Top savings app in Nigeria
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5 Best Savings App in Nigeria with High-Interest Rates

You may be skeptical about the Savings app in Nigeria but I need to remind you that Money is such a magical asset. It comes and goes like it was never yours. Sometimes we plan so much for the money but never get to work on these plans.


Because money often goes unaccounted for.

Apart from rigorous planning and whatnot, Nigerians generally do not have good financial habits. We are so horrible when it comes to setting aside an amount for rainy days or even businesses.

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Why Save Money?

I never realized how much small amounts can add up until I was able to get myself a laptop with weekly and monthly savings done on one of the reputable money savings app in Nigeria for Nigerians. Bottom line: saving gets even easier when you make up your mind to get started.

Since you are ready enough to open this blog post, I bet you’ll enjoy using any of these apps to save money and also implement tips on how to develop money-saving goals. Good luck as you begin saving for personal or small business needs.

How To Develop A Good Money Saving Habit

Create A Budget

If you have a monthly paying job or a consistent source of income, I assume you already have a budget. If you have not added a savings budget, do so. It’s unfair to you if it’s all expenditures.

Create a Saving Goal

Every task starts with a goal. Before you begin saving, outline how much you intend to raise. When you have a saving goal, you can reach and even surpass it. The most important thing to have in mind is the readiness to meet whatever savings threshold you create.

To create a meaningful goal, choose something to save for. No one starts saving for nothing right?

There are tons of things to put money aside for. A new gadget, fun holiday, study program, family, house, car, etc. There is a lot to choose from.

Create A Saving Plan

Now you have a goal, ask yourself the following questions and ensure you give an answer. You can draw out a checklist for every answer you deem fit.

  • How do I start my savings journey?
  • What do I do to meet or surpass my goal?
  • How much will I save per day, week, or month (as the case may be)?
  • For how long do I intend to save until I reach my goal?
  • Where do I save them?

Where Do You Save Your Money?

Most of us are familiar with the conventional method of saving money. By all means, you should know what a piggybank, kolo or saving box is. You may have owned one in the past. No, I am not about to convince you to buy a savings box or the latter. The world has grown in technology and saving money is a lot easier now. No temptations or unforeseen circumstances.

Thanks to innovative ideas, there is currently a lot of trustworthy savings app in Nigeria to save money and do many other banking transactions. These apps encourage you to start a healthy money-saving goal with their easy-to-use interface. These apps are impressive and effective for Nigerians. I bet you will love whichever you decide to use.

5 of The Best Money Savings Apps in Nigeria

Before we dive into these savings app in Nigeria, I’d like to inform you that they are legal and your money is safe with them. I noticed that most people are scared of using online platforms due to scams and general fear. These money-saving apps are handled by banks connected to CBN and not on a scamming spree.


alat - best savings app in nigeria - digital bank in nigeria

Why is ALAT on top of the list?

Because I currently use this app to save money and it’s likely the most popular among the others.

ALAT is the first truly digital bank in Nigeria, the first of its kind. It is an innovation of Wema Bank Nigeria, developed to give you easy access to saving your funds and doing other bank transactions without going to the bank.
With Alat Digital Bank, you can open a savings account using your phone number and Bank Verification Number (BVN) as well as other documents required for the registration process. It’s simple, convenient, reliable, and requires no paperwork.

ALAT is not just any App, it’s a Bank

ALAT is different from other banking apps, in that it is built to be fully digital. It gives you access to all banking services anywhere you can access the internet. You can open a savings account, automate your savings, schedule bill payments, transfer funds from local and international accounts, make payments as well as use it to get a free ATM card.

ALAT is easy to use and convenient

You no longer have to face long queues at the bank, all you have to do is download the app on your phone and start banking. It takes just a few minutes to create an ALAT account and all you need for this is your BVN, a valid phone number, a selfie and your signature.

If you are very busy and need to make transfers and pay bills, you can schedule it on the app. Even if you forget, they still get paid. Another beautiful thing is that you can pick any one of the three ATM Cards designs on offer and have it delivered to you for free anywhere in Nigeria.

ALAT user interface


It offers users maximum security. At each login, the user is sent an email that shows login details including a device used to login and location. The app also logs you off if left idle for a while.

ALAT gives you the power to activate, lock and unlock your ATM anywhere you are, from your phone. In the event of a theft or an unauthorized use of your ATM, you can easily lock it from your phone.

It helps you set financial goals

One amazing feature I love about the app is that it helps you set financial goals and follow through till it is actualized. The goals help users save by taking a specified amount of money from their account automatically depending on the fixed schedule. Users also earn 10% interest at the completion of the goal. Even if you stop saving before the date set for the goal completion, the interest is still calculated and paid to you based on the number of months you saved.

ALAT is customer friendly

ALAT has its shortcomings and is trailed by its own share of complaints from users but even at this, ALAT is ready to listen to its users, work on their complaints and make a significant improvement to give them a better experience.

Start Saving With Alat

PiggyVest (formerly PiggyBank)


On a brief note, PiggyVest is a Financial Technology (Fintech) startup in Nigeria that runs an online hassle-free savings scheme. It is affiliated with and monitored by UBA Nigeria PLC. PiggyVest makes saving super easy by offering 2 effective money-saving plans “Quicksave and Autosave“.

To save better, you can opt-in for piggyvest’s Safelock which enables you to lock parts or all of your money for a selected period. You will get an instant upfront interest of up to 43%! Phew!

Let’s get realistic, below is a screenshot of piggyvest’s safelock interest rates.

Interest rates vary according to duration.

To make savings even more enticing, Piggyvest introduced Investify to enable you invest in low-risk investment opportunities. Thus, the more funds you push into the investify scheme, the more money you make.

Piggyvest offers 4 free withdrawal dates for unlocked funds. Withdrawing outside the free withdrawal dates attracts a 2.5% penalty fee. You can withdraw your money once it’s up to N3000. The 4 free dates are spread across the 12 months quarterly; 1 free withdrawal date in every 3 months.

Start Saving With PiggyVest



CowryWise is another app to save money in Nigeria and launched in 2017. This app offers three savings options with impressive interest rates: periodicfixed, and one time savings. Like most savings apps, you can lock in your funds for a period. You are entitled to amazing interest in every fund you lock up.

You can get up to 15% revert to this post on the official cowrywise blog to learn how they determine their interest rates.

Cowrywise offers individuals the ability to withdraw their funds without restrictions or penalties. You can safely call this app a direct competitor and alternative to piggyvest.

Start Saving With Cowrywise

Sumotrust (formerly Sumobank)

sumobank savings app

SumoTrust is yet another money-saving app for Nigerians that encourages you to set cash aside easily and automatically. This platform made a name switch from Sumobank to Sumotrust. They offer both savings and investment features with an interest rate of 10%-15% per annum. This financial enterprise aims to raise young millionaires in Africa through their innovations.

Joining SumoTrust can open doors to opportunities in your entrepreneurial journey. You will get exposed to different successful businessmen, and entrepreneur classes as the case may be. This money-saving platform advertises itself as the best for people who want to save for business purposes.

Start Saving With SumoTrust


Kolopay saving app

Kolopay is a more recent app to save money that currently offers 2 saving plans: EasySave and Autosave. While easysave allows you to save money at any time, Autosave does the savings for you automatically. This depends on the schedule you choose. It can be daily, weekly, or monthly.

To start saving with kolopay, create an account and a savings goal. You can set up an auto-debit to enable you to reach your goal. Just like other savings app in Nigeria, Kolopay has a withdrawal date and offers enticing interest rates, up to 10%.

Start Saving With Kolopay


Over the years, quite a good deal of savings app in Nigeria to save have sprung up, and the truth is, more are coming. Thus, I implore you to always do further research and read user reviews before settling for a money saving app. This post has given just an overview of each platform mentioned. Do well to visit their respective websites for more information.

Have you used any other apps to save money in Nigeria not mentioned in this list?

Do well to share them with us in the comment section below.

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