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This situation is a good enough reason for you to seek a haven for whatever you’ve saved up. You are better off holding a fair portion of your money in a stable currency—such as the dollar. The benefits are doubly pleasant if you’re able to invest in that currency too. In this article, we’ll take you through 6 dollar investment apps that will help protect your wealth from inflation.
Risevest
This platform lets you invest in dollar-denominated assets such as real estate (located in the United States), fixed-income Eurobonds, and US stocks (curated and managed by the Risevest team). With just $1, you can start your investment journey on Rise. Returns range from between 10% (for fixed income) to more than 15% (for stocks) per annum. There’s also the option of leaving your funds in your account’s wallet, which will fetch you an impressive 8% annual return. You don’t have to fund your account with actual dollars; Risevest converts your naira on your behalf.
Bamboo
Bamboo helps you preserve and grow your wealth in two ways. First, they give you access to US stocks; unlike Rise, this app allows you to buy and sell shares yourself. Then there’s the fixed returns plan, which provides you with an 8% annual return on funds (in dollars) you place in a virtual locked safe. Bamboo offers you these opportunities for a minimum investment of $1 (or its naira equivalent).
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Chaka
Much like Bamboo, Chaka lays out a path to investing in US stocks. Nigerians get to purchase a stake in their favourite global companies and earn from stock price appreciation and dividends. This app grants access to fractional shares for at least $10. As is the case with the other platforms on this list, Chaka converts your naira funds to dollars at the prevailing market rate and lets you take your chances with your preferred stocks.
Trove
Here’s another app that offers you shares in some of the largest and most successful corporate entities in the United States. For just $10, you can buy into the big market leaders in tech, FMCG, healthcare, and other industries. You may begin investing as soon as you create your account—a process that takes 3-4 minutes. Investing accounts of Trove users are held with DriveWealth, a US brokerage.
PiggyVest (Flex Dollar)
PiggyVest is primarily known as a naira savings and investment platform. But it does have a product which gives its users the option of investing in dollars. This product—Flex Dollar, as it’s called –promises investors annual returns of up to 7%. All you need to do to access this is to register with PiggyVest, move some money to your wallet, and fund your Dollar Flex plan with it. Your naira funds will be converted into dollars and will be denominated in that currency until the plan matures.
Cowrywise (Dollar Mutual Funds)
Besides its main offerings—its naira savings and investment options – Cowrywise also lets its users invest in dollar mutual funds. These securities are put up for purchase by a range of financial institutions. Returns depend on the state of the market at the time the securities were issued. But, as a long-term investment, it’s typically a better bet than keeping all your money in a naira account at a bank.
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Final Words
Here’s where we call it a wrap on our article, 6 dollar investment apps to protect your funds from inflation. Be sure to do due diligence before going with any of the applications we’ve talked about in this article.Got a suggestion? Contact us: editor@connectnigeria.com
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