Best savings apps in Nigeria with the highest interest offered, 2022

Saving for the rainy day used to be done in less sophisticated ways where one can own a physical piggybank or simply save their money under the mattress.

Besides the obvious security risk of using this method, there is also the fact that you will quite literally be leaving money on the table by not earning interest on your savings and getting all the other advantages offered in the modern banking industry.

Digital banks or digital savings apps are mobile applications installed on your smartphone that will allow you to save at your convenience and earn interest on your savings. They also provide other services such as loans and overdrafts to their loyal customers.

Traditional brick-and-mortar commercial banks also pay interest on funds saved in savings accounts but customers loose the interest if they perform more than three debit transactions on their accounts. Furthermore, digital saving apps can offer higher interest rates compared to commercial banks because they do not have most of the running costs associated with operating a physical branch, they can in turn pass over these reduced operating expenses to their customers in higher interest rates and better service.

Here are the top 7 savings apps in Nigeria based on the interest rates they offer:


With over 500k users since its launch in 2017, Cowrywise offers savings with interest rates at periodic, fixed and one-time rates. With this app, you can build your savings and investment portfolios and manage your money securely. It also allows you to save as an individual or with a group. A notable highlight of Cowrywise is the friendly user interface and the ‘Savings Challenge’, which challenges you to engage in rigorous savings plans that help you build emergency funds or a better stash of funds at the end of the specified period.

With the Cowrywise app, you can:

Save for short-term and long-term goals:
● Start automated savings with any amount per day, week, or month with our Periodic Savings Plan
● Use our Life Goals Plan to stay disciplined and save for long-term goals like education, housing, retirement, a wedding, or your business
● Make one-time deposits anytime with your spare change
● Earn stronger interest rates than you’ll find at any banks in Nigeria
● Save as a group to reach your goals faster with Circles
● Prepare for unforeseen emergencies by creating a personalised Emergency Fund

Invest and grow your wealth faster:
● Invest in any of our mutual funds that match your financial goals and risk appetite
● Work with our professional advisors to develop your investment goals and find the right plan for you
● Diversify your portfolio by investing in mutual funds from top investment firms in Nigeria

Turn your phone into a digital wallet with Stash:
● Store money in Stash within the Cowrywise app – it’s much easier than cash!
● Top up your Cowrywise savings and investment accounts from Stash
● Pay and receive money from other Cowrywise users seamlessly, for free

Feel safe when you trust us with your money:
● Your savings are invested in low risk financial instruments and are held by Meristem Trustees Limited, registered with the Security and Exchange Commission (SEC). This means your money is professionally managed and secured.
● We do not store your card information or personal data. We work with an independent PCIDSS-compliant payment processor to handle all customer card details.

Interest rate: Based on its rate calculator that determines how much interest you get per time, the company promises up to 8.5% interest per annum.

ALAT by Wema

ALAT is the innovative brainchild of WEMA Bank Nigeria and is fully digital. This means that you can perform all your transactions on your electronic devices and from the comfort of your home – you do not have to go to a physical branch.

ALAT allows you to set your savings goal and determine how much you want to save and for how long. You can automate your savings or choose to save at your own pace. You can also choose to save alone or with friends via the Group Savings option.

What’s great about ALAT?

– No need to visit a bank to open an account.

– Schedule transfers and bill payments.

– Save easily with automated goal saving.

– Free bank card delivery anywhere in Nigeria.

– Control your bank card from your phone.

– Works with all Nigerian bank cards.

– No hidden charges.

– A Virtual Dollar Card for online payments.

Interest rate: The platform promises an interest rate of up to 8.75% on savings.


Although relatively new and with just over 10k downloads so far on the play store, KoloPay is a mobile application that greatly helps you save money more than you thought you could. With the EasySave and Autosave options, you can choose to automate your savings by schedule – daily, weekly, or monthly. Through these plans, the app helps you easily save little by little towards your goals.

You can also use the Koloshare feature to invite others to contribute to your saving goal. KoloPay allows you to have multiple saving goals at a time.

Interest rate: Just like many of the other apps, KoloPay has a withdrawal date policy and offers an interest rate of up to 10%.


PiggyVest is one of the largest single online savings & investment platforms in Nigeria. The company says it currently helping over 3 million customers save ₦1,000,000,000 securely in PiggyVest every month alone to achieve their financial goals by helping them invest with ease.

Launched in 2016, Piggyvest has continued to deliver excellent service to its customers, helping them manage their finances with simplicity and transparency. With over 1 million downloads on the Google Play Store, Piggyvest has different savings plans to tailored to meet the different needs of its customers.

Interest rate: Piggyvest offers different rates based on its different savings plans. The company offers an 8% per annum interest rate on its Piggybank savings plan and 8% on its Target savings, while it promises up to 13% per annum on its Safelock plan.

V Bank

V Bank owned by VFD Microfinance Bank is another digital bank in Nigeria that offers people the ability to save and get high interest on their savings. You can open a V bank account in 2 minutes with just your smartphone. With a V account, you can expect a streamlined digital and mobile banking experience, with ease of access to your accounts, swift and secure transfers, withdrawals, and bill.

You can take charge of your banking. No confusing charges, no paperwork and everything happens on your phone. The V app allows its users to track their expenses and income, group budgets, and set spending limits.

Key Features:
– Open an instant account without any paperwork
– Login with your fingerprint and authorize transactions using your 4 digit
– Check account balance, perform transfers to any bank, and pay bills.
– Set up and track your spending budgets
– Get your referral code, start your own bank and earn while you bank

Interest rate: V Bank says its customers get up to 14% interest on savings with the bank.


SumoTrust is an automated savings and investment platform helping reshape the poor saving and investment culture of Nigerians. The saving app allows you to set aside money easily and automatically and offers both savings and investment services.

The app offers its customers 3 saving plans, which include Main Savings, a plan that gives its users the liberty to make choices to either go for daily, weekly or even monthly savings; Fixed Savings, a plan that keeps you away from the funds you’ve saved for one year; and Mission Savings, a plan designed for users with projects that need to be completed within a specific time frame.

What You can Do With SumoTrust:

With SumoTrust ‘AutoSave’ feature, set a savings mission or multiple savings mission and contribute little by little (as small as N100 daily) until you are able to reach the target amount you want to raise over time.

Based on your own terms and comfort, automatically save either daily, weekly, or monthly basis. In a situation where you’re not cool with having SumoTrust handle all the automated deposits for you, you can manually save or top-up your account at will using our ‘InstantSave’ feature.

Create different savings mission which can be to buy a Car, property, start a business, pay for rent, travel for vacation, pay school fees, so some shopping, etc.

Interest rate: SumoTrust promises 10% interest on savings on ‘Main savings’ account and ‘Mission savings’ account and 15% on the ‘Fixed Deposit’ account per annum.

Kuda Bank

Kuda is a free, digital-only bank with a microfinance banking license from the Central Bank of Nigeria. Kuda includes tools for tracking your spending habits, saving more, and making the right money moves.

The app allows you to decide whether you want to be saving daily, weekly or monthly. The flexible savings plan ensures you put some money away regularly. With over 5 million downloads on the Google Play Store, Kuda continues to attract more customers through its free banking services.

Why Should You Use Kuda?
– Open an account in minutes.
– Kuda gives 25 free transfers every month, and free debit and credit alerts.
– Save and plan easily with our saving and budgeting features – get up to 15% annual interest!
– Qualify for instant overdrafts when you use your Kuda account regularly and borrow money whenever you need it.

Interest rate: Kuda offers different savings plans with different interest rates. While its flexible savings plan attracts 10% interest per annum, Kuday says its fixed savings yields up to 15% interest annually.

Digital savings apps are an exciting new way to save money for a rainy day in Nigeria, they are easy to set up and funds can be locked away in them without the fear of losing interest after three debit transactions, unlike in traditional brick and mortar commercial banks. All these savings apps are secured, and regulated by the CBN with licenses and funds deposited in them are insured by the NDIC.


A writer! Columnist and an academic researcher
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