Banking Business and Finance

5 Best Apps to Save Money in Nigeria

5 Best Apps to Save Money in Nigeria

Saving money is important for your finances. It’s like a strong base that helps you stay stable and resilient with your economy and a smart way to make sure your financial future is secure. Whether you want to create an emergency fund, buy important things, or reach big goals like owning a house or starting a business, saving money is the key to making those dreams come true.

However, how we save money has changed a lot from the traditional methods. The rise of smartphones and easy access to the internet has led to new and creative ways to manage personal finances, especially when it comes to saving money. In Nigeria, you can see this change through the increasing popularity of money-saving apps.

We no longer rely only on old-fashioned piggy banks or regular banks. Now, there are money-saving apps that provide a fast, efficient, and easy way to handle our finances. If you’ve been on the search for the best digital apps to save your money in Nigeria, keep reading as we will be discussing the 5 best money-saving apps in this article. 

5 Best Apps To Save Money In Nigeria 

Let’s take a close look at the top 5 money-saving apps in Nigeria and explore what they can do, check out their interest rates, and highlight the unique benefits they bring to users. This way, you’ll get a detailed understanding of how these apps work and why people find them helpful.


ALAT is Nigeria’s first fully digital bank and represents a big change in how people interact with banking services. WEMA Bank Nigeria introduced ALAT with a focus on making banking more convenient, accessible, and innovative. Being a fully digital platform, ALAT lets users handle their financial transactions smoothly using electronic devices, removing the necessity of visiting physical bank branches.

ALAT provides competitive interest rates on savings, reaching up to 8.75% per year. This rate is higher than what traditional banks typically offer. To encourage regular saving, ALAT offers an interest rate of up to 4.2% as long as users make no more than three withdrawals in a month. 


  • ALAT provides users with the option to set their own savings goals, enabling them to allocate money for specific purposes like vacations, education, or big purchases. 
  • ALAT introduces an interesting twist to savings with its Group Savings feature, allowing users to save together for common goals.
  • ALAT offers flexibility in savings plans, letting users decide between automated savings or saving at their own pace. 
  • ALAT users have the option to create a free virtual dollar card for online and foreign transactions.
  • ALAT provides users with a physical debit card (Visa, Mastercard, Verve) for easy access to both online and offline transactions. The card is delivered to users without any additional charges.


PiggyVest also known as Piggy Bank, is a household name in Nigeria’s financial technology scene. It was created in partnership with UBA Nigeria Plc and has transformed the saving experience by introducing innovative features that meet the changing needs of its users. Its widespread popularity has made PiggyVest a well-known name.

PiggyVest’s Safe Lock feature encourages long-term saving, but it comes with penalties for withdrawals made outside the agreed-upon Safe Lock period.PiggyVest allows penalty-free withdrawals for unlocked funds on a quarterly schedule. Users can withdraw their money on specific dates without incurring penalties. To prevent users from straying from their planned savings, PiggyVest imposes a penalty fee of 5% on the withdrawal amount for those who withdraw outside the agreed-upon quarterly dates.


  • PiggyVest offers users exceptional flexibility in their approach to saving
  • PiggyVest makes saving easier by letting users automate their deposits.
  • One notable feature of PiggyVest is the Safe Lock, allowing users to lock up portions of their savings for a set period.
  • The platform provides accounts that earn interest, ensuring users can see returns on their savings over time.
  • PiggyVest introduces investment options, giving users the chance to explore opportunities for growing their money through carefully selected investment channels.


Cowrywise was launched in 2017 and has established itself in Nigeria Fintech as a strong platform for savings and investments. It focuses on providing users with secure and accessible money management tools and emphasizes simplicity and inclusivity in its approach. As a licensed wealth management app regulated by the SEC, Cowrywise is a trustworthy partner for individuals aiming to develop disciplined savings habits and explore investment opportunities.

The platform offers users a way to build and manage both short-term and long-term financial portfolios. Cowrywise also simplifies financial management, making it easy for users at different levels of financial literacy with its smooth and user-friendly interface. Cowrywise operates on different savings and investment options which include:

  • Periodic Savings Plans
  • Group Savings
  • Savings Challenge
  • Life Goals Plans
  • Interest Rate Calculator


  • Cowrywise stands out with its user-friendly interface, making the financial management experience simple and accessible.
  • The Savings Challenge feature sets Cowrywise apart by turning savings into an engaging and rewarding experience. 
  • To empower users with information, Cowrywise integrates a rate calculator that allows individuals to calculate their expected interest earnings accurately. 
  • Cowrywise prioritizes the security of user funds and personal information.


Sumotrust, previously known as Sumobank provides individuals with a strong platform to develop disciplined savings habits and explore investment opportunities. Sumotrust aims to empower users to systematically achieve their financial goals and was  established with the vision of offering secure and automated money management solutions.

For entrepreneurs, Sumotrust provides specialized savings plans designed to help save money for business purposes. This targeted approach allows business owners to set aside funds for their ventures and ensure financial stability and growth.


  • Sumotrust puts a strong focus on automating savings, making it easy for users to set aside money for their financial goals.
  • Sumotrust carefully selects investment channels, enabling users to grow their wealth over time.
  • Sumotrust encourages saving by providing competitive interest rates of up to 10% per year.


Kolopay offers users an innovative platform to simplify and automate their savings. It  focuses on providing a cashless and goal-oriented savings experience and positions itself as a modern solution for individuals looking for effective ways to manage their finances. The platform also offers multiple investment options such as:

  • EasySave
  • Autosave Option
  • Cashless Savings


  • Kolopay recognizes that users have various financial goals and introduces support for multiple savings objectives.
  • Kolopay encourages users to save by providing competitive interest rates on their savings.
  • Users can explore different interest rates based on their savings goals and how committed they are to reaching those goals.

Requirements For Using Money-Saving Apps In Nigeria

Using money-saving apps in Nigeria involves complying with specific legal and personal requirements. It is important to understand the basic conditions that govern the use of these digital platforms. Some of these requirements include:

Age Verification (18 years and above)

To use money-saving apps, users are usually required to be above the age of 18. This age restriction aligns with legal norms and ensures that users engaging with financial platforms have the legal capacity to enter into financial agreements and make informed decisions.

Valid ID Card for Verification

Identity verification is a crucial requirement for users wanting to use money-saving apps. A valid ID card, such as a National ID, voter card, or Passport, serves as a way to confirm the user’s identity. 

Bank Account

A necessary condition for using money-saving apps is having a valid bank account. Users usually need to link their existing bank accounts to the savings app, making transactions, withdrawals, and fund movements easy. 

Bank Verification Number (BVN)

The Bank Verification Number (BVN) is an important part of user identity verification in Nigeria. Money-saving apps require users to include their BVN during the onboarding process.


Take the first step toward financial empowerment by using one of these 5 money-saving apps we’ve discussed. These digital tools help you confidently manage your personal finances, setting the stage for a future with financial growth, stability, and better control over your economic well-being.

Money-saving apps empower users with features like interest-bearing savings, goal-oriented planning, and user-friendly interfaces. These tools help users to preserve their funds and build long-term financial resilience.