Top 10 Savings Apps in Nigeria with the Highest Rate

This article will provide the Top 10 Savings Apps in Nigeria with the Highest Rate. Saving is one of the most frequently used financial tools for anyone who wants to overcome the negatives of poverty. Top 10 Savings Apps in Nigeria with the Highest Rate

This has been a tradition dating back to the times of old; we hear of farmers of the old saving crops in order to cope with the time of famine. There are so many savings applications in Nigeria, but here we will be telling about the Top 10 savings apps in Nigeria with the highest rate.

Top 10 Savings Apps in Nigeria with the Highest Rate

Saving is a practice that has been around since the beginning of time, and according to financial experts, having savings is required for anyone who wants a better tomorrow for themselves and their future generations.

The rates that these apps offer are determined by their rate calculator and how much interest you get per month. Most, if not all, of the companies that own these apps, give up to about 8% and above as interest per annum. Here are listed the 10 apps based on the promised release date of September 2022.


The Cowrywise enterprise was launched in the year 2017. This is a savings and investment app that has a vast number of customers all over Nigeria.

This is one of the best place to save money and earn interest. They offer savings with interest rates at different time intervals depending on the one chosen by you; the time interval for the rates could be:

  • Fixed
  • Periodic or
  • One-time rates

Cowrywise offers the service of saving to an individual or a group of individuals and keeps the money securely for as long as it can. One of the most outstanding features of their app is that it is customer-friendly and has a savings challenge.

The saving challenge is a feature of cowrywise that challenges you to engage in extreme savings plans as it enables you to build emergency funds for a specified period in case of an emergency in the future. They offer an interest rate that is as high as about 8.5% per annum.

ALAT by Wema

Alat was developed by Wema Bank and is completely digital. By that, we mean it performs all of its transactions on electronic devices and can be done from the comfort of your home.

It is very easy to operate, so there is no need to visit the Wema Bank branch for you to make continuous savings, although you are required to visit the bank for procedures. They offer interest rates up to about 8.75% on savings.

Kolo Pay

The Kolopay app was launched on December 4th, 2017. This is a mobile application that can help you save money beyond your wildest imagination.

They have features like EasySave and Autosave options, and you can choose the kind of plan you want, whether daily, weekly, or even monthly. In addition, there are the kolopay and koloshare features, which are explained below:

  • Koloshare: This feature allows you to invite others to contribute to your savings target while
  • Kolopay: This one allows you to have a large number of savings at a time.

The KoloPay app has a very high-interest rate of up to about 10%. However, the Kolopay app has a withdrawal date policy, by which we mean that there is a stipulated date that you can make withdrawals from the app after making savings.


The PiggyVest app is one of the best investment and online savings applications in Nigeria. They have been of help to so many Nigerians over the years since its onset, and thus this saving money app has an estimated user base of over 3 million Nigerians, helping them reach their financial goals with ease and also with other forms of investment depending on their interest.

It was launched in 2016, and ever since, it has been at the forefront of saving platforms in Nigeria and has been delivering excellent service with over 1 million+ downloads on the Google App Store. They offer two different kinds of interest rates. Which includes;

  • Piggybank saving plan: This plan on Piggyvest offers an interest rate of about 8% per annum and about 8% on its target savings.
  • Safelock plan: The safe lock plan offers one of the highest interest rates at about 13% per annum, which is one of the reasons it is one of the most popular savings apps in Nigeria.

V Bank

This is one of the innovations made by VFD Microfinance Bank; they are among the banks that began the platforms of giving out loans in Nigeria.

They give out the easiest electronic-operated online services; by that, we mean their services can easily be gotten at your fingertips. A V account can be opened from the comfort of your home within just a few minutes. They offer up to an interest rate of about 14% on savings with the bank.

Sumo Trust

The Sumo Trust can simply be referred to as the saving app for all Nigerians; you may want to ask why. We say that because the Sumo Trust app was developed to help the poor saving habits of some Nigerians and their investment cultures.

The app is automated to give both saving and investment services. They offer two categories of saving, which are;

Main savings: This savings plan offers its customers about 10% interest and also offers 10% to Mission savings accounts.

Fixed Deposit: This plan offers about 15% interest per year.

Kuda Bank

Kuda Bank is a freely operated bank that is fully affiliated with Microfinance Bank and endorsed by the Central Bank of Nigeria (CBN). It offers unlimited services ranging from spending habits and saving money to the right usage of money.

They have about 5 million+ downloads on the Google Play Store, and their numbers surge as the day goes by. Kuda offers an interest rate of two types:

Flexible Savings: This plan offers customers about 10% interest per year.

Fixed Savings: Here they give an interest rate of 15% annually.


This is one of the most innovative saving apps in Nigeria, and they give out multidimensional services ranging from saving to investment. In addition, they also help you regulate the way you spend your money, and with the onset of the app, many Nigerians have confessed to its efficacy and referred to it as a game changer.

Vestpay is one of the best saving apps with an interest of about 15%, and it also provides other investment opportunities. They have different features, such as a fixed deposit that helps you have a saving goal for issues that require a lot of money, like paying rent, school fees, and others.


When it comes to the security of your savings, you should look no further than the Carbon app. They offer a vast number of services, including investments, savings, loans, and others. Each citizen of Nigeria is entitled to a loan of about 1 million naira without collateral.

The Carbon App can be described as an app for both rich and poor Nigerians; they offer investment for as little as 1000 naira. Carbon offers an interest rate of about 16% per annum.


Kudi is a prestigious savings app that is known for its speed and the efficiency of its customer service. Furthermore, they offer services such as quick cash transfers, subscription payments, and electricity bills, among others.

They offer an interest rate of about 10% when you automatically save for about a month. You can get the Kudi app from the Google App Store.

Frequently Asked Questions

Where Else Can Someone Save Money?

Apart from money-saving apps, there are other institutions in which you can save your money, unlike money-saving apps. These places don’t give interest and, as a matter of fact, charge you for your savings. They include:

  • Banks
  • Crypto wallets and others

What are Money-Saving Apps?

These are applications designed to help people save money, either individually or in groups. Most of these apps give a certain amount of percentage interest when you make your saving with them over a long period of time. Some of these apps offer their customers loans, bill payment services, and other services.

What Are The Features Of A Good Money-Saving App?

A very good investment, the money-saving app must have most of the qualities listed below, if not all:

  • Have a strong security level.
  • Be mobile and customer-friendly.
  • Have good savings and payment options from which you can select.
  • have a considerable interest rate
  • must be fully registered with a proper agency.
  • not have hidden charges
  • Have fair customer policies.
  • Terms and conditions for its customers must not be too extreme.

What Are The Disadvantages Of Money-Saving Applications?

Although there are many advantages to saving money with money-saving apps, However, sometimes there could be negatives attached to them as well. Here are a few listed:

  • Customers’ data could be lost due to maintenance.
  • Network Issues
  • Hidden Charges
  • Most of these apps do not allow you access to your money until the stipulated date of your withdrawal (withdrawal policies).
  • Cyberattacks and fraud

How Do I Get On ALAT?

Getting on the ALAT app is as easy as the letters ABC; all you need to do is simply search for the word ALAT on your Google Play (for Android phones) or iOS App Store (for iPhones) and click on the icon to download it. After downloading, you can then get yourself registered and follow the procedures shown to you.



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