Platforms that helps you save money in Nigeria

Saving money can be a challenging task, especially in Nigeria where the cost of living is high and wages are often low. However, with the advent of technology, there are now a variety of platforms that can help individuals and families save money in Nigeria. These platforms offer a range of features, including automatic savings plans, interest on deposits, and the ability to set savings goals. In this article, we will take a closer look at some of the most popular money-saving platforms in Nigeria and how they can help you achieve your financial goals.

Ajovest
Ajovest is a fast growing savings platform in Nigeria that aims to help individuals and families save money for their financial goals. They provide a digital platform that allows users to set up automatic savings plans, track their savings goals, and earn interest on their deposits. Ajovest also offers a feature that allows users to lock their savings for a specific period, during which they cannot withdraw or make any transactions on the locked savings. This is a useful tool for achieving long-term savings goals. Additionally, Ajovest provides financial education resources and tools to help users understand the importance of saving and investing for their future through their social media. Ajovest also allows users to set up a savings plan and automatically save a certain amount of money at a specific frequency, this feature is a great tool for achieving long-term savings goals. The interest rate offered by Ajovest is currently around 10%. One new feature is the ability to get loans of up to 300% when you save for a minimum of 6 months. This can be a very useful feature for people with businesses while they focus on other areas of their business.

Piggyvest
Another popular savings platforms in Nigeria is PiggyVest. This platform is a digital savings platform that allows users to set up automatic savings plans, as well as track their savings goals. PiggyVest also offers interest on deposits, with rates starting at 10% per year. Additionally, users can access their savings at any time, making it a great option for those who need to save money for short-term goals. PiggyVest also has a feature called "Safe Lock" that enables users to lock their savings for a specific period, during this period the user cannot withdraw or make any transaction on the locked savings, this feature is a great tool for achieving long-term savings goals.

Cowrywise
Another popular savings platform in Nigeria is CowryWise. This platform is similar to PiggyVest, but it also offers the ability to invest in mutual funds, making it a great option for those who are looking to save money for long-term goals. CowryWise also offers interest on deposits, with rates starting at 10% per year, and users can access their savings at any time. One of the unique features of Cowrywise is its "Smart Save" feature, it allows users to set a percentage of their income to be saved on a regular basis, this feature is a great tool for achieving long-term savings goals.

Kuda
Kuda is a digital bank that also offers savings features. It allows users to set up automatic savings plans, as well as track their savings goals. Kuda also offers interest on deposits, with rates starting at 4% per year. Additionally, users can access their savings at any time, making it a great option for those who need to save money for short-term goals. Kuda also has a feature called "Savings Goal" that enables users to set a savings target, monitor their progress and have a clear picture of how much they need to save to reach their goal.

Alat
Another savings platform in Nigeria is Alat by Wema Bank. It is a digital bank that offers similar features as Kuda, but the interest rate is a bit lower compared to the other platforms, it starts at 2% per year. Alat also has a feature that allows users to pay bills and make other transactions directly from the app, making it a convenient option for those who want to simplify their financial lives. Alat also has a feature called "Alat save" that allows users to set up a savings plan and automatically save a certain amount of money at a specific frequency, this feature is a great tool for achieving long-term savings goals.

PAYLATER
Another popular savings platform in Nigeria is Paylater, it is an online lending platform that offers credit and savings services. Paylater allows users to save money and earn interest on their savings. It also allows them to borrow money at low-interest rates, making it a great option for those who need to save money for short-term goals and at the same time have access to funds when needed. Paylater also has a feature called "AutoSave" that enables users to set up automatic savings and have a certain percentage of their salary saved automatically, this feature is a great tool for achieving long-term savings goals.

In conclusion, there are many platforms available in Nigeria that can help individuals and families save money. These platforms offer a range of features, including automatic savings plans, interest on deposits, and the ability to set savings goals. Whether you are looking to save money for short-term or long-term goals, there is a platform that can meet your needs. Ajovest, PiggyVest, CowryWise, Kuda, Alat by Wema Bank and Paylater are some of the most popular platforms for saving money in Nigeria, they all have different features and interest rates, it is important to compare and choose the one that best suits your needs….but our recommendation is Ajovest which offers interest rate as high as 10% and as much as 300% loan on your savings.