenient, reliable and requires no paper work.

Sumotrust (formerly Sumobank)


SumoTrust is yet another money-saving app for Nigerians that encourages you to set cash aside easily and automatically.

Sumotrust offers both savings and investment features with an interest rate of 10%-15% per annum. This financial enterprise aims to raise young millionaires in Africa through their innovations.

Joining SumoTrust can open doors to opportunities in your entrepreneurial journey. You will get exposed to different successful business owners and entrepreneur classes. This money-saving platform advertises itself as the best for people who want to save for business purposes.



Kolopay is a more recent app to save money that currently offers 2 saving plans: EasySave and Autosave.

While easysave allows you to save money, autosave does the savings for you automatically. This depends on the schedule you choose. It can be daily, weekly, or monthly.

To save with kolopay, create an account and a savings’ goal. You can set up an auto debit to enable you to reach your goal. Just like other money saving apps, Kolopay has a withdrawal date and offers enticing interest rates, up to 10%.

Start Saving With Kolopay

What Savings App Should You Use?

Going by this blog post, Opay has the highest savings interest rate, but on a flexible account. If you are disciplined, you’ll earn more to save with them. Piggyvest and Cowrywise offer locked plans with pretty wonderful rewards for those who need extra locks to save properly.

I’m conclusion, these Fintech apps are secure and regulated by CBN. You are safe and can settle with any of the apps you feel comfortable with.

Do you use any other savings app that isn’t mentioned in this blog post?

Do share!


Over the years, quite a good deal of apps to save have sprung up in Nigeria, and more are coming. I implore you to always do further research and read user reviews before settling for a money saving app.

This post has given just an overview of each platform mentioned. Do well to visit their respective websites for more information.

Have you used any apps not mentioned in this post to save money in Nigeria?

Do well to share them with us in the comment section below.

Money Saving Apps For Nigerians


  • Hello,
    I have been researching about sumo trust because I want to expand my options. I currently use PiggyVest, Alat and Cowrywise and I feel the interest rate on Cowrywise is small and my Alat has been very frustrating to operate.. My issue with this sumotrust is that they have very weird online presence. They hardly get likes or comments for their post on social media and they have over 2k followers which I feel was fake. But a few articles say they are genuine but I really didn’t believe them. I however now believe you because you mentioned it in the same article with PiggyVest, Alat and Cowrywise which I know to be legit. I was also hearing good feedback from kolopay and I saw it mentioned here too. Thank you for this article. It really helped me.

  • Sumotrust is my best savings platform so far.
    Their security is also very annoying but it’s good since it’s a money related app.

  • This very article is well explained in a remarkable way. The way this Piggyvest App has helped me in making small cash by referring is dupe… Its 100% working and i encourage you all to try the app out.

    They are damn trusted and thank Admin for post such lovely article

  • If I had known by now I could have invested in the apps above which could also save me from loosing whooping 200000 naira in online trading apps. I want apps you can invest without losing a penny. Thanks for this article. I shall work with it.

  • This was an interesting read… I have been considering using piggyvest for a while and that 25% interest is enticing really.

    I am one of those Nigerians that are battling with building a good saving culture. This article should help…thank you.

  • Great post Joseph.
    Honestly wished these Money savings Apps have been around since 2015. I really regret how i spend my money back then life was pretty Rosy for me, but no much regrets, all thanks to Entrepreneur Platform that sent me an email about Sumobank and i must say, those guys are pretty amazing.
    Been using Sumobank to save and really love how they work and support me. Maybe because i’m a big saver.. lol.

    Well, will definitely try to diversify my options but definitely, Sumobank will be their lead for me.

  • If you had written about just one of those, one’d easily think you’re only a marketing agent doing her job so well!
    A really nice article it is; ?

  • Thank you so much for this list. I have used Piggyvest but I really do not like the fact that they remove 5% whenever I tried to withdraw from my account. It is not easy to meet up with their withdrawal period sometimes. I think I will try cowrywise.

    • you can try Sumobank, their withdrawal options is more flexible than Piggyvesst…
      They have 4 fixed FREE withdrawal dates and also allows you to set one more date, making it 5… and charges less than 5% if you default any of the 5 days, unlike Piggyvest that restricts you to just 1 day.

  • Concerning the auto save option, say I’m someone who works and earns monthly, and so chooses to save a fraction of my monthly earnings using this auto save feature. What if I stop working? Or for some reason, I reduce the percentage of funding my bank account? Can I opt out of the auto save feature anytime I feel like? Or, can I change the fixed amount of money to be saved automatically?

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