20 Best Saving Apps In Nigeria & Their Interest Rate 2023

In Nigeria, there are many savings apps that can make the process of saving money more enjoyable and easy.


Considering that the cost of living is on the rise, it is almost impossible to save money.

Saving apps have made the habit of saving a whole lot simpler and I’m convinced that the whole process has been made easier by them.

When you’re earning a monthly income as a salary or a business owner, you might be tempted to spend recklessly without saving up for rainy days.


Saving Apps devise an algorithm to calculate interest over time on savings using technology and data.

In Nigeria, the majority of money-saving apps provide an investment platform that allows users to make easy investments while also earning interest.

Perhaps you have been considering which are the best saving apps in Nigeria to begin saving, and this post will be a guide during the selection process. Read on…

What Are Saving Apps


Money saving Apps are mobile tools and online platforms designed to automate saving letting interested individuals and businesses to easil y save, invest and earn good interests without needing to visit a bank.

Saving is basically setting aside a percentage of your earnings.

This percentage can take up projects, make investments, and also serve as a provision to take care of unforeseen occurrences.

You might also want to check out: Top 20 Best Online Investment Platforms in Nigeria 2022

20 Best Saving Apps In Nigeria & Their Interest Rate 2022

1. Kuda MFB

This is a free and digital bank that has a microfinance banking license from the Central Bank of Nigeria.

What does this imply? Kuda Bank can be trusted.

Kuda Bank simply helps you watch your spending habits, enables you to save more and be more intentional about your financial decisions.

Let me burst your bubbles, did you know that Kuda Bank freely offers up to 25 free transfers to other Banks every single month? Oh yes, this is why you shouldn’t sleep on this.

Kuda also offers up to 15% annual interest on your total savings. Isn’t that an amazing offer?

2. PiggyVest

PiggyVest was formerly known as Piggybank. It was the first online saving platform in Nigeria and the whole of West Africa.

The platform has improved the lives of most Nigerians, by inculcating in them good savings and investment lifestyle, just by clicking buttons on their mobile phones.

You don’t even have to queue up and be in line for hours to have access to this platform.

It’s been made quite easy and accessible for everyone. For 3 years down the line, PiggyVest only offered the savings option to its users, but later on in 2019 following the rebrand, the amazing platform now also offers direct investment opportunities to users and not just savings.

PiggyVest is one of the best-automated saving apps in Nigeria that can be 100 percent trusted. It can be recommended to other Nigerians that want to start their saving journey.

Being scammed on this platform should be your least of worries. More than 1 billion Naira is being saved on this platform every single month by Nigerians.

The most interesting part of using this platform to save is that it offers a 10-15% interest rate on savings.

READ ALSO: Top 20 Best Investment Companies in Nigeria

3. Cowrywise

Cowrywise is an exceptional saving app that makes it quite easy for you to plan, save and invest money easily.

Interestingly, this platform has an interest calculator that determines the earn in a specific period.

Cowrywise has nice features and a few of them include:

  • Regular Savings: With this app, it’s very much easy to save up either daily, weekly or even monthly for at least a minimum of about 3 months. This can only be specified once while setting up your plan and Cowrywise will ensure that this money is effortlessly saved on the specific days of your Cowrywise savings plan.
  • Saving Circles: This feature easily enables you to set your Saving targets open to everyone. It’s more like a savings challenge that people can engage in.

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4. V Bank

V bank owned by VFD Microfinance Bank is another digital bank in Nigeria that offers people the ability to save and get high interest on their savings.

You can open a V bank account in 2 minutes with just your smartphone.

With a V account, you can expect a streamlined digital and mobile banking experience, with ease of access to your accounts, swift and secure transfers, withdrawals and bill.

You can take charge of your banking. No confusing charges, no paperwork and everything happens on your phone.

The V app allows its users to track their expenses and income, group budgets, and set spending limits.

To get started – Just download the app from Apple store or Google Playstore, open and activate your account in 2 minutes with your BVN and phone number.

V Bank will give you up to 8% compounded interest per annum on V Target Savings.

Saving Apps

5. Sumo Bank (Sumo Trust)

This is another highly recommended saving app in Nigeria you can never go wrong with.

Sumo Trust is an app carefully built to help Nigerians manage their income wisely. It could as well be used for savings and investments. The choice is yours to make.

With Sumo trust, there are three money-making plans that I’ll carefully discuss below, and they include;

  • Main Savings: This plan gives its users the liberty to make choices to either go for daily, weekly or even monthly savings. With this plan, you can’t withdraw at your own will. Withdrawals can only be done on the set withdrawal dates. The reward on this plan is 10% per annum.
  • Fixed Savings: This amazing plan keeps you away from the funds you’ve saved for one year. And this gives you a chance of earning up to 15% profit yearly.
  • Mission Savings: This plan was carefully designed for users with projects that need to be completed within a specific time frame. You’ll have to set a target amount that needs to be met, then start saving until you attain the goal.

6. Kolopay

Kolopay is the digital version of the traditional Piggybank box popularly called “kolo”.

When completed with the suffix “pay”, it’s quite easy to guess that it’s a savings and good investment platform just from its name.

It’s a mobile application that greatly helps you save money more than you thought you could. And the platform is 100 percent free too.

Also, you stand a chance of getting 10% annual interest on your total savings when your goals are being locked.

This app also has some very distinct and unique features that include automatically saving a fixed amount of money either daily, monthly, weekly, or even yearly.

Saving Apps

7. Trove

This is one of the best investment saving apps in Nigeria that doesn’t just help Nigerians save, but also invest in foreign companies.

Surprisingly, this app gives Nigerians access to swift investment opportunities in countries like America and China.

You can invest as low as 1000 naira, isn’t this cool and amazing?

With this app, you have no excuse to take a step back from investing.

Trove app comes packaged with a whopping 256-bit encryption system, together with other top security technologies that are channelled towards protecting sensitive data of users from Intruders.

8. Carbon

Carbon is a multidimensional investment app because it offers different kinds of services.

It’s one of the best loans app in Nigeria that allows Nigerians to get loans of as much as 1 million Naira without collateral. Yes, without collateral.

Also, you can use this app to save money towards a particular goal. With this app, you can earn up to 16% interest per annum.

9. Alat by WEMA

The Alat app is a provision from Wema bank to meet the needs of the customers in this modern digital age.

Alat savings app comes already packaged with a whole lot of amazing features that include enabling users to create saving goals and helping them build an enviable saving habit.

They also give you access to create digital accounts with the aid of your smartphone. Your BVN will be required, alongside some other particulars.

10. Kudi

Have you heard of Kudi before? Well, if this is your first time coming across this word I’ll tell you all about it.

Kudi simply means ”money” in the Hausa language. And that’s just what the platform is all about.

This saving app is not just used for saving, it can also be used to make really quick cash transfers, pay subscription bills, electricity bills, buying of data etc.

And yes, you can do all of that in one app.

11. Crowdyvest

Crowdyvest is another saving app that offers you the opportunity to build your wealth consistently.

With its autosave option, you have the freedom to automate your savings and create as many savings plans as you desire.

12. Jetseed

Jetseed, formerly known as Pettysave is a savings and investments platform that aims to help you save and grow your money.

You can automate your savings from as low as N100 and save towards specific targets such as a new car, wedding, travel, etc.

The app also offers free financial tools and guides to help you on your path to financial security.

See Also: 15 Best Apps To Buy Bitcoin

13. Vestpay

Vestpay is a tested and trusted saving and investment application that helps to inculcate in us a reasonable saving culture, wonderful investment opportunities, and wealth creation that is so relevant in the country we live in.

The app helps you spend your money wisely as you’ll always have the future in mind.

Vestpay offers 15% on your target savings and a range of investments opportunities you can gladly choose from.

14. CashBox

CashBox is another secure savings app in Nigeria that is looking to help people become better savers. You can start using Cashbox for free today.

Interest rate: 10 -15% per annum depending on the savings

15. Sparkle

Sparkle is another digital bank in Nigeria similar to the likes of Kuda bank, Carbon and V bank. Which you can consider all saving apps in Nigeria.

Sparkle allows you to save by creating a unique stash (savings plan) where you can save daily, weekly, monthly or even randomly. You can also save the esusu (ajo) way by saving with a group of people on Sparkle.

Interest rate: 3.75% per annum for a minimum amount of ₦ 100,000

16. Bundle Africa

Bundle Africa is a social payments app for sending and receiving cash and crypto. Asides from being able to trade cryptocurrencies, Bundle allows you to save in dollars (BUSD – the crypto version of the dollar) using its Bundle vault feature. Interest rate: ~5.7%

17. TrueSaver

Truesaver is one of the growing saving apps in Nigeria that helps people save in groups just like the local Ajo or Esusu. With this saving method, you’re forced to save till the end of the savings cycle.

Truesaver offers 10% interest on savings for a user. However, you have to activate the interest option whenever you start a savings plan on Truesaver.

Interest rate: 10%

18. Pettysave

Pettysave is a financial technology solution that enables you to schedule your savings conveniently either daily, weekly, or monthly. You can save towards specific targets such as rent, school fees, travel, car, wedding, etc. Also, Pettysave allows you to invest your funds for a decent return on your investment.

It lets you automatically save a fixed amount from your bank account either daily, weekly, or monthly at an interest of up to 10%.

19. Blue Ridge Bank

Blue Ridge Microfinance Bank LTD is a microfinance bank supervised by the Central bank of Nigeria(CBN).support savings and loan service.

Blue Ridge Bank helps you save and invest money , manage your money securely and improve your financial health,build a world with less financial worry.

Interest Rate: 5% to 10% monthly

20. Unionsave

Unionsave is a subsidiary of Union Bank. With the unionsave more account, you have access to Secure, quick and convenient 24/7 banking with UnionOnline and UnionMobile. You also have access to online banking and debit cards and you earn 1.15% interest per annum.

Check out: 20 Best Financial Investment Opportunities in Nigeria – 2022

Ways To Save Money

Here is a quick step to save and invest your money successfully through any money saving apps in Nigeria:

  • Choose and download the saving app(s) of your choice from Google Playstore or iOS store.
  • Install the app on your phone. Open the app, register with your correct details and any document needed.
  • Check interest rate (if available) and choose your preferred saving options (amount and duration).
  • Confirm, submit and make payment and then allow it to be processed.
  • Once approved, the cash equivalent will be debited from your bank account and your saving plans will be updated.

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FAQs on Saving Apps in Nigeria (Cowrywise)

What is Cowrywise?

Cowrywise helps make saving and investing seamless. Cowrywise takes away the stress and planning required to save and invest on a regular basis through its automated and easy-to-use platform.

How secure is my information?

Cowrywise was built with the security of your payment data in mind. Critical customer data is encrypted and securely stored. Cowrywise do not store your card information as they work with a PCIDSS-compliant payment processor to handle all customers’ card details.

How safe is my money?

Cowywise has multiple security and safety layers embedded in the Cowrywise experience: from the security of the technology platform to carefully selected asset classes.

Also Read: 20 Best P2P Crypto Exchanges in Nigeria 2022

Which App Is Best For Saving

Definitely Kuda Bank. Kuda Bank is a free, digital-only bank with a microfinance banking license from the Central Bank of Nigeria. Kuda includes tools for tracking your spending habits, saving more, and making the right financial decisions.

The platform offers you up to 25 free transfers to other banks every month. With over 1M downloads on the Playstore

Interest Rates: Kuda offers up to 15% annual interest on your savings.

Kuda Bank has many savings features, they are as follow:

  • Spend+Save – Is an exclusive feature that saves money for you automatically every time you spend from your Kuda account. To use this feature, set a percentage to save when you spend. You can withdraw from your Spend+Save savings.
  • Flexible savings – With flexible savings, you can save towards a goal and earn up to 10% interest.
  • Fixed savings – With fixed savings, you can save a lump sum for a fixed time and earn up to 15% interest.

Where Can I Save My Money In Nigeria

Here are the 5 best money saving apps in Nigeria:

  1. Kuda Bank
  2. PiggyVest
  3. Cowrywise
  4. V Bank
  5. Sumo Bank (Sumo Trust)

Check Out: 10 Best Buy Now Pay Later Stores in Nigeria (2022)


You cannot overemphasize the importance of developing good savings habits. In times of financial crisis, your savings will always provide you with the support you need, and aside from this, it boosts an economy’s growth.

Nevertheless, you must be careful since money is not an easy commodity to procure. Be sure that the platform you’re using is legitimate, and that you are taking your time.

You can save any amount of money as long as it is reasonable. This list of the best Nigerian saving apps will hopefully assist you in making the right decision.


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