8 Best Saving Apps in Nigeria With High Interest

🤲 Share me to your gees na 🥺


This deserves a share, right?


There are several money-saving apps in Nigeria where you can both save and invest your money. These apps help to imbibe a saving culture in Nigerians, even in dire economic situations.

Most of these apps for saving money in Nigeria will allow you to start with little or no fees and earn high interest.

If you have been looking for the best saving apps in Nigeria where you can start saving and earning interest, this article is for you.

Here are the eight legitimate apps for saving money in Nigeria with high interest in 2023:

Advantages of Money-Saving Apps in Nigeria

Saving money is one of the best ways to enhance financial security and stability. Over the years, traditional banks were the only means of saving money, but in recent times, digital banking has evolved. There are some benefits you enjoy when you save on money-saving apps in Nigeria.

Advantages of using an app to save money

  • You can automate savings on the savings apps, whereby a particular amount is deducted from your account at a specified period.
  • With these apps, you have 24-hour access to your savings account; hence, you can manage your savings and investments on your phone.
  • They also provide you with several savings options. You can choose what meets your financial goals at any point in time.
  • Savings apps allow you to earn high interest on your money in naira, dollars, and other foreign currencies as opposed to traditional banks.
  • You get investment options for your short- and long-term goals. You can invest in agriculture, education, and more.
  • There are no hidden charges on payments and withdrawals.
  • No tiresome paperwork is required to register an account on the apps.
  • You have access to prompt customer service support on the apps.
  • Savings apps are available for download on your phone’s Google Play or iOS App Store.

Requirements for Using Savings Apps in Nigeria

Like traditional banks, there are requirements for saving money online in Nigeria. They are:

  • You must be 18 years old or older.
  • You must have a valid ID card (NIN, Voter’s card, Driver’s license, or Passport)
  • You must have a bank verification number and bank account.

8 Best Saving Apps in Nigeria with High Interest

Follow me as I explain each of the 7 best money-saving apps in Nigeria and why you should consider using any of them today.


Opay is a versatile platform that not only allows you to save money but also offers services like bill payments, mobile recharge, and even food delivery. The app has a user-friendly interface, making navigation and transactions smooth and hassle-free.

Opay offers competitive interest rates on savings, which could be a great way for you to grow your funds over time. Plus, it has various features designed to cater to different financial needs, whether you’re looking to save, invest, or manage your expenses.

Here are the savings options on Opay:


With a minimum savings amount of N500, you can earn competitive returns on your savings, making it a suitable choice for both short-term and long-term financial goals.


This goal-oriented savings product allows you to set specific financial objectives. You can contribute and track their progress toward a vacation, wedding, or other goal.


This is a digital piggy bank where you can securely stash away funds. It has higher interest rates than regular savings.

Fixed savings

This is best if you prefer to lock in their funds for a predetermined period. It also comes with one of the highest interest rates.

Spend & Save

This unique product allows you to save as you spend. A portion of each transaction is automatically saved, allowing you to save while going about your daily life.

Interest Rates: you can get between 15% and 18% per annum, depending on the savings product. 


Piggyvest is one of the best saving apps in Nigeria, known as the largest single online savings and investment app. The app was launched in 2016 and, since then, has had over 1 million downloads on Google Play. The app has a customer review rating of 3.8 on Google Play.

Piggyvest review

Your money is safe with Piggvest because it complies with NDPR regulations and is under the Securities and Exchange Commission’s (SEC) regulation.

The Piggyvest app has many savings options for your financial needs and an investment platform where you can invest with as little as NGN5000. They have secured investment opportunities in commercial papers, agriculture, and real estate.

Saving options on the Piggyvest Savings App:


This is the main saving section on the app. You can choose to save daily, weekly, or monthly, or automate the routine.


This plan allows you to lock away a minimum of NGN1000 for a period of 10 to 1000 days, with withdrawals only available at maturity.

Target Savings

This plan allows you to save towards a particular goal as an individual or as a group.

Flex Naira

The Flex Naira feature is for emergencies. You can save, transfer, and manage your funds for emergencies using Flex Naira.

Flex Dollar

On the Piggyvest platform, you can also save in dollars.

Interest Rates: Piggyvest promises 10%–13% on your savings and up to 25% returns on investment per year.


Cowrywise is a wealth management app where you can save and build your investment portfolio easily. With over 500,000 downloads on Google Play and a customer review rating of 4.3 stars, Cowrywise is definitely one of the best savings apps.

Cowrywise is licensed by the Securities and Exchange Commission (SEC) and has partnerships with trusted entities such as Zenith Nominees. The app also uses a 2-factor authentication code, making your funds secure. 

Saving options on the Cowrywise App:

Regular Savings

This plan allows flexible daily, weekly, or monthly contributions for up to three months, with an option for manual savings.

Halal Savings

The Halal savings plan is designed for Muslims, allowing short-term or long-term savings without accruing any interest.

Life Goals

This plan, allowing savings for up to a year, is ideal for individuals with long-term financial goals, with funds withdrawable at maturity.

Savings Circle

The savings circle allows you to save in a group to meet a goal. You earn interest while saving.

Cowrywise Mutual Funds

Cowrywise provides access to a vast array of mutual funds, enabling safe investments and earning interest.

Interest Rate: The interest rate on Cowrywise is dependent on the prevailing market rates. However, you earn between 5% and 15% interest on your savings and investments on Cowrywise.


ALAT, also known as ALAT by WEMA, is a digital banking system created by WEMA Bank to help you better save and manage your money. This is one of the best apps to save your money in Nigeria with over 1 million users on Google Play and a 3.8-star rating.

Savings options on the Alat app

ALAT by WEMA is licensed by the Central Bank of Nigeria (CBN).

On the app, you can:

  • Automate your savings
  • Schedule transfers and bill payments
  • Open a bank account on your phone
  • Register for an ATM and it will be delivered to you anywhere in Nigeria
  • Get a virtual dollar card for online purchases.

Interest Rates: You earn up to 8% interest on your savings per year on the ALAT by WEMA.


FairMoney is a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN). The savings app allows you to take control of your money through their savings plans. The Fairmoney app is available for download on Google Play and the iOS App Store.

FairMoney is also one of the best saving apps in Nigeria and currently has over 10 million downloads on Play and customer reviews of 4.3 stars.

These are the savings features you enjoy on the FairMoney app:


The FairLock savings plan enables you to fix your funds for a period of time to achieve a financial goal. 


With the FairSave savings plan, you can save money regularly or periodically and earn interest daily.

Interest Rates: The FairSave savings plan gives you a high-interest rate of 10% per annum, while the FairLock plan gives an interest rate of up to 18% per annum.

Kuda Bank

Kuda Bank is another of the best saving apps in Nigeria today, with over 5 million downloads on Google Play and user reviews with a 4.3-star rating. Kuda Bank is licensed by the Central Bank of Nigeria (CBN). With Kuda, you can save automatically, save every time you spend, and earn high interest on your savings.

You can apply for your Kuda Visa card on the app and get it delivered to you. You can also create a virtual Visa card for online payments.

Here are the savings features on the Kuda Bank app:

Flexible Savings

The automatic savings feature offers flexible contribution intervals, but withdrawing over 20% before maturity forfeits accrued interest.

Fixed Savings

You can keep spare change to use at a preset date with this feature. You can break it before the maturity date, but you will lose the accrued interest.

Spend and Save

This plan saves a percentage of every amount you spend, with the flexibility to adjust the percentage and withdraw funds anytime.

Interest Rates: Kuda Bank promises a savings interest rate of 15% per annum.

V Bank 

VFD Microfinance Bank also owns V Bank, another digital bank. V Bank allows you to have unrestricted access to banking features from the comfort of your phone. The V Bank app has a user rating of 4.0 and over 500,000 downloads on Google Play.

V Bank offers amazing savings features on their app to meet your needs:

Target Savings

The target savings feature allows you to track expenses, save money flexibly, automate savings, and optionally lock savings for a set period.

Fixed Deposit

As the name implies, your money can be fixed for a long-term goal with interest. Your money will be locked until a specified date of your choosing.

Crew Savings

V Bank allows you to save in groups using the Crew Savings plan. You can save with family and friends on this plan for short- or long-term goals.

Interest Rates: With V Bank, your savings accrue interest between 8% and 14% per year.


Carbon is also one of the best apps to save money in Nigeria as of today. Carbon is a credit-led pan-African digital bank that provides ease in planning, saving, and managing your finances. The saving app has over 1 million downloads on Google Play.

You can be sure your money is secure because Carbon has NDIC insurance and a license from the Central Bank of Nigeria (CBN). With the app, you can get a Carbon debit card. 

Here’s why you need to save on Carbon:

Carbon Savings

This savings product allows for regular savings and free withdrawals at any time and rewards you with 1% of your balance monthly.

Carbon Zero

Carbon Zero lets you split your Carbon debit card purchases into up to 4 installments, offering a stress-free Buy Now, Pay Later option.


Carbon gives 1% cashback monthly for every POS transaction you make with your debit card. 

Interest Rates: With Carbon, you earn up to 15.5% per year on your savings.

Steps to Save Money With Online Apps in Nigeria

Here is a step-by-step guide on how to save money with money-saving apps in Nigeria:

How to save with an app

  • Choose any of the saving apps above
  • Download the app from your Google Play or iOS App Store
  • Install the app on your phone
  • Sign up on the app by entering your personal and bank details as a request.
  • Choose your preferred saving option on the app and check the interest rate, if available.
  • Confirm and submit your entries.
  • Make a payment from your bank account to the app
  • Wait for your payment to be processed.
  • Once payment is approved, your savings account will be credited to the app.

Final Thoughts

I have spent several hours researching these saving apps above, so I can tell you are safe with them. There are other ones, but I decided not to add them because they are outdated or have poor services.

If you want to be on top of your finances in this economic recession, I implore you to check out these best saving apps above.

Best Savings Apps in Nigeria With High Interest: FAQs

What Is the Best App to Save Money in Nigeria?

We recommend Opay as the best savings app thanks to its Spend and Save feature as well as its Savings Report. They also offer some of the highest savings interest rates in Nigeria.

Where Can I Save Dollars in Nigeria?

With Piggvest and Cowrywise, you can save money in dollars even though you are in Nigeria.

How Can I Save Money in Nigeria?

To save money in Nigeria, you have to create a budget, increase your income, reduce your expenses, and make use of the savings app. Remember that to save in Nigeria, it is consistency that matters, even though your savings are small.

Join Our Tribe of Successful Freelancers and Entrepreneurs Today

Get the latest opportunities and guides to boost your business and freelancing journey.

FREE: Discover the Skills That Will Make You Money in 2024