Top 5 Trusted Digital Banks For Saving In Nigeria
Saving is important. It has always been so since man’s existence. It simply offers, especially in times of emergency, an unparalleled financial freedom and security. In current Nigeria, saving has become even more important due to the unpredictable cost of living and economic system. And as technology continues to aggressively sweep through all sectors in the country, digital banking has not been excluded.
The Nigerian FinTech sector has, in recent years, seen a very sharp increase in its activities, with young Nigerians moving in droves into the industry with their ever revolutionary ideas and sticker-filled laptops. At the moment, it is reported that there are over 250 digital banks in Nigeria, and this likely won’t stop increasing. This has given Nigerians the opportunity to effectively and more securely save money, contrary to the old, traditional ways of saving that included wooden boxes called kolo, thrift contributions and digging holes in their compounds.
In this barrage of digital banks and revolutionary technology, there are 5 companies who, with mouth-watering interests and investments opportunities, have managed to stand tall.
- SmartSaver
As one of the most popular and progressive digital banks in the country, Smartsaver is popular for its multi-dimensional, unique products and services that include; helping it’s users build their net worth overtime with a special product; Guaranteed Investment Savings (GIS) coupled with an extraordinary 25% interest rate per annum on personalised savings. It also allows its users collect loans with no collateral, handle bill payments and make transfers on their secured app. Launched in 2017, this platform has served millions of Nigerians and continues to impress and add to its already impeccable reputation as Nigeria’s top digital bank. For further details, visit https://smartsaver.ng/
- PiggyVest.
Piggyvest only offers its users the opportunity to save and invest. But even in its one dimension, Piggyvest has become one of the most popular and used digital banks in the country. Launching in 2016 as Piggybank, it became the first online saving platform in Nigeria and West Africa. Having one of the best automated saving apps, it offers its users with personalised and adaptable plans that present up to 10-15% interest rate on savings and 25% on investments that allow 4 withdrawal dates. For further details, visit https://www.piggyvest.com/
- Cowrywise._
Since it launched in 2017, Cowrywise has become one of the top saving platforms in the country. With its user friendly interface and interest rate calculator, Cowrywise provides its users with interest rates of up to 10-15% that vary according to the user’s personal choice, thus giving both high and low earners the freedom to save at their own pace. It also allows users save as a group. Another highlight of Cowrywise is its investment plans that gives the people the opportunity to invest in agriculture and other money markets. In its app, it also runs a fun challenge called the ‘Savings Challenge’ that challenges registered users to engage in very diligent saving plans. For further details, visit https://cowrywise.com/
- Carbon.
Carbon, is one of the most transparent and secure digital banks in the country. Founded in 2012, it is a multi-dimensional VC-backed company. Although more popular for its zero-collateral loans that reach up to 1 million naira, it also offers users 16% interest rate per annum when registered users invest with its Payvest product. Additionally, in its user friendly app, it offers users the opportunity to pay bills, make low cost, hassle free transfers, recharge airtime and a unique free credit report that shows their credit history in all financial institutions.
It is one of the best saving platforms in Nigeria and is available for both Android and IOS. For further details, visit https://www.getcarbon.co/
- Aladdin.
Launching its digital app in 2021, Aladdin created Africa’s first marketplace digital app. This unique feature creates a connection between buyers and sellers, successfully combining banking and commerce into one digital app. In this same app, it also allows customers save with a 16% interest rate attached to it.
It also provides people and small businesses quick access to loans, and also allow them invest. All of these make it one of the best and revolutionary digital banks in Nigeria. Aladdin is available on Google and Apple Playstore. For further details, visit https://www.aladdin.ng/
Conclusion.
Every human wants to accumulate wealth one way or another. And saving has been proven, throughout history, as one of the most effective ways to do so.
These incredible digital banks have helped millions of Nigerians over the years save, invest and accumulate wealth in an easy, effective and fun way that is also suited to their pace and need.For anybody who wants to begin their saving journey, these 5 are the best digital banks to start with.
