Financial health is a significant point of discourse for everyone, as it hinges on being free from debt and prudent with spending. This comes in handy with prioritizing needs over wants to live within means. But while you spend money on affording necessities, a saving culture is imperative for future purposes. Hence, there is a need to know the best savings apps in Nigeria.
It is common knowledge that everyone wants a good taste of living, but it is an unpopular opinion that a good taste of living can not be for everyone. This is due to the varying access to money and relative demand for products and services. As such, one of the viable ways to stay atop your finances is through saving.
The fintech landscape in Nigeria is growing with the emergence of some companies designing saving apps for people to keep their money while accruing interest over a given time. Therefore, here are some of the best saving apps to foster financial health for Nigerians.
Piggyvest App
Piggyvest is a popular saving app in Nigeria, which is notable for offering its users different saving options. The Piggyvest app has flexible saving plans that give users easy and instant access to funds. It also includes the target-keeping plan designed for users who want to save for business or personal project(s).
This app is characterized by a safe-lock plan that enables users to lock certain funds they don’t need as they earn interest. The safe-lock offers a 12.5% annual interest rate, while the target and flexible savings each provide an annual interest rate of 8%.
You can download the Piggyvest app on the Google Play Store and the Apple Store, which has an excellent user-friendly interface.
Kuda App
Kuda is a microfinance bank operating as a digital financial institution in Nigeria. Its app offers a range of features, including a saving option. The Kuda app has a fixed saving plan that enables users to save, yielding their interest. But you will lose this interest upon withdrawing the savings before maturity.
In addition, the Kuda app has a “Spend and Save plan,” which automatically saves a pre-specified amount of funds anytime you spend from your Kuda account. A Kuda flexible plan allows you to save money daily, weekly, or monthly. While the fixed saving plan offers a 15% annual interest rate on the Kuda app, the flexible saving plan provides a 10% annual interest.
The Kuda app has advanced security features to protect funds on the platform. It is available for download on the Google Play and Apple Store.
FairMoney App
FairMoney is a digital bank in Nigeria that enables users to save on its mobile app. FairSave and FairLock are the two (2) saving options on the FairMoney app.
FairSave enables users to access their funds without paying withdrawal fees. This option provides a daily interest alert for its users. On the other hand, FairLock is a fixed saving option on the FairMoney app. You can save money for a specified period and withdraw the tenure expiration. But a premature withdrawal of your savings would attract a fee.
Interest rates for the options vary as FairSave offers 10% annual interest, and FairLock provides about 18% annual interest. You can download the FairMoney app on the Google Play Store and the Apple Store, which is easy to use.
Cowrywise App
Cowrywise provides a mobile app that enables users to access various saving options. A regular saving plan allows you to save for at least three (3) months. The halal savings plan is designed for the Muslim faithful, Money Duo is available for couples that want to save for an extended period, and the Saving Circle plan is a joint saving for groups.
It is simple to use the Cowrywise app as it offers a minimum and maximum annual interest of 5.5% and 8.5%, respectively. This app is available for download on the Google Play Store and Apple Store.
Palmpay App
Palmpay is a popular digital bank in Nigeria, also notable for its loan provision to users. The Palmpay app offers two (2) saving options for both short and long-term goals. A flexible plan enables you to save and withdraw anytime, while a fixed plan is tailored to users who want to save for a long time.
The lack of a minimum saving amount makes the Palmpay app a good option for people seeking to protect. While the flexible saving plan offers an annual interest of up to 16%, the fixed saving plan provides an annual interest of as high as 20%. The Palmpay app is easy to use, and you can download it from the Google Play Store and Apple Store.
Conclusion
Nigerians continue to look for a way to avoid what is referred to as “Sapa” in the local parlance. The only way to avoid this financial dryness is to save more and spend less – one of the best ways to be financially healthy. It should be noted that this article is not financial advice. Therefore, it is important to do your due diligence in studying these saving apps to determine the best app for you.
