10 Top Money Saving Apps in Nigeria with High Interest Rate

By | January 24, 2024

In Nigeria, money-saving applications might make saving easier and more enjoyable. It is nearly hard to consider saving money while the cost of living in Nigeria is rising.

However, with the aid of saving apps I firmly believe that the entire saving habit has been made much simpler which is why i sketch out the 10 top money saving apps in Nigeria with high interest rate.

If you have a monthly income from a job or your own business, you could be inclined to spend carelessly and neglect to put money away for emergencies.

Saving is a crucial component of having financial security throughout life, and its advantages cannot be overstated.

Some people have a natural ability to save, while others need more encouragement to set aside even a little portion of their income. 

Nearly 83 million people, or 40 percent of the entire population, live in poverty in Nigeria, where the annual poverty line is N137,400 ($336.48), according to data from the National Bureau of Statistics (NBS).

Since there isn’t enough money to cover their immediate requirements, many people find it impossible to save. Using technology and data, the saving app makes it easier to compute interest on savings over time.

The majority of money-saving apps in Nigeria offer an investment platform that makes it simple to invest and earn income. 

Many platforms exist that can assist you in saving money, but the question is: “Are these platforms for saving money legitimate ones?” Can you calmly and fearlessly save your money on those apps? Can you sleep soundly each night knowing your money is secure? 

This piece will serve as a decision-making help if you’ve been considering the top saving apps to use in Nigeria.

Most financial regulatory organizations in Nigeria, including CBN, have registered and certified these money-saving apps as legitimate. Without further ado, let’s explore how to use these applications to save money in Nigeria.

Why Do You Need a Saving App As A Nigerian?

The traditional way of saving, known as piggy banks or “kolo” in Nigerian slang, is well known to the majority of people.

When dealing with greater sums of money, however, it is not always advisable or safe to save all of your money in piggy banks.

Keeping such things around the house is not only dangerous, but it may also tempt you and put your finances at risk of being repeatedly drained for luxuries and regular bills. 

But with technology, new and simple ways to save quickly and effectively have been developed. You can use these dependable, user-friendly tools to save money in a planned, methodical, and accessible way.

Money Saving Apps in Nigeria

If any of the following apply to you: 

  • You find it difficult to organize your money over time. You frequently forget to save money or are unsure on how to do it. 
  • You’re not very good at delaying gratification, so you constantly raid your money to cover indulgences and other expenses. 
  • You require a better and more effective method of money management. 
  • Your savings have grown significantly, so keeping them in your standard bank account is no longer beneficial. 

Numerous of these Apps for saving money in Nigeria give you a place to store your hard-earned cash in addition to safe financial advice and interest on all funds saved with them.

Don’t worry; they are reliable and secure because they are registered with and answerable to the national bank of Nigeria. 

Checking Out the Top 10 Saving Apps in Nigeria

The top venues for saving money goal and investing in Nigeria are listed below. 

1. PiggyVest

Top Money Saving Apps in Nigeria

Piggybank was the previous name for PiggyVest. It was West Africa’s and Nigeria’s first online savings platform.

The website has made life better for the majority of Nigerians by teaching them how to save money wisely and invest it by just pressing buttons on their smartphones. 

Even better, you don’t even need to stand in line for hours to utilize this platform. It has been made very simple and open to everyone. After three years, PiggyVest only offered its users the savings option.

However, in 2019, after a relaunch, the incredible platform is now able to provide users with direct investing alternatives as well as saves. 

One of the best saving platforms in Nigeria is PiggyVest. You can suggest it to other Nigerians who wish to begin saving money.

The least of your concerns should be getting scammed on this platform. Nigerians use this platform to save more than 1 billion Naira every single month. 

The fact that this platform gives a 10-15 percent interest rate on savings is the most intriguing aspect of using it to save.

In addition to offering roughly 25% returns on each investment made by registered clients, they also have other fascinating and wonderful characteristics.

With 400,000 users that feel comfortable utilizing this saving software, it is clear that many people have confidence in the platform. You should utilize the PiggyVest app for the above reason alone.

The Apple Store and Google Play Store both offer the option to download the application. You might as well go to PiggyVest.com and register there. 

What Are the Features of PiggyVest?
  • Piggybank purse 

The Piggybank wallet is ideal for you if you want to routinely save money and only take it out once every three months.

You can set up an automatic standing order to debit the desired amount from your account and credit your piggybank wallet. 

  • Goal Savings 

This is an excellent choice if you’re setting aside money for a specific purpose, like a trip or rent. You can go yourself and your friends to reach all of your financial objectives. 

  • SafeLock 

The SafeLock function is ideal if you’re searching for anything long-term focused. You could put up money you don’t need access to and earn more money by doing so if interest rates were greater. 

  • Flex Money 

You can transfer, invest, and save money using the Flex Dollar tool. Your PiggyVest Flex Dollar account offers you annual interest rates of up to 7%. Interest rates are based on the current state of the market. 

2. Cowrywise

Top Money Saving Apps in Nigeria

With the help of the excellent saving app Cowrywise, you can plan, save, and invest money with ease. It’s interesting that this site provides a calculator for interest that can calculate earnings over a certain time frame. Cowrywise has certain great qualities, a couple of them are as follows: 

  • Consistent Savings 

With this app, it’s quite simple to save money on a daily, weekly, or even monthly basis for at least three months. 

When you set up your plan, you can only specify this once, and Cowrywise will make sure that the money is automatically saved on the days you choose. 

  • Saving Circles

You can set your Savings goals to be accessible to everyone with the help of this function. People might participate in it more like a savings challenge. 

  • Savings on Halal 

This savings account is completely interest-free. It is a strategy created specifically for Muslims who don’t wish to earn interest on their investments. 

With this savings strategy, you may be confident that once your savings cycle is complete, you won’t gain any interest profit. 

3. Vestpay

The greatest saving applications in Nigeria include Vestpay 

best for setting goals. Vestpay is a tried-and-true investing and saving program that aids in instilling in us sensible saving habits, fantastic investment options, and wealth development that is so important in the nation we live in. 

The app encourages you to make sensible financial decisions because you’ll always be thinking ahead.

Vestpay gives 15% on your intended savings as well as a variety of investment options from which you can choose with ease. 

What Are the Features of Vestpay?
  • You can frequently save. 

You have the option to choose your favorite saving method with this function. It could be weekly, daily, or monthly. To live a better life is the goal. Basically, it’s a daily savings app

  • Fixated Deposit 

You can save money using this additional function with a certain objective in mind. The objective could be to pay for rent, tuition, food, etc. 

4. Kolopay

The traditional piggybank box, often known as “kolo,” has a digital equivalent called Kolopay. It is fairly simple to infer from the name alone that it is a savings and successful investing platform when the suffix “pay” is added.

Kolopay is regarded as one of the Best apps to save money and earn interest in Nigeria. Additionally, it’s a free money saving app.

Additionally, after your objectives are locked, you have a chance to earn 10% percent annually on your total savings. 

This software provides a number of standout and distinctive features, such as the ability to automatically save a predetermined sum of money on a daily, weekly, monthly, or even annual basis.

You may share the app with your friends and family more easily thanks to the Kolopay feature, which helps with crowdfunding. 

5. Kuda Bank

The Central Bank of Nigeria has granted this free, digital bank a license to conduct microfinance banking.

What does that suggest? You can rely on Kuda Bank as it’s seen as one of the top money saving apps in Nigeria.

Simply said, Kuda Bank enables you to be more conscious of your spending, save more money, and make more deliberate financial decisions.

I’m sorry to bust your bubble, but Kuda Bank offers up to 25 free transfers to other banks each and every month. Oh exactly, this is the reason you shouldn’t let this idea sit.

Kuda offers annual interest rates of up to 15% on your entire savings. That’s a wonderful deal, isn’t it? 

Additionally, it possesses remarkable qualities like: 

  • Flexibility in Savings 

You can save up to your goals while also earning up to 10% interest with flexible savings. 

  • Fixed Savings

Flexible savings are very different from fixed savings. With this, you can get interest payments of up to 15% for a predetermined time.

Checking out the Kuda Spend and Save Option

Kuda developed the “Spend and Save” function to help Nigerians develop a culture of saving. With each transaction, this tool is intended to automatically assist you in saving money.

With the help of this program, a specific portion of every outgoing transaction made on your account is reduced and stored. Transfers, bill payments, and card transactions fall within this category. 

The user determines the deduction percentage. You can raise it or lower it to your desired level. Your savings from Spend and Save are kept in your savings wallet and are accessible at any time.

How to make your Kuda Bank account Spend and Save-enabled
  • Open the Kuda Bank app and log in. 
  • On the homepage, click or press the “Save” icon, followed by the “Save Now” link in the top right corner of your screen. 
  • Select “Spend and Save” from the list of alternatives. 
  • Activate the toggle in the top right corner of your screen. 
  • Under the “Percentage To Save” box, tap the pencil icon. 
  • When you spend money from your account, enter the percentage you want to save and touch the checkmark. 

The value of each subsequent outgoing transaction will be reduced by the selected percentage and deposited to your savings account.

Along with all the incoming savings transactions, you can also view your total savings in the dashboard’s “Save” area. It’s no doubt, one of the safe alternatives to savings accounts to make more money.

6. Sumo Bank

This is yet another excellent saving software in Nigeria that is always a good choice. An app called Sumo Trust was specifically created to assist Nigerians in managing their money well.

It might as well be put to use for investments and savings. Your decision is up to you. 

I’ll carefully go through the following three money-making strategies with regard to Sumo Trust: 

  • Initial Savings 

Users of this plan have the freedom to decide whether to go for daily, weekly, or even monthly savings. 

You are unable to withdraw at your discretion under this plan. Only the designated withdrawal dates may be used for withdrawals. The incentive under this plan is 10% annually. 

  • Fixed Savings

The money you’ve been saving for a year is kept from you thanks to this brilliant scheme. And by doing this, you have a possibility to make a profit of up to 15% per year. 

  • Mission Savings

This strategy was deliberately created for users who have projects that must be finished in a certain amount of time. You’ll need to decide on a sum that has to be saved, then you’ll need to start doing so. 

7. Trove 

Top Money Saving Apps in Nigeria

One of the top investment saving applications in Nigeria, it enables users to not only save money but also invest in overseas businesses.

Surprisingly, this software provides Nigerians with quick access to investing opportunities in nations like China and the United States.

Isn’t it great and remarkable that you can invest as little as 1000 naira? You no longer have an excuse to put off investing thanks to this app.

The Trove app includes a staggering 256-bit encryption system, along with other top security features, all geared toward shielding users’ important information from intruders. 

What Are the Features of Trove?
  • You may purchase a 256-bit encryption solution for about 1000 naira. 
  • Market quotes and a tech synopsis 
  • accessible for iOS and Android download. 

8. Carbon

Due to the variety of services it provides, Carbon is a multifaceted investment app.

One of the top lending apps in Nigeria, it enables Nigerians to obtain unsecured loans of up to 1 million Naira. Yes, without security. 

Additionally, you can utilize this software to save money for a certain purpose. 

What Are the Features of Carbon?
  • Superior safety 
  • You can start with just 1,000 naira. 
  • You can earn up to 16% interest annually using this software. 

9. Alat 

Wema Bank has made the Alat app available to better serve its customers in the current digital era.

Alat’s savings app already includes a ton of incredible features, such as the ability to assist users set saving goals and cultivate outstanding saving habits.

Additionally, they allow you the ability to open digital accounts using your smartphone. You’ll need to provide your BVN along with some additional information. 

10. Kudi 

Have you ever heard of Kudi? Well, let me explain this word to you if this is your first encounter with it. Kudi is only the Hausa word for “money.” And it is the exclusive focus of the platform. 

This saving program may be used for more than simply saving; it can also be used to send money relatively quickly, pay electricity and subscription bills, purchase data, and more. 

Is Your Cash Really Secured with Saving Apps?

The best technologies are used in the construction of saving apps, which use investment data to determine returns on investments. Particularly the ones we suggest in this blog post, they are safe to use.

Top Money Saving Apps in Nigeria


One cannot overstate how crucial it is to develop strong saving habits.

Your savings will always come through for you in difficult financial circumstances, and aside from this, they help a country’s economy flourish.

Nevertheless, you must exercise caution because money is not always simple to come by.

Make sure you’re using a reliable platform to save, and take your time. 

Nothing is too little to save when it comes to money. We hope that our ranking of Nigeria’s top saving apps will aid in selecting the finest option. 

Create a good saving habit right now! 

  • What do savings apps do

With the safe lock feature of savings apps, you can lock up a portion of your money for a certain amount of time.

There are four withdrawal deadlines for unlocked money, one for each quarter. Withdrawing outside of these periods results in a penalty fee equal to 5% of the withdrawal amount. 

  • Which savings app is the best? 

The best savings app is that which gives the highest interest rate. In Nigeria, PiggyVest gives the best interest rate, so you can try that out.

  • Where can I put my money to get the most interest

You normally receive interest on a certificate of deposit, or CD, at a higher rate. Saving apps with this option allows you to get the most of your savings. Look out for these kinds of saving apps.

  • Which savings app has the highest interest rate

The greatest interest rate among savings accounts is typically found on certificates of deposit, or CDs, but they also have the most restricted access to money. Some saving apps have this CD option, look out for these app.

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