With inflation in Nigeria consistently in double digits, keeping your money in a standard bank savings account is essentially losing money.
Fintech apps typically offer significantly higher returns than traditional bank savings accounts, but rates change frequently and depend on product type and market conditions. Here are some of the most popular apps and what they are generally best for – always confirm the latest rates and terms inside each app before you commit.
1. PiggyVest
The most popular savings app in Nigeria. It offers strict savings features to help you stay disciplined.
- Interest: Typically higher than a regular bank savings account (varies by plan and promo).
- Best Feature: "SafeLock" locks your funds until a set date, preventing impulsive spending.
- Safety: Funds are insured by a licensed microfinance bank.
2. Cowrywise
Great for mutual funds and long-term investing.
- Returns: Competitive yields on savings and mutual funds (depends on underlying funds).
- Best Feature: Access to Naira and Dollar mutual funds from top asset managers.
- Safety: Licensed by the SEC.
3. Binance (for Stablecoins)
If you want to protect your money from Naira devaluation, holding USDT (Dollar stablecoin) is a popular strategy.
- Yield: "Binance Earn" offers APY that changes with market conditions.
- Best Feature: P2P market for easy entry and exit.
- Risk: Cryptocurrency regulation in Nigeria is strict; use P2P with caution.
4. Bamboo
Focuses on US Stock market investing.
- Best Feature: Buy shares of companies like Apple, Tesla, and Amazon directly from Nigeria.
- Minimum: Start with as little as $10 equivalent.
Comparison Snapshot (Indicative Only)
The figures below are illustrative only. Actual rates and returns change frequently – always check the current offer inside each app.
| App | Best For | Typical Behaviour |
|---|---|---|
| PiggyVest | Strict Savings | Higher-than-bank savings for disciplined plans |
| Cowrywise | Mutual Funds | Varies by fund; can outperform simple savings over time |
| Binance | Dollar Hedge (USDT) | Protects against Naira devaluation; crypto risk applies |
| Bamboo | US Stocks | Follows global stock market ups and downs |
Conclusion
For pure savings discipline, PiggyVest and Cowrywise are strong options. For dollar protection, consider Binance or Bamboo, but understand the extra risk and regulation issues around crypto and foreign stocks.
Before choosing, think about:
- Your time horizon (short-term savings vs long-term investing)
- Your risk tolerance (capital protection vs higher potential return)
- Whether you need Naira liquidity or Dollar exposure
Disclaimer: Investments carry risk and rates change frequently. This article is for informational purposes only and does not constitute financial advice.
Plan Your Savings
Once you pick an app, the next step is to set a realistic monthly savings plan.
Use our Compound Interest Calculator to see how saving a fixed amount every month could grow over the next few years:
Written by Calc Labo Research Team