Top Financial Apps in Nigeria and How They Can Help You Save & Invest

With the rate of inflation and unstable income in Nigeria, there is a need to manage your money better. Top financial apps in Nigeria can help you save, invest and even earn extra money. These apps work for anyone, whether you are a student, a salary earner, or a business owner. You just need the right knowledge, and this article will show you how to master your finances by using top financial apps in Nigeria.

Top Financial Apps in Nigeria for Saving and Investing

Before you invest, you should save. Traditional bank savings accounts offer very little interest rates (usually 1-4%). In contrast, these top financial apps in Nigeria offer significantly higher returns, often ranging from 10% to 20% per annum.

1. PiggyVest

PiggyVest is arguably the most popular savings platform in the country. It helps you discipline your spending habits through automated savings. You can set the autosave feature to deduct a fixed amount at a fixed time from your account. There is also a fixed deposit feature, where you lock funds for a specific duration to earn interest rates of up to 12-20% upfront. It is perfect if you want to keep money safe and let it yield returns.

2. Cowrywise

Cowrywise has a beautiful dashboard that makes it easy for beginners to navigate. It helps users save and enjoy high-quality mutual funds. Instead of just saving cash, you can also buy units of verified mutual funds (low, medium, and high risk) that can grow your money with good interest at the end of a fixed time. Cowrywise allows for automation. It is perfect for people that want to seamlessly transition from simple savings to actual financial market investments easily and safely. 

Best Investment Apps in Nigeria for Stocks and Property Assets 

One of the smartest ways to protect your money from devaluation is to hold assets in foreign currency. These top financial apps in Nigeria allow you to invest in the US and global stock markets and real estate market from the comfort of your home.

1. Bamboo

Bamboo gives you unrestricted access to the US stock market. You can buy shares of companies like Apple, Tesla, and Amazon with as low as $20, and you earn annual returns in dollars. 

2. Risevest

If you don't know which specific stocks to pick, Risevest is the solution. They act as an automated asset manager. All you need to do is select a plan, (Stocks, Real Estate, or Fixed Income), and their team manages the portfolio for you. Statistics have shown that you can earn approximately 14-20% returns per annum in dollars. So, if you ever want returns in dollars without monitoring the stock market daily yourself, opt for Risevest.

3. Realvista

Realvista app allows you to invest in real estate properties in Nigeria and earn money through rental income and capital appreciation. If you cannot afford to own a property solely, you can enjoy the mutual investment feature of the app which allows you pool resources with other investors to co-own a property and split the returns. Realvista app also has an existing marketplace with verified listed properties where people can buy and sell properties. Returns are earned from the rental income shares to profit earned from the resale of property that have appreciated.

What to look for when choosing the best investment apps in Nigeria 

There are so many financial apps in Nigeria. However, there are certain criteria that determine which is best, safe and most suitable, depending on different financial goals.

1. Regulatory Compliance and Licensing

Only apps that are licensed by the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) in Nigeria, NDIC-backed partners, or affiliated with reputable international brokers regulated in their jurisdictions (for example, U.S. brokers regulated by the Securities and Exchange Commission or FINRA), can be categorised as a top financial app.

2. Risk appetite/Investment goal

Compare interest rates to see which one matches with your goals and risk appetite. Some apps offer 10-15% for savings, 12-20% for fixed income and dollars investment of 8-12% yearly. Higher returns help your money grow faster but they come with higher risk as well. If you are low risk, stick to PiggyVest, medium risk can explore with mutual funds on Cowrywise, and high risk can enjoy high rewards from stocks on Bamboo.

3. Currency flexibility

The best savings and investment apps in Nigeria are flexible in currency. They will allow you to deposit funds in naira and convert to other currencies within the app when investing in foreign assets. This allows users to beat naira inflation without undergoing the stress of opening a domiciliary account. 

4. User Experience and Customer Support

Opt for financial apps with a simple and smooth interface, transparent fee structures and good customer service. You should be able to get help quickly through email, chat or phone. 

Remember, choosing the right savings and investing app in Nigeria depends largely on your financial goals and investment experience. You could choose to save existing wealth, grow wealth with investments, or protect your wealth from inflation.

However, always ensure that any app you choose is reputable or regulated by SEC. Also, never put all your money into one app or asset class. A diversified portfolio helps manage risk, which is why you should add real estate investment to the mix.