Palm Pay, Kuda, PiggyVest, Others Emerge Best Savings Apps in Nigeria in August 2023
- Moni tops fintech apps offering the highest interest rate with 21% per annum
- This follows an earlier directive listing the approved loan apps allowed to operate in the country
- Most of fintechs offer savings plans and fixed plans at relatively different rate
Nigerians are well-recognised for their love of hard work. A recent report ranks the country second in the world after Mexico in the world and the first in Africa in global most hardworking workers.
While working hard pays off, it is even more crucial to ensure you can save up enough money to cover your needs.
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The recent fintech wave has ushered in several apps that simplify saving money for everyone. Many of these programmes allow users to lock in a particular proportion of their money for a set amount of time.
The Federal Competition and Consumer Protection Commission (FCCPC) recently issued a new list of 154 companies granted full approval to operate loan apps in Nigeria.
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Legit.ng earlier reported that FCCPC gave loan apps five days to prove that they operate within the set guidelines governing the industry or be deleted and sanctioned.
As more platforms provide mouthwatering choices to get Nigerians to save their money, the rivalry among these fintech apps has increased.
The top 10 Nigerian savings applications, according to Nairametrics' analysis of interest rates as of August 2023, are as follows:
Moni
Moni is a savings and loans app that provides a range of functions to aid with money management. Moni provides two different kinds of savings plans: Safebox (a flexible savings plan) and Reserve (a fixed deposit savings plan). According to the platform, customers could get up to 21% interest per annum, the highest rate provided by a savings app in the nation at present.
Palmpay
In order to encourage its users to save money rather than take out loans, Palmpay, which is well known for its rapid loan service, recently added a savings function to its app. Palmpay offers regular savings and fixed savings options to its users, similar to other savings apps.
According to the fintech, daily interest on regular deposits amounts to 16% annual return while its fixed savings plan is 20%.
FairMoney
FairMoney is an online bank Providing lending and savings services. Depending on their goals, users of the Fairmoney app can pick between two different savings plan versions. There are FairSave and FairLock among them.
In contrast to FairLock, which offers interest rates of up to 18% annually, consumers receive a 10% interest rate under the company's FairSave plan.
Kuda Bank
The Central Bank of Nigeria has granted Kuda, a free, exclusively digital bank, a licence for microfinance banking. Different savings plans with various interest rates are available from Kuda. While the interest rate on its flexible savings plan is 10% yearly, Kuda claims that the interest rate on its fixed savings can reach 15%.
V Bank
Another digital bank in Nigeria that allows customers to save and earn high interest on their money is V Bank, which is owned by VFD Microfinance Bank.
According to V Bank, its clients can earn up to 9% percent annually on target savings and up to 16.5% annually on fixed deposits.
SumoTrust
SumoTrust is an automated savings and investment platform that aims to improve the poor saving and investing practises of Nigerians. You may quickly and automatically set money aside with the help of the saving app, which also provides investment options.
SumoTrust guarantees an annual interest rate of 15% on the "Fixed Deposit" account and 10% on the "Main savings" account and "Mission savings" account.
Piggyvest
PiggyVest is one of the major online investing and savings platforms in Nigeria. According to the fintech, it currently assists over 3 million consumers in reaching their financial objectives by making it simple for them to save and invest.
On its Piggybank and Target savings plans, the company offers an annual interest rate of 8%, while on its Safelock plan, it guarantees an annual return rate of up to 13%.
KoloPay
The mobile app KoloPay significantly increases your ability to save money. KoloPay provides an interest rate of up to 10% and has a withdrawal date policy similar to many other apps.
ALAT by Wema
ALAT is the innovative creation of WEMA Bank Nigeria. When a consumer continuously saves for at least 30 days in the platform's savings challenge, it provides an interest rate of up to 10% savings.
Cowrywise
Cowrywise provides monthly, fixed, and one-time interest rates on savings accounts. The company guarantees up to 8.5% interest annually based on its rate calculator, which calculates how much money you receive each time.
Fintech Startup, Payday Explains Restriction on 2,000 Accounts
Legit.ng earlier reported that Payday, a fintech company has reacted to claims of restricted access to about 2,000 accounts and funds by some customers as well as Mastercard balance and withdrawal restrictions.
This is coming after the Pan-African neo-bank issuing global (USD, GBP & EUR) accounts to Africans announced its re-entry into Rwanda following the official launch of SpaceX's Starlink in East Africa. Read more: https://www.legit.ng/business-
The fintech, in a social media post signed by Favour Ori, Payday CEO, apologized for the port experience faced by users, explaining that the team has been tackling technical issues with its service providers which has been affecting the quality of its business.
Source: Legit.ng
