Want to Save Money and Make Money? These 5 Apps Are Legit

The first time I saved money was when I was a child. I needed to get a new phone. My parents weren’t going to help me because I’d lost my old one. My mum got me a kolo (wooden savings box), and at least she helped with that, so I began saving. I won’t say it went smoothly; there were many times I had to trickily get money out of the box for something that, in hindsight, I will call frivolous. Ice cream treats here, a cold soda there—but ultimately, I reached my goal.

Over time, saving has become easier. Digital apps help you save while keeping you accountable and securing your funds. With this, based on the options chosen, savers can’t take from their savings until they’ve met their goals. But, even better than this is the bonus of interest. Who says no to incentives in the form of interest on your savings? Not me! 

Here is a list of the best SEC-approved saving apps offering high interest rates in Nigeria.

1. PiggyVest

When it comes to saving and apps, PiggyVest comes to mind first. Formerly known as Piggybank, PiggyVest started as a savings app on 7 January 2016 before expanding into other options like investing in April 2019. 

For saving, PiggyVest has numerous options with proper security for your funds. From automated savings (daily, weekly, or monthly savings, which can earn you up to 18% interest per annum) to safelock—an option for locking a particular amount for a specific period with up to 22% interest per annum paid upfront. With target savings, users can set unique saving goals individually or as a group, with up to 12% interest per annum. Lastly, there is also an option for saving in other currencies, such as Dollars— Flex Dollar.

In addition to saving, PiggyVest also helps with investment, offering 35% returns on investment over six to twelve months.

Find it on the Apple Store and Google Play Store.

2. Cowrywise

Founded in 2017 by Razaq Ahmed and Edward Popoola, Cowrywise offers personalised savings options for individuals, businesses, and HNIs (High-Net-Worth Individuals). 

Saving options under Cowrywise range from regular savings for a minimum of 3 months to Money Duo, a savings option for couples, and a savings circle for multiple people. Lastly, a halal savings mode exists for people who do not subscribe to receiving interest (Muslims with Riba).

Cowrywise’s interest tool also helps calculate the interest rate you receive. Funds kept with Cowrywise are also protected with multiple layers of security. 

Find it on the Google Play Store and the Apple Store.

3. FairMoney

FairMoney operates as a mobile bank for financial inclusivity. This credit-led digital bank helps provide loans but has since diversified into savings. With FairLock, users can keep their funds safely with interest rates as high as 28% per annum. Funds can also be locked for 7 days to 2 years, and multiple fixed deposit plans can be used.

For more flexibility, FairSave is another option under FairMoney. It operates as a savings account with interest rates up to 18% per annum, credited daily. Withdrawals can be made anytime with no penalties or fees.

In addition to these, FairMoney offers personal loans, business loans, bill payment, and POS services. 

Find it on the Google Play Store and the Apple Store.

4. OPay

Launched and licensed in 2018, OPay is a fintech mobile money provider. It offers businesses product sales, store and employee management, and POS device application and maintenance. It also offers individuals bill payments, deposits, withdrawals, transfer services, and other financing services. Among these financial services is OWealth.

OWealth allows users to save and invest their money with an annual interest rate of up to 15%. From fixed deposits to mutual funds, OWealth provides various investment options for users according to their financial needs.

The following steps should be taken to begin investing in OPay’s OWealth:

1. Open your Opay app, go to the Finance section, and tap on “OWealth.”

2. Sign up, hit the “Invest” button, and enter how much you want to put in.

3. You’ll start earning daily interest thereafter, and you can withdraw anytime.

Find it on the Google Play Store and the Apple Store.

5. Palmpay

Like OPay, Palmpay is a fintech app that simplifies digital payments and financial services. Under Palmpay Wealth, users are given various savings options, from target savings to cash box,  fixed savings, mutual funds, and smarter. These options help users lock their funds for interest.

Find it on the Google Play Store and Apple Store.

With the right tools, saving today is easier, safer, and more rewarding. With these SEC-approved apps, you don’t just set money aside—you grow it.