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Best Way To Save Money As A Student In Nigeria



saving money on sumobank as a student

How To Save Money As A Student In Nigeria

save money in university or saving money as a college student in Nigeria is not easy as being in school and making efforts to save money in university seems tougher but I have good news for you.

  • Ever wondered what your life will look like after school?
  • Have you ever imagined how hard it’s going to be when you’re a fresh graduate and no job and no money?
  • Ever wondered how sweet life as a fresh Nigerian graduate will be when you have saved enough money to start up your life with or without job?

Before I dive deeper into this discussion about ways to save money as a student in Nigeria, let me tell you a short story.

When I was in the University, I had this Barrister Uncle who is SAN that promised to get me a job in either any Good oil company or Government ministry because of the connection he has.

I read Geology in school and since 2014 when I graduated from the university, my Supposed Angel Uncle have not even gotten me a house help or Driver job till date.

Imagine how difficult my life would have been in when I was a fresh graduate without Savings waiting for my NYSC call up letter.

Well, today, I’m glad to let you know the job disappointment from my uncle is actually a blessing to me today because since day one, I never took him seriously and it didn’t kill my vibe.

My advice is, in any level of school you are reading this short article, Saving money while in school is one thing no one has warned you about that you must take very seriously if you want a good life after school.

Related: Ways to save money in Nigeria

Here are a few reasons why you must start saving money in University or college.

  • Your parents will stop giving you pocket money
  • You are very likely not to get a job immediately after school
  • Your bills will start getting matured, no more pocket money bills.
  • You will need to get a life for yourself.

One of the ways not to be a victim of circumstances is to learn how to save money in university ahead of time.

So, the best I can do right now is to show you the best way to save money in school and how to save as a student in Nigeria using Sumobank savings platform.

You will also learn how to save money as a student without working, just from your pocket money.

First of all,

What is SumoTrust?

SumoBank Becomes SumoTrsut

SumoTrust (Fromerly SumoBank) is an online Digital savings and investment platform that is currently helping thousands of Nigerians to save and manage their finances. Sumotrust is a modern place to save money and one of he trusted modern ways of saving money in Nigeria.

The platform is designed with students both in secondary school and university at heart.

One great feature about Sumo Trust savings platform is that it allows you to have FREE access to Entrepreneur Platform business academy and connects you to other partner platforms that you can make more money and spend less.

With Sumotrust, how to save as a student is no longer a problem, so, below is how to save in school Sumobank.

How To Save Money On SumoTrust

  1. Create a free account at
  2. Verify your account email and Login to your account dashboard.
  3. Firstly, update your profile picture, add your banks details and Add a Naira debit card to your account.
  4. From the Account Types on your dashboard (Main savings and Mission Savings which pays 10% interest per annum, Investment/Fixed savings which pays 15% interest per annum, kindly select the account that best serves your savings goal. You will need to activate the AutoSave feature, which will help you to automatically save either daily, weekly or monthly. so, to do this;
  5. For either Main or Mission savings account, enter the date, amount you want to save and the Frequency of the debit to your Sumobank account.
  6. If you get this correctly, your Autosave will become active you’re your card will automatically be charged either daily, weekly or monthly depending on the preference you choose.

There is also an InstantSave feature on Sumotrust that allows you to quickly save any accidental or spare cash that you got.

Did your parents just sent you money or you carried out some deals and made extra cash that you don’t want to spend? The InstantSave feature will enable you to save the money for an interest return.

Related: Top 6 online savings platform in Nigeria

Nigeria education savings account and education savings plan have all been made easier by Sumobtrust.

You can visit Sumotrust Frequently asked questions page for more details.


Automating your savings is one of the modern ways of saving money in Nigeria. The concept of saving money as a college student which most people barely talk about is still a big problem that needs to be addressed. The best you can do for yourself no matter how rich or guarantee you feel life after school will be is to embrace the healthy personal finance culture of saving money in University, you will be shocked at the amount of money you must have saved up in 4 years if you start saving from 100 Level.

However, it’s not late even if you’re in finals. If your saving culture if good, You might qualify to get a loan from Sumotrust to support your life Afterschool.

On this, I think the issue of finding the best ways to save money as a student in Nigeria is no longer a problem.

Even if your goal is not to save after school, this is still the best way to save money for college goals like Shopping, holiday balling, travel, etc.

Let me know your thought in the comment section.



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Banks & Banking

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?



Many Nigerians find it hard to differentiate between fixed deposit and treasury bill in Nigeria If you are one of them, then worry no more because in this post I discuss the main difference between fixed deposit and treasury bills in Nigeria.

First, What is a Fixed Deposit (FD)?

A fixed deposit usually abbreviated “FD” is a type of investment account that pays a fixed rate of interest to investors over and until a given date. While the fixed deposit runs, the investor would not be allowed to withdraw his or her funds.

Because of the higher rate of interest when compared with savings account, many people tend to put their monies in fixed deposits. Besides this, fixed deposits provide other advantages like tax benefits, safe investment, flexibility, and liquidity. All these intrigue many investors to prefer using a fixed deposit to an ordinary or augmented savings accounts.

But as we all know, whatever have advantages must have disadvantages and fixed deposit account is no exception. The most known risks that fixed deposit faces are inflation risk, default risk, reinvestment risk, liquidity risk, and interest risk.

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?, fixed deposit and treasury bill

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?

What is a Treasury Bill?

Treasury bills in Nigeria are debt instruments issued by The Central Bank of Nigeria (CBN) and are guaranteed by the government. The central bank of Nigeria (CBN) uses treasury bills as a way to control the money supply in the country’s economy.

These bills are sold bi-weekly by auctions conducted by the Central Bank of Nigeria, and you can buy these bills from any official dealer or through banks’ Treasury bill applications. The Treasury bill is a safe form of investment that is fully backed by the Federal government of Nigeria.

Treasury bills have a lot of investment advantages and upper-hand. Few among them are:

  1. Treasury bills serve as good investment outlets,
  2. are non-taxable,
  3. they can be used as collateral, and
  4. can be converted to cash quickly.

Don’t get too engrossed, we’re talking about the difference between fixed deposit and treasury bill.

The Remarkable Differences Between Fixed Deposit And Treasury Bill In Nigeria

Below are some of the key differences.

  1. Fixed deposits are fixed for an allotted period and are sold daily by banks to their customers while treasury bills are sold bi-weekly.
  2. Fixed deposits are primarily sold and managed by small banks while treasury bills are managed only by the Central Bank of Nigeria although you can buy them through commercial banks in the country.
  3. In a fixed deposit, depositors invest their money with a bank and will be given interest at a given time. In Treasury Bills, an investor borrows money to the Central Bank of Nigeria (CBN) for an allotted period in exchange for interest.
  4. While fixed deposits are done for one month, six months, or a year, treasury bills are usually for a period of 91 days, 182 days, or a year.
  5. Fixed deposits are fully taxable while treasury bills are non-taxable; you only pay a bank fee for the rendered service.
  6. The interest gained in treasury bills is far higher than the one offered by banks in fixed deposits.
  7. Treasury bills allow more liquidity than fixed deposits because they are done for the short, semi-long and long term.
  8. Treasury bills are regarded as the safest and risk-free investments because the government can never run out of funds while fixed deposits are only secured as long as the bank is functioning.
  9. The Central Bank of Nigeria (CBN) always puts a limit to the number of treasury bills it will sell while there is no limit to the fixed deposits that are sold by banks.
  10. Treasury bills money are used by the Central Bank of Nigeria to control the supply of income in the economy while fixed deposits are used by banks for investments.
  11. Fixed deposits can be rolled over by banks as it is a way of saving and investing at the same time while treasury bills cannot be rolled over.
  12. The flexibility in fixed deposits is far more than the one in treasury bills. Because in fixed deposits, you can easily get your cash anytime you want it and you will get the interest you earned for that time, while in treasury bills if you have wanted to withdraw your money before the allotted time, you have to sell the rights of the treasury bills to another person or a bank.
  13. Treasury bills are accepted by all banks in Nigeria as collateral because they are considered risk-free while some banks do not accept fixed deposits as collateral because they do not consider the other banks as strong ones.


Both fixed deposit and treasury bill are good forms of investing. While fixed deposits allow you to withdraw your money at any time, treasure bills do not allow that, but they are considered safer because the government cannot go out of funds. While there is a high possibility of a bank going out of funds thereby dissolving your money in fixed deposits that is not the case with Treasury bills! So, if you are cautious of risks, then you should opt for treasury bills over fixed deposits.



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6 Modern Ways Of Saving Money In Nigeria



Modern ways of saving money



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How To Invest 1 Million Naira In Nigeria – Best 3 Places to Invest



how to invest in nigeria

While so many people are searching for the best Nigerian investment companies that pay weekly and investment with monthly returns in Nigeria, this article is a short breakdown on how you can invest 1 million Naira in Nigeria and be sure of a good return of investment in a matter of months.

So, if you still have the question of ‘Where should I invest in Nigeria come 2021?’Below are 3 solid recommended investment moves you can make without regrets;

How To Invest 1 Million Naira In Nigeria

  • Invest on SHIFDA on Sumotrust

Sumotrust is a secure savings and investment platform popularly known with a good reputation for helping customers save and invest money. Investing with Sumotrust is already recommended and one of the best investment options in Nigeria. They offer a secure hedge fund program called SHIFDA for high net worth investors with a 24% return on investment per annum.

The minimum investment is 500,000 Naira and you can invest as much as 100 Million Naira.

SHIFDA means Sumotrust high interest fixed deposit account which works like a fixed deposit with a minimum of 6 months maturity and can last as much as 10 years.

To get started with SHIFDA by Sumotrust; 

  • Kindly visit and create a free savings and investment account.
  • Login to your account and navigate to the ‘SHIFDA Wallet’ tab from the menu section.
  • Read through the details and follow the instructions given to invest.
  • Once your Investment request has been approved, go ahead and create a ‘Fixed Savings’ in your account, you will see a notification about your account qualifying for SHIFDA. Kindly fill-up the form and complete the process.
  • On the maturity date, your capital and interest will be automatically released into your Kick wallet where you can withdraw instantly to your Bank.

There are lots of invest-earn-daily on Nigeria platforms, but for the purpose of security; I can’t recommend any of them. However, If you’re looking for where to invest money in Nigeria; Sumotrust should be your best choice because it is trusted and has maintained a good reputation over the years as one of the reputable investment companies in Nigeria.

Related: How to Invest 5 Million Naira in Nigeria.

  • Invest in Cryptocurrency

Cryptocurrency investment is known to be the best investment of the last decade as seen on CNN. However, investing into cryptocurrency can be tricky and will cause you to lose money if you don’t know the right portfolios to hold.

If you’re just getting started, definitely, Bitcoin is one if not the only cryptocurrency to hold onto until you gain deeper knowledge and understanding of investing into cryptocurrency.

With platforms like Truzact, investing in cryptocurrency in Nigeria will never be a problem for you; as you can easily make Naira deposits using your Naira debit card or the virtual account number is given to you and instantly convert it to Bitcoin.

The platform (Truzact) also allows you to save in cryptocurrencies and earn interest on your savings. To start investing into cryptocurrencies in Nigeria, kindly visit and create an account, fund your wallet, and instantly swap it to your favorite cryptocurrency.

  •  Invest in Foreign Stocks or Buy Eurobond.

The Nigerian stock market haven’t performed really well when compared to the foreign stocks for some reasons like inflation against the Naira and other factors. 

However, investors are resorting to putting their money in foreign stocks where they get to bypass the adverse sides of inflation on the Naira. You can download the InvestBamboo app from Google Playstore or Apple store, fund your account with Naira and buy US stocks directly from the App. 

Understand that the performance of your foreign stock investment is also determined by fundamental and technical analysis just like investing into bitcoin in Nigeria, so you will also need to do your due diligence before making your decision.

Looking at the 3 investment options in Nigeria listed here on how to invest 1 million Naira, Only investing with SHIFDA on Sumotrust promises secure investment and less risk management.

Still have the question of ‘where to invest my money in Nigeria’? Kindly check out the list of top investment opportunities in Nigeria.



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