This article will be revealing to you some of the best and top savings and investing apps you can use in Nigeria. So if you are interested in growing your money or allowing your money to work for you while you sleep through savings and investing then, this information is definitely for you.
These apps which am about to reveal to you offers good percentage and interest on your capital. Assuming you want to save and lock your money with them for a specific period of time, like one month, two months or even a year and above, your money which you saved with them will be bringing interest for you based on the principal capital.
Note that most of this apps have a fixed rate for saving your money with for a period of time and you can only have assess to your capital once the duration you have selected elapsed.
This is equivalent to fixed deposit offered by banks, where you don't have assess to your capital and interest until when due.
To invest in these apps, you must be 18 years and above to qualify, after successful registration on any of the platform. You will have to verify your account with either your International passport, Drivers license, National ID, Voters Card and a utility bill like electricity bill, Water bill, Bank statement etc.
This verification process takes less than two days to complete unless your documents are not approved, before you can actually make a deposit into the platform. Note that, this is not a Ponzi scheme where you will double your capital overnight, nope in these platforms you are either fixed saving your money or investing into stocks, mutual funds, Treasury bills, bonds, commercial papers etc
Below are some of the best and top performing savings and investing apps you can leverage on as a Nigerian.
1. Afrinvestor 2.0: This platform is owned by Afrinvest West Africa Limited. It is one of the top and best investment platform in Nigeria. In Afrinvestor 2.0, you can invest in stocks, commercial papers, Treasury bills etc.
The interesting thing about this platform is that, it is owned by an investment bank, their app and website are easy to use and navigate and also they have been in business for more than 25 years.
2. Optimus By Afrinvest: Optimus is also owned by Afrinvest West Africa Limited. Here you can actually buy US Stocks, invest in mutual funds, buy Nigeria stocks, save in Naira and Dollar.
Optimus have the best rate with flexible plans. You can deposit in dollars (cash), that means you can visit the bank and deposit your dollar in cash.
3. Bamboo: This is another interesting platform in which you can buy foreign stocks, invest in Nigeria stocks, Treasury bills etc.
Bamboo is one of the best investing platform in Nigeria, they offers wide range of free training materials for beginners. You can also have an insight on stocks, because they list some top personalities portfolio, showing you the stocks they are holding.
You can invest, trade and earn in bamboo, their app user interface is topnotch and they use DriveWealth broker, which is a US base broker.
4. Cowrywise: This platform is popularly known for mutual funds. They have so many mutual funds in which one can invest on both in Naira and Dollar. You can also save your money on Cowrywise and earn a decent interest.
One good thing about Cowrywise is that, their rate is competitive and they have a lot of mutual fund options. They also have Hala Investments for Muslims who invest without interest, they can leverage Cowrywise to invest in their Hala Fund.
5. PiggyVest: This is another amazing app one can leverage on to invest in Nigeria. They have a lot of Investment option. You can save in Naira and Dollar and earn interest. Their platform is user friendly and they have good rate too.
6. RiseVest: In this platform one invest most on portfolio, like real estate portfolio etc. Here you are only investing in a pool of fund and they have options that can give you fixed rate.
RiseVest have decent rate and they mostly deals on dollar Investment.
7. I-Invest: This is another top-notch platform you can invest on here in Nigeria. They have a lot of Investment options, like Stocks, Eurobond, Commercial papers, Treasury bill, Fixed Savings etc.
They are supported by Sterling Bank. I-Invest is a great platform with a good user interface.
Some Questions And Answers About Savings And Investing Apps
1. What happens when platforms like these listed above goes down or no longer in business?
As an investor, one thing you must lookout for on any Investment platform before putting your money, is to check and be sure that the platform is affiliated, licensed or registered with a security and exchange commission.
In this case even if anything happens with the platform itself, you don't have to be worried because in most cases this platforms are like a third party channel. Example, Passfolio, this is one of the app we used to invest in the US Stocks but as time goes on, they said they are shorting down, Meaning that they will no longer be in business.
What they did was to notify all their customers and because they have a broker and that broker also covers other Investing platforms, so they gave room for customers to withdraw their capitals.
They also migrated customers who didn't withdraw their capitals from their portfolio to another investing platform. The process was seamless and you are not required to do anything.
Then after the migration, the new platform reached out to customers via their registered email address and provided the new login details and ask them to login and business continues.
2. Do I need dollar to invest in this platforms as a Nigeria?
The answer to this question is NO, you don't need dollar before you can invest in this apps.
3. How can I deposit money into this Investing app in Nigeria?
You can deposit your Naira currency and later swap it to dollars on the platform. This means that you don't need to have or open a dollar account because most of this platform creates a dedicated bank account for you and once you transfers money to that account, it will automatically reflect on the platform.
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