Comprehensive list of online savings platforms in Nigeria - Techcrest


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No doubts the importance of saving money is vast, through saving a lot of people achieve financial freedom. Most market women, traders, bike riders etc in Nigeria save money through what they call “daily contribution”.

Ever since the inception of the internet it has provided solutions to make life easier and getting the job done. Now, they are online savings platforms in Nigeria that helps Nigerians save cash. These online savings platforms in Nigeria helps savers earn higher interest rates than the average commercial banks.

These online savings platforms seeks to inculcate the saving culture in Nigeria by encouraging saving.

Today, we'll be sharing with you a comprehensive list of online savings platforms in Nigeria.

Here are the online savings platforms in Nigeria

1. PiggyBank
Piggybank is an online and mobile app savings platform geared towards young Africans. Piggybank is doing well in inculcating the saving culture in Nigeria as it charges a 5% penalty fee when users withdraw money outside the planned dates meant for withdrawal. Users can choose their own withdrawal dates.

Piggybank provides a 0.8% interest monthly and 10% annually. The minimum withdrawal is ₦3,000.

2. SumoBank
This online savings platforms provides features than just a savings platform. Like for example, the platform grants users access to various business experts at discounted fees to enable them grow and scale their business.

The online savings platform is geared towards Africans and pays 8-10% interest Annually.

3. Alat
ALAT is an online savings platforms owned by WEMA. The ALAT by WEMA savings platform comes with a condition that users aren't meant to withdraw three times a month.

ALAT offers a 4.2% interest rate. Additionally, it allows users pay bills through it.

4. CowryWise
This online savings platforms is also an investment platform. CowryWise pays 10-15% Interest annually and it’s paid on a daily basis to you account. Additionally, CowryWise allows users get access to loans.

5. KoloPay
The KoloPay online savings platform in Nigeria grants users a feature to save money towards planned goals over a period of time. KoloPay savings platform pays you a 6% interest annually.

The platform also enables users to share their savings goal with anyone (friends and family) and lets them (family and friends) help contribute to the saving target of the user.

6. PayVest (investment feature on Paylater)
This online savings platform is quite different from the others. Payvest only accept a minimum of ₦50,000 for saving funds. the platform doesn't allow users add more funds to an already existing investment plan except they create a new investment plan.

7. PayDay by ARM
PayDay users will have to use debit cards to fund their PayDay account. Additionally, it allows users to initiate a savings goal and invests the fund on behalf of the savers in mutual funds account.

PayDay by ARM pays users a 12.6% Interest rate annually. The minimum withdrawal is 1000 naira. Withdrawals comes with a ₦52.50 NEFT withdrawal charge fee.

These are the list of online savings platforms in Nigeria. Most of these online savings platforms pays higher interest rates than most banks.

Do you think Nigeria is ready for online savings platforms? Kindly comment let's hear your thoughts.
Leave A Reply
  1. Why not also include the interest rate for PayVest?

    1. Sorry.. PayVest pays a 15.5% interest rate annually .


Isaac Somto

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