Saving money is very important. Not only does it help when we run into problems, but it also improves our overall financial situation. And makes it easier for us to grow wealth. To gain financial freedom and the opportunities it brings, we must learn to save. Because when we save, we will be able to make investments, take care of our responsibilities and live a good life.
Technology has improved every aspect of life. Hence, it has aided the creation of new, easy and efficient ways of saving money. This includes money-saving apps that are secure, and reliable with an easy-to-use interface. what’s more? they offer safe financial tips and interest on all monies saved with them. They are registered and approved by most financial regulatory agencies in Nigeria like CBN. Thus, making Saving money easier.
Below are online money-saving apps in Nigeria.
This is the first savings platform in Nigeria and Africa. Initially known as a piggybank, it features a safety lock. This safe lock allows users to lock up parts of their money for a specific period. Again, it allows users to withdraw from their unlocked funds. Which can be withdrawn on 4 specific dates. Deviating from the four dates attracts a penalty fee of 5% of the withdrawal amount. Now, PiggyVest has added direct investment opportunities with no deposit and monthly fees for users. And the app is available on Android and iOS.
Cowrywise was launched in 2017. It allows users to save and earn interest while at it. The interest rates can be periodic, fixed and one-time. Interestingly, it has an interest calculator that determines what users earn in a specific period.
Its savings features include regular savings, saving circles and Halal savings. Also one can build savings and investment portfolios as well as money management right on the platform. A rather unique feature of Cowrywise is the “Savings Challenge”. This encourages users to join rigorous savings plans that help them save huge amounts of money at the end of the specified period.
Vestpay is a saving and investment application. Aimed at helping people imbibe a sensible saving culture. In addition, it provides wealth creation and investment opportunities tailored to our country. It features regular savings and fixed deposits for users and helps users spend money wisely. Finally, Vestpay offers 15% to users based on their target savings and a range of investment opportunities they can choose from.
Sumo trust is formerly known as Sumobank. While it gives users a platform to save money, it also provides them with investment services for the money they save. The app features both fixed savings and mission savings options.
As well as an interest rate of up to 10% per annum. Its mission savings option caters to those who desire to save for business purposes. Therefore, it is suited for entrepreneurs and business corporations.
Kolopay enables its users to save money on a schedule. With its EasySave and Autosave option, users can choose to automate their savings by scheduling daily, weekly or monthly. Its Koloshare feature allows users to invite others to contribute to their saving goals. Similar to other apps, it has a withdrawal date policy and offers an interest rate of up to 10%. Kolopay allows you to have multiple saving goals at a time.
Kuda offers users the opportunity to save effortlessly. While earning interest on their money. Its Spend+Save tool, allows users to set aside money anytime they spend money. Again, its savings plan is flexible and allows people to schedule their savings plans by themselves. Therefore, users can lock up the money in a Fixed Savings Plan and makeup up 25 transfers to other banks in a month.
Developing a good savings habit is crucial. Because your savings can rescue you in times of financial emergency. Aside from that, it improves your financial wellbeing and growth. Nevertheless, one needs to be careful as to where they save since money is difficult to come by. it’s advisable to only use legitimate platforms to save.Featured Image Source: Travellerzee
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