Top 5 Nigerian Savings Platforms That Offer Higher Interest Rates Than Banks
In Nigeria, there is an explosion of savings platforms that allow users to save for a variety of reasons and needs.
Most of these savings platforms offer higher interest rates than traditional banks, which use official rates to determine how much depositors are paid.
Some platforms help you schedule payments, manage your expenses, and even pay you to use their platform.
The Nigerian financial industry landscape is laced with intriguing options, the majority of which allow users to make a choice that allows them to make the best use of their time.
While some Nigerian banks pay higher interest rates to depositors for keeping their money with them, others exist solely to make profits and report interesting figures at the end of the fiscal year. In Nigeria, digital wallets and savings platforms are displacing traditional banking.
5 Nigerian Top Savings Platforms That Offer Higher Interest Rates Than Banks
Below is a list of wallets and digital banks that pay higher than traditional deposit money banks.
Kuda Bank
Kuda Bank is Nigeria’s first digital-only bank and is a free microfinance institution licensed by the Central Bank of Nigeria. It monitors your spending habits, encourages you to save more, and makes the best financial decisions for you.
Kuda Bank provides up to 25 free transfers to other banks per month. It has received over one million downloads on all major mobile devices. The bank will pay you up to 15% in annual interest on your savings. On the platform, interest is accrued daily at rates ranging from 12.5 to 15% per annum.
PiggyVest
PiggyVest was founded by Odunayo Eweniyi, a Covenant University Computer Engineering graduate, and is Nigeria’s largest single online savings and investment platform. It was launched in 2016 and has since continued to provide excellent services to over 3 million users as of September 2021.
The bank recently launched a Safe Lock Feature on its app, allowing users to save for a specific period at a higher interest rate payable upfront. It’s more akin to a Fixed Deposit account. PiggyVest pays its users between 10% and 13% interest on savings per year, depending on their needs.
Cowrywise
Cowrywise is a wealth management system that allows users to easily plan, save, and invest. It has direct access to Nigeria’s largest mutual fund pool. You can create secure savings and investment portfolios and manage your money. CowryWise has an interest calculator that calculates how much interest users earn over a given period and also provides various types of saving circles that can be tailored to anyone.
CrowdyVest
CrowdyVest provides various savings plans to assist users in maximizing their savings on their platform. Users can begin saving and earn interest rates ranging from 12.5% to 15%, depending on the saving plan.
CrowdyVest offers the following saving plans:
- Vault Plan: For a locked fixed amount for a number of months
- Pace Plan: To help users meet recurring needs
- Flex Plan: Allows users to withdraw funds anytime they want.
VestPay
VestPay is a savings and investment platform that addresses the issue of investment opportunities, savings culture, and wealth creation. It provides 15% on target savings and a range of investment options, including livestock, crops, and real estate.
