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Savings & Investment Apps

In this episode of our Phone Series, we discuss apps that can be used to earn through both savings and investments. Yeah! You get paid while saving. Think of them as “Online Asusu” or “Online Esu” or “Online Aje” – you get rewarded with interests for saving your money! In addition, some of these apps give platforms for you to invest some or all of your savings, to earn you even more money…!

Piggyvest: A platform available for both web and mobile users. It has over 5 million users worldwide. The platform offers savings in two forms – Piggyflex and Piggybank. In Piggybank users are allowed to save money but cannot remove until it is the free Piggyvest withdrawal date (or a free withdrawal date set by the user). Withdrawals from the piggybank on a day that is not a free (Piggyvest or self-set) withdrawal date attracts a fee of 2.5% of the amount to be withdrawn. The savings in the piggybank accrue an interest of 10% per annum calculated daily. The Piggyflex on the other hand allows users to save money and withdraw at anytime without any penalty fee. Piggyflex gives 8% interest on savings per annum calculated daily. The Safelock feature allows users to lock their savings for a period of time. In that period the savings cannot be touched, this is important for ‘target savings’. Apart from savings, the platform also allows users to invest in different portfolios.To start signup on or download the Piggyvest App from Playstore Apple Store. Signing up is very easy and straightforward.

OPay: This mobile app possess a lot of features. Chiefly: it offers OWealth (for investments) and OSavings (for savings and target savings). Opay also allows users to register as agents and sell services such as data subscriptions, bills, airtime, TV subscriptions, bet payments and POS services. Opay also gives cashbacks to users in form of airtime and cash amounts. To install the Opay app visit the Playstore or Apple store.

Carbon: Presented on their official app store profile as “a credit-led pan-African digital bank, your all-in-one app for easy money management“. Carbon allows users to save smart and earn more with the Carbon savings plan. Users can get up to 15.5% interest on their savings. Users can track and simplify personal finances with easy spending and payment options. Download on Apple Store or Google Play. For more information on the company, interests and others visit their official website.

CowryWise: Another reliable savings app and investment app in Nigeria is CowryWise. This one has been around for quite some time now. Just like the others on the list, this app provides a platform for users to save their money and earn interests. It also provides investment opportunities for its users. Users can choose amounts to invest weekly, monthly or yearly. Also, it is available on Apple Store and Google Play.

Risevest: Already discussed in an earlier post, this app also also allows users to save their money – in US Dollars and Naira. Users earn interests and can remove their money at any point in time.

Branch: Started initially as a loan app but has gradually morphed into a fully digital bank, providing savings and investment opportunities. It also provides a safelock for users to lock their money, thereby helping them resist the temptation of early savings withdrawals and to improve saving habits. It is available in three other African countries. The app is available on Apple Store and Google Play. For more information visit their official website.

In conclusion, these are some (but not all) mobile apps that users can use to save and invest their monies. Please note that some of these apps offer loan services but we do not encourage you to borrow. Borrowing money from apps or any other source usually becomes a problem for people (more on this in a post soon). Please, only use these apps to save and invest, but not to borrow! Start saving and investing today, right from your phone immediately. Saving is one of the most effective steps to take to achieve financial freedom (more of this also in another post). Start now, it is 2024!

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