4 Most Reliable Online Savings And Investment Platforms In Nigeria

Personal savings is the easiest way to raise money to start up and grow entrepreneurial business enterprise. Read 5 resources an entrepreneur must have at his disposal to harness entrepreneurial business opportunity. Salary or wage earners as well, need to put a way some chunk of their daily, monthly earnings as they come to meet up personal, future needs. In other words, every one whether employed or self-employed needs to save for rainy days and make some investments that can earn residual income. 

There is no better time to consider using online savings platforms for your savings than now. Every facet of human activities is experiencing paradigm shift and going digital. Digitalization is making transactions seamless. The Coronavirus pandemic has given a quantum lift to digital life. Conducting business transactions in any branch of any of the conventional banks in Nigeria these days gives an experience no one would like to experience every now and then. It takes average of 2 hours to perform business transaction in any physical bank in Nigeria. If you visit the banks later than 2 PM, you are likely to be turned back at the gate by the security men because there are more than enough people already in the banking hall and premises to be attending to before the closing time. Why should you go through all that stress when you can perform your savings transaction using your mobile device in a secure manner and still earn higher interest than what conventional banks can offer? 

Also read: Top Business Growth Opportunities

Why You Should Use Online Savings And Investment Platforms In Nigeria 

  • Free Cost of Savings: Yes, you heard me right. Saving money has its own costs especially when you save traditionally — conventional banks or cooperative societies. Making a trip to commercial banks to make deposit would cost you transport fare or time to trek and waiting time before you would be attended to.  Imagine spending at least N400 on transport to bank and wait in queue for at least 30 minutes to make deposit of N3,000. The cooperative societies deduct 5% of your savings as administrative cost to collect and safe keep your money. But with online platforms, you can perform all transactions at your convenience in real time for free. Savings are mostly automated.
  • Online Savings Platforms Encourage Saving Culture and Fights the Temptation of Unnecessary Spending: You would feel discouraged to journey to a physical bank location to make deposit of N1,000, but you can save as little as N100 on online platforms.
  • Higher Interest Rates: Conventional banks offer less then 5% interest rate. Cooperative societies deposit your savings in banks, make  money from your savings and still charge you for saving your money. When you juxtapose cost of saving, little or no interest and inflation, you will realize that you’re losing money saving money over time. Online savings and investment platforms offer high interest rates than conventional banks. Online platforms offer 10-15% interest rate on savings and 10-25% interest rates on investment. Does this sound incredible to you?  Well,  that is real. The reason is not farfetched. Online platforms do not incur high operating costs like conventional banks that have many physical branches and workforce.

Therefore, if you want to save money periodically with reasonable interest on your savings better than what conventional banks offer, online saving account is what you should have. It takes away the stress by combining simplicity, flexibility ,discipline, convenience for your financial management and financial freedom. You can choose from any of the platforms I will be listing here. They are all approved by CBN. 

Also read: How To Scan Business Opportunities In Nigeria

Top Online Savings And Investment Platforms In Nigeria 

There are many of them but these are the top reliable ones. I personally use some of them. The list is nominal.

  • PiggyVest
  • PayVest 
  • I-invest
  • Cowrywise 


PiggyVest 

Piggyvest
                   Source: PiggyVest website 

PiggyVest (formerly PiggyBank)  is an online platform that allows you save and invest with convenience in a secured manner. 

PiggyVest  enables you save little amount of money periodically: daily, weekly, monthly. You don’t have to log in every time to save because everything is done automatically once you set up Autosave with the amount you want to save periodically. You also have the option of turning off Autosave. 

When you open PigyVest account, you will have 5 wallets — PiggyBank, Target savings, SafeLock, Flex Naira, Flex Dollar and Investify wallets.

Piggybank: Is a core savings wallet where you save periodically in an automated manner. You can only withdraw from your Piggybank wallet on free withdrawal dates which are the last days of every quarter of the year. Withdrawal outside the free dates attract 2.5%. You also have a choice of setting your own quarterly withdrawal dates. You get 10% per annum interest.

Target Savings: It allows you to save consistently to meet a particular financial need. Interest rate is 10% per annum.

SafeLock: is a fixed savings which enables you lock up funds for a specific period of time (10 days minimum)  without access to the funds till maturity. You earn 6 – 12.5% per annum interest, prorated accordingly, and depending on the duration you set. 

Flex Naira: Is a savings account that you can save money in at your convenience, receive money from any other commercial banks. To receive money from other banks, select Providus Bank during the transfer transaction. You can withdraw from your Flex Naira wallet at will but once in 10 hours. You get 10% interest on your Flex Naria savings. 

Flex Dollar: It enables you save, invest and transfer funds in Dollar. You can fund your Flex Dollar Wallet from your Flex Naira Wallet or from your bank card. You can save minimum of $1. You can withdraw your dollar savings in Naira into your local bank or Dollar into your Dollar denominated domicilary account at prevailing buy price at the parallel market. You also get  5% interest on your dollar savings. 

Investify: It is a PiggyVest feature which enables users to invest their savings in pre-vetted and low-medium risk, primary and secondary investment opportunities to earn more money. Investors earn up 25% interest per annum on their investments. 

Sign up to PiggyVest website here


PayVest 

Payvest
               Source: Carbon website 

PayVest is an investment feature of Carbon. Carbon is an App that provides you with online platform that allows you pay bills, get instant loans, save and invest with good returns.

How Does PayVest Work? 

Download the App at Google Play Store 

Activate PayVest 

Deposit funds

Funds with interest are paid at maturity 

Interest Rate: up to 16% per annum 

Amount to invest: N100 – N10,000,000

Maturity: 1 – 12 months terms

Withdrawal dates: Anytime

Get started on getcarbon.co/investments

You may like to read: Business Opportunities During and After Coronavirus (Covid-19) Pandemic


I-invest 

I-invest
                 Source: I-invest website                                   

I-invest is the first app that provides mobile platform which enables users to securely buy and mange Treasury Bills, Eurobonds and Equities

Treasury Bills are stort-term debts investment issued by the government through the CBN to provide short-term funding for the government.

Eurobonds are investments issued by foreign governments, companies to non-natives. 

Equities are shares of companies in the stock market 

How Does I-invest Work? 

Download the App at Google Play or Apple Store 

Register 

Fund Wallet 

Make investment 

Here is the I-invest website i-investng.com


Cowrywise 

Cowrywise
               Source: Cowrywise website 

Cowrywise is a mobile platform where you can save money, invest money and earn impressive interest. You can start saving with N100.

Savings Plans

Regular saving: You can save money at your terms for a minimum of 3 months (90 days). 

Life Goals: Save money with or without automation, free of riba, absolutely interest free. This is suitable for Muslims or any other person who do not want interests. 

Saving Circles: This allows you save together with others to meet targets.

Visit cowrywise.com to get started. 

Last Line 

Don't hesitate to start saving for your business funding, personal or family need, and invest and earn great returns on your savings and investment seamlessly and securely. Secure your future and business today. 

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