5 Reliable Money Saving Apps in Nigeria

5 Reliable Money Saving Apps in Nigeria

It’s no longer news that fintech is thriving in the country. Numerous startups have had a huge impact on the country’s financial sector. A few years ago, in order to save money, you’d have to go to a bank, stay in long queues, and fill several forms. Sometimes, you save in a wooden box popularly known as “kolo” or “piggy bank” and your money gets eaten by termites if not kept properly or your siblings find a way to take out of your money without you knowing.

Now, technology has made things easy as there are fintech apps that can help you save money. The sweet thing is that you can operate them on your mobile devices.

In this article, I’ll share with you 5 reliable apps that can help you save money. These apps are based on the safety of your money, the amount of interest you can get, and how flexible the platform is.

5 Apps That Can Help You Save Money

1. PiggyVest

Piggyvest is an effective online saving app that helps you save and invest. It was founded on February 16th, 2016 and it is the first of its kind in West Africa. The flexibility of this app is admirable, it combines discipline with efficiency. It doesn’t only help you save, but also helps you grow your money.

It was formerly known as piggybank but got changed to PiggyVest in 2019. You can save as low as 50 Naira in your PiggyVest account, and there is no maximum amount limit. Save as much Naira as you can.

How does it work?

When you save, you get 10-15% interest and when you invest, you get over 25% returns. In the app, you input your debit card details and with it, you can transfer money to the app. There is even an autosave option too in the app. It has an amazing user interface and it is easy to navigate. It takes about 15minutes to set the account up, after which you earn a thousand Naira after signing up.

There is a safety lock feature, where you lock any amount of money and set a date for withdrawal. It charges a 5% fee for withdrawing before the date set. I call it a “discipline fee” but the money saved on your flex account has no withdrawal fee. Another interesting part about it is that in the Piggyvest flex dollar account – you can save, invest, and transfer money in US dollars with it.

It’s one of the best apps that can help you save money. It helps you “save, invest and grow your money with ease”

You can download it here

2. Cowrywise

Cowrywise says that they are re-imagining and reworking how financial services get delivered to people. This is a financial institution that is well trusted and reliable to help you save and invest money. They are located in Lagos, Nigeria. Their app is reliable, flexible, and just right for your savings and investments. Razaq Ahmed and Edward Popoola founded it in July 2017. In 2019, Cowrywise was recognized and made the list of 50 world-changing startups.

Cowrywise gives an interest of 15% to every savings. There’s a segment in the app where you can lock your funds and set a date where you want to withdraw them. Your funds can be locked for a minimum duration of 90 days and have no maximum duration. You can only withdraw your funds at the set date.

Interestingly, they have a minimum saving amount of N100 and any kind of debit card can be used on the app. The flexibility feature of Cowrywise is applaudable as it has different saving features, tailored to different situations. They include:

  • Savings circle
  • Regular Plan
  • Life Goals
  • Halal Savings
  • One time savings

3. Pettysave

This is a fintech company that provides your savings and investment solutions. In Pettysave, you can save either daily, weekly, or monthly and also save for plenty of reasons – like electricity bills, water bills, school fees, car maintenance, etc.

There are 3 saving options in Pettysave namely:

  • Autosave: The autosave gives an interest of 10% and money is automatically taken from your bank, be it daily, weekly or monthly. It depends on how you set it.
  • Target Save: Just like the name suggests, you save towards a goal. In this option, you earn up to 10%
  • Vault: You can save your extra cash here as fixed deposits. The longer you leave your fund fixed, your interest increases and you can have up to and even more than 12% interest.

This is one of my favorite segments.

4. Sumotrust

This is yet another app that can help you save money. They were formerly called “Sumobank” and now, they give you 10-15% on every one of your yearly savings. The minimum limit of cash that you can save is N100. There are categories: InstantSave and the Fix saving. Which by just the name, you know what they mean already.

You should try it if you have money that you won’t need till the next year as the minimum time limit after you fix save is one year. Try the app here for Android users and here for IOS.

5. Savi.ng

“Save and earn while at it” is what you’ll see on the page when you try to download this app, and you sure earn while you save. This is one app that can help you save your money. The interest rate is 8% per year.

There are two saving plans namely: Goal savings and periodic savings.


Conclusively, saving can be stressful but these apps simplify the stress for you. Now that you know the apps that can help you save money, all you have to do is download any of these apps, sign up, and start your saving journey. You will hit your saving target!