Top 10 Best Apps to Save Money In Nigeria 2023


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Top 10 Best Apps to Save Money In Nigeria

So, what are the best apps to save money in Nigeria? In a world where every naira counts, finding smart ways to save money has become a top priority for many Nigerians.

Luckily, the digital age has brought us a wealth of tools right at our fingertips, and in this article, we’re about to unveil the top 10 apps that can transform your financial game. 

These apps are not just your ordinary penny-pinching companions; they are like secret weapons in your arsenal, designed to help you keep more money in your wallet while enjoying life to the fullest.

So, if you’re ready to uncover the magic of technology and take control of your finances, keep reading. You’re about to embark on a money-saving journey that’s as easy as tapping your smartphone screen. 

So, let’s get started.

Top 10 Best Apps to Save Money In Nigeria

In no particular order, based on experience using each of the apps on this list, we present the top apps o save money in Nigeria.

  • DigiKolo – Our Pick – the best app to save money in Nigeria.
  • PiggyVest
  • CowryWise
  • Sumo Trust
  • FairMoney
  • Palmpay
  • Kuda Bank
  • V Bank
  • Kolo Pay
  • Alat by Wema

Related: Top 10 Best International Money Transfer Apps

1. DigiKolo

  • Interest rate 

The company offers up to 21% interest per annum. This is currently the highest rate offered by any savings app in the country. 

First on our list of the best apps to save money in Nigeria is the DigiKolo app. I am sure the company coined the name as ‘digital kolo”. Kolo in Yoruba language means a piggy box, or safe box where you can keep coins and paper money, back then in the days.

Best apps to save money in Nigeria - DigiKolo

You can save money with the help of several features that Digi Kolo offers. With the savings tab, and digiwallets tab, you can do target savings, lock savings, and you can get analytics of your savings, and interests earned.

DigiKolo is powered by Sterling Bank. Follow this link to install and download the app. Once you create an account on the app, you’ll have an autocreated Sterling Bank account displaying at the top-right corner of the Digi wallet tab.

You can get in touch with the support team at, or call 07025003634. Connecting with the team via social media is also an interesting option.

Related: Full List of Fake Loan Apps in Nigeria – Run O!

1. PiggyVest

  • Interest Rate

Based on its various savings plans, Piggyvest offers various rates. On its Piggybank and Target savings plans, the company offers an annual interest rate of 8%, while on its Safelock plan, it promises an annual interest rate of up to 13%.

So, PiggyVest is one of the top apps I have tried to save money. I saw their advert on one of the reality shows on DSTV, just like I came to know about Kuda app.

best apps to save money in Nigeria - PiggyVest

One of the things I used PiggyVest app for, is to save towards a goal, usually 6-months saving plan, where I save from July through December. It has the feature to join other users nationwide who have the same saving goal, and you can also create a saving plan where others join.

PiggyVest is no doubt one of Nigeria’s biggest online savings and investment platforms, as it truly encourages savings. It is worthy of mention on this list of the best apps to save money. According to the business, it currently assists over 3 million customers in reaching their financial objectives by making saving and investing simple.

Since its launch in 2016, Piggyvest has remained committed to providing top-notch customer service and assisting users in managing their finances easily and openly. Piggyvest, an app with over a million downloads on the Google Play Store, offers a variety of savings plans specifically designed to meet the needs of its users.

Related: Top 10 Best Loan Apps Without BVN

3. CowryWise

  • Interest rate

The company guarantees up to 8.5% interest annually based on its rate calculator, which determines how much interest you receive each time.

Cowrywise, introduced in 2017, offers savings with periodic, fixed, and one-time interest rates. It is not just one of the top apps to save money, but a leading brand on the list of the best investment apps in Nigeria. You can create your investment and savings portfolios using this app and manage your money safely.

You can save either individually or collectively. The user-friendly interface and “Savings Challenge” of Cowrywise are notable features. This challenge encourages you to implement strict savings plans that will help you amass emergency funds or a better stash of money at the end of the specified period.

4. Sumo Trust

  • Interest Rate

SumoTrust guarantees an annual interest rate of 15% on the “Fixed Deposit” account and 10% on the “Main savings” account and “Mission savings” account.

Sumo Trust is an automated savings and investment platform that is assisting Nigerians in reshaping their subpar saving and investing culture. You can easily and automatically set money aside with the help of the saving app, which also provides investment services.

The app gives its users the freedom to choose between three different saving options: Main Savings, which allows users to save on a daily, weekly, or even monthly basis; Fixed Savings, which locks away your savings for a year; and Mission Savings, which is designed for users with projects that must be finished by a certain date.

5. FairMoney

  • Interest rate

Both FairSave plan and the FairLock savings plan guarantees you up to 24% interest rate earnings per annum.

best apps for saving money in Nigeria - FairMoney

I can’t help but include FairMoney app on this list of top apps to save money. It is a digital bank that provides loans and savings services. 

My experience with FairMoney has been nothing short of delightful, borrowing as high as 2 million Naira is one of the advantages of using their loan services, and that is why it has topped the list of the best loan apps in Nigeria.

Every bank should offer saving features isn’t it? Depending on their goals, users of the Fairmoney app can select one of two savings plan variants. FairSave and FairLock are a couple of these. You can earn up to 24% per annum in interests – It is one of the highest savings interest rate in Nigeria. What are you waiting for? Download the FairMoney app today and save money!

6. PalmPay

  • Interest rate

The company offers daily interest of up to 16% per annum. Its fixed savings plan offers annual returns of up to 20%

Palmpay, known for its instant loan service, contending with other providers, recently added a savings feature to its app to entice users to save money rather than take out loans. Palmpay offers its users the same regular and fixed savings options as other savings apps.

7. Kuda Bank

  • Interest rate

Different savings plans with various interest rates are available from Kuda. While the interest rate on its flexible savings plan is 10% annually, Kuday claims that the interest rate on its fixed savings can reach 15%.

The Central Bank of Nigeria has granted Kuda, a free, exclusively digital bank, a license for microfinance banking. You can save as you want, whenever you want, either daily, weekly, or monthly.

Kuda has tools for tracking your spending patterns, increasing your savings, and making wise financial decisions. Using the app, You can choose whether to save daily, weekly, or monthly. The flexible savings plan guarantees your regular savings.

Related: Top 10 Best Live Streaming Apps

8. V Bank

  • Interest Rate

According to V Bank, its clients can earn up to 9% interest annually on target savings and up to 16.5% on fixed deposits.

Another digital bank in Nigeria that allows people to save and earn high interest on their savings is V Bank, owned by VFD Microfinance Bank. You can open a V bank account in just two minutes with just your smartphone. You can anticipate a streamlined digital and mobile banking experience with a V account, including simple account access, quick and secure transfers, withdrawals, and bill payments.

You are in control of your finances. Everything happens on your phone, and there are no complicated fees or paperwork. Users of the V app can keep track of their spending and income, create group budgets, and establish spending caps.

Also Read: Top 10 Best Payment Apps in Nigeria

9. Kolo Pay

  • Interest rate

KoloPay offers an interest rate of up to 10% and has a withdrawal date policy similar to many other apps.

A mobile app called KoloPay can save a lot more money than you might have anticipated. You can automate your savings by scheduling using the EasySave and Autosave options—daily, weekly, or monthly. The app makes it simple for you to save money for your goals through these plans.

You can ask others to contribute to your saving goal by using the Koloshare feature. KoloPay enables you to manage multiple saving objectives simultaneously.

10. Alat By Wema

  • Interest rate

When a customer consistently saves for at least 30 days in the platform’s savings challenge, it promises an interest rate of up to 10% savings.

Alat by WEMA

The fully digital ALAT is the innovative creation of WEMA Bank Nigeria. This means that you do not need to visit a physical branch; instead, you can conduct all of your transactions using your electronic devices from the convenience of your home.

ALAT enables you to set a savings goal choose how much to save, and how long to save it for. You can automate your savings or save at your own pace. The Group Savings option also lets you decide whether to save yourself or with friends.

Related: Top 10 Best Online Shopping Apps in South Africa

Factors to Consider Before Choosing Your Savings App 

You should consider other factors before choosing which app to use, even though interest rate is the main factor for most people when considering savings apps. These consist of:

  • Features: Take into account the attributes that are significant to you. Automatic savings, goal-based savings, and investment options are all provided by some apps.
  • Fees: Be sure to compare the fees that various apps charge. This is crucial because some applications charge withdrawals, transactions, and inactivity fees.
  • Security: Your app’s security is crucial, so it’s always a good idea to look for apps that use encryption and other security measures to safeguard your data.

Best Apps to Save Money In Nigeria (Summary)

These money-saving apps in Nigeria are your dependable traveling companions on the path to financial well-being in the always changing world of personal finance.

They can help you with everything from budgeting and investing to locating the best discounts and optimizing your savings.

So take control of your money and use these applications as your hidden weapon to achieve financial security. Start using one app at a time to save money more effectively, spend money more wisely, and create a better financial future.

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