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Top 10 Online Savings Platforms In Nigeria 2020 With High Interest Rate

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10 Best Online Savings Platforms In Nigeria That Pays Higher Interest Rates

The need for savings especially among young Nigerians who are left to fight their way to financial freedom through the little money they earn from various sources cannot be overemphasized. We all know that commercial banks are the most popular choices for savings aside contribution and thrift schemes that mostly go on in rural areas of Nigeria, although there are now online daily contribution platform that helps automate your savings process without having to incure the risk of giving a local daily contribution collector your money.

Even though the two major reasons of saving money in digital savings platforms in Nigeria is to raise some money over a savings period and earn interest in your money, Nigerian banks seem to perform poorly are regards to interest, infact, they take from customers.

These and some other reasons have led to the emergence of other digital savings platform in Nigeria that helps Nigerian savers to save money and earn high-interest rate than commercial banks.

According to a one-stop comprehensive reference for international financing and investment, Deposits.org — the interest rate for savings accounts in Nigeria can be up to 3.6% (as at June 2018). This is way much small when compared to how much interest rate banks charge for a loan which is as high as 19% and 22% for personal loans.

Read: 10 reasons why you must start saving

Even though the banks have other packages (Like fixed deposit) that offer higher interest rates, these 10 digital savings platforms mentioned in this article are dedicated to paying a higher interest rate on savings than banks.

Are you looking for

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  • best digital savings platforms in Nigeria this year
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Then, this article if for you. Below are;

Top 10 Online Savings Platforms In Nigeria

  1. SumoTrust

Sumotrust savings and investment platform in nigeria

SumoTrust is an online savings platform that helps you save and invest money automatically. The platform is targeted to Nigerians and pays 10-15% interest Annually. Sumotrust as one of the best online savings platform in Nigeria comes with lots of interesting features.

One of the good features that made SumoTrust number one on this list is its high taste for customer’s account security. Even if your Sumotrust account gets hacked, the hacker won’t be able to change your bank details and withdraw your money, a KYC form will be needed to be submitted before the approval to change bank details can be given. Sumotrust as the best digital savings platform also uses a powerful blockchain security protocol to protect accounts that has it activated.

It is also on a quest to raise 1 Million African entrepreneurs in partnership with Entrepreneur Platform to access discounted-free Online Business Academy for its users and African business forum to collaborate and work with like minds in building better and sustainable businesses.

With Sumotrust, you also get access to various business leaders in different industries at discounted fees (for business consultations) to help you grow and scale your business.

Even though you can use Sumo Trust to save for any reason (Business, travel, school, emergency funds, school fees, shopping, property, etc) it’s core value is tailored to helping young Africans build wealth with little efforts.

Sign up and start saving with Sumo Bank at Sumotrust.com

  1. PiggyVest

piggyvest and sumotrust are secure savings platforms

PiggyVest just like Sumotrust is an online and mobile app savings platform poised to helped young Africans save money automatically. With PiggyVest, you enjoy flexibility savings which allow you to save daily, weekly or monthly. Users on PiggyVest can save towards a specific target or choose to place a withdrawal restriction on the account. There’s is a limit to the amount of money that can be saved on one’s account at a time.

On the PiggyVest digital savings platform, there is an allowance for 4 free-of-charge withdrawals annually which comes quarterly, (the last day of every quarter). You can as well choose your own free withdrawal dates and withdrawals outside these 4 days attracts a service charge of 5% withdrawal fee.

You can also use the Piggyvest app as one of the online investment platforms in Nigeria

  1. CowryWise

Cowrywise savings platform

CowryWise is another saving and investment platform that pays higher interest rates. You can also access loans on the CowryWise platform. A high saving score increases the chances of getting a loan on CowryWise. The online savings platform pays 10-15% Interest annually and it’s paid on a daily basis to you account.

  1. Alat

Alat by wema bank savings platform

ALAT by WEMA is the first fully digital banking experience, not only offers you basic banking services but also allows you to pay bills through the Alat platform. The bank’s debit card is delivered to the account holder’s address at no cost.

Note: Just like with traditional banks, ALAT charges you a monthly debit card maintenance fee.

Also, the interest of 4.2% is paid to a user on the condition that you do not withdraw more than 3 times a month. ALAT has some savings plans that offer up to 10% interest rate. One of it allows you to make withdrawal of 50% of your savings once in every 30 days while another doesn’t allow withdrawal.

Related: Best investment opportunities in Nigeria

  1. KoloPay

kolopay savings platform

The KoloPay Savings platform in Nigeria allows you to save money towards planned goals over a period of time. One remarkable feature with KoloPay is that you can’t withdraw some part of your savings, but can only withdraw the whole amount even before a goal’s due date.

The KoloPay platform allows you to share your savings goal with anyone (friends and family) and lets them help contribute to the achievement of the set target.

The KoloPay savings platform pays you 6% interest per annum.

6.  PayDay by ARM

PayDay savings platforms

PayDay by ARM allows you to create a savings goal and invests the fund on behalf of the savers in mutual funds account.

The online savings platform in Nigeria pays you 12.6% Interest rate. Minimum withdrawal is 1000 naira with a NEFT Withdrawal charges fee of ₦52.50.

You will need a debit card to fund your PayDay account, Investors attracts a 1% convenience charge from the card payment platform provider. The charge is capped at a maximum of ₦1,500

Related: Best investment banks in Nigeria

7. KudaBank

kudabank digital banking platform in nigeria

KudaBank (Formely KUDI Money) platform, is a digital banking platform for the free. they have savings-automation which is very convenient and accurate. Just like other savings platforms, yоu will also have to link your dеbіt account to your kuda bank account and set your savings plan ѕuсh аѕ daily, weekly or monthly. Once that has been done, Kudabank automatically deducts money from your bank account on the due date and сrеdіt your savings account оn аn interest rate that іѕ uр tо 10% per annum.

It is also secure and easy to use and can go a long way to help you put your spending under control.

There’s also a Kuda Bank Spend Account that works lіkе a current account which аllоwѕ you to withdraw аt аnу tіmе and there іѕ no minimum withdraw-able bаlаnсе.  But unlike your regular current account, уоu earn an interest оf 3% реr annum, accrued dаіlу оn your bаlаnсеѕ.

And about loan opportunity, Kudabank savings and spending account users are qualified tо enjoy low-interest loans.

Platforms supported: Android, iOS and Web

Intеrеѕt rаtе: Instant save – up to 25% interest per annum, Automatic savings – up to 10% per annum, Spending account – 3% per annum (with no limit on withdrawal)

Savings rеwаrdѕ: Nоnе

Iѕѕuеѕ debit card: Yes

Withdrawal charges: No

Mіnіmum withdrawal: Nоnе

How to fund: Manual bank deposit, debit card, and online transfer from banks.

Sign up and start saving with Kuda bank at https://kudabank.com/

8. CashboxNG

cashbox and sumotrust are secure savings platforms

CashBox is a secure online savings platform that helps customers cultivate a healthy saving habit and also earn high interest on their savings. The platform helps users control when and how they save.

Platforms supported: Android, iOS and web

Intеrеѕt rаtе: up to 15% interest paid monthly.

Iѕѕuеѕ debit card: Nо

Withdrawal charges: non-free withdrawal dates

Mіnіmum withdrawal: Not clear

How to fund: Debit card and bank transfer.

Kindly read through the I-invest about page and signup at www.cashboxng.com

9. I-Invest

i-invest investment website

The I-invest platform allows potential investors to purchase securities and treasury related instruments without the aid of a broker directly from their I-Invest app. The application also provides you with a good dashboard to track diverse investment portfolios, provides a convenient way for retail investors to save money whilst earning attractive interest rates from their investments and allows retail investors to help fund infrastructure projects in Nigeria whilst earning an income.

Platforms supported: Mobile – Android and iOS

Intеrеѕt rаtе: Your Interests depends on the I-invest standard rate and the investment portfolio you have selected at a time

Savings rеwаrdѕ: Nоnе

Iѕѕuеѕ debit card: Nо

Withdrawal charges: Not clear

Mіnіmum withdrawal: Not clear

How to fund: Debit card/Account must be linked to your bank account with a BVN.

Referral bonus: Each account has a referral link that can be used to invite family and friends.

Kindly read through the I-invest about page and signup at https://i-investng.com/

The Rankings are based on my personal view and opinion which were picked from the following points below.

  • Interest payout
  • Value-added to users
  • Customer support
  • Trust

Let me know what you think in the comment section.

Related: How to save if you’re planning on buying a house

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What is Cryptocurrency And How Does It Work? 

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Obiex finance website

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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