Saving is a reliable way to enjoy financial security in life. For some, saving comes naturally may be because they learnt it at a young age, others however need more motivation to save. However, putting money aside in a savings account improves your finances and helps you build stable wealth while reaching long/short-term life goals easily.
Quite a number of financial technology (fintech) startups have been launched in Nigeria to make savings smarter and easier.
In this post, we’ll be reviewing five automated savings apps we’ve found may be very helpful for you.
Top Automated Savings App in Nigeria You Must have to Save Smart
- ALAT By WEMA
- Kuda bank
1. ALAT by WEMA Bank
ALAT by WEMA is the fіrѕt ever fullу dіgіtаl bank in Nigeria to include bills payment to the bаѕіс banking services. You can open an ALAT account within minutes and set a savings goal depending on how much you want to save and for how long. By using the goals feature, you can set aside specific amounts and earn up to 8.75% interest on the amount saved per annum. ALAT functions as a regular bank account so you can carry out other transactions without having to enter a physical building. ALAT is available for download on the Android and iOS platforms.
An amazing upside of using an ALAT debit card (MasterCard, Verve Card, Visa Card) is that it is delivered to the account holder’s address at no cost and recognized abroad.
ALAT also accommodates savers from several countries in Africa and beyond. You have the option of creating a free virtual dollar card for online payments. As regards interest structure, ALAT pays 4.2% to its users оn the condition that they dо not withdraw above 3 tіmеѕ a mоnth. With ALAT, you get to:
- Open an ALAT account from your phone with your BVN and phone number, no paperwork required.
- Choose how and where you spend your money
- Save alone or with friends – Group savings
- Take the pressure off with a simple automated savings plan and earn 10% annual interest – three times the standard bank rate.
- Get a short-term loan whenever you’re in a pinch, few questions asked
- Pick one of three masterCards |verve card | visa card free bank debit card designs and we’ll deliver yours to you in two business days, anywhere in Nigeria, at no cost.
Ready to sign up? It’s easy and fast! Just click here to register on the web or to download our App.
PiggyVest was launched in 2016 and has since delivered great service to its customers. All the savings and investment options on PiggyVest are tailored towards a particular need. Depending on the savings plan you choose, interest rates are from 10% per annum on your savings. They offer Piggy Bank wallet, Target Savings, SafeLock and Flex Dollar. Interest rates are determined by the fluctuations of the market and can change at any given time.
CowryWise app enables you to plan, save and invest money easily. With direct access to the largest pool of mutual funds in Nigeria, you can build your savings and investment portfolios, manage your money securely and build a better financial future. This app has an interest rate calculator that determines how much interest you get per time.
4. Kuda Bank
Kuda Bank 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 financial decisions. The platform offers you up to 25 free transfers to other banks every month. Kids offers Spend+Save, Flexible savings and Fixed savings options.
Pettysave enables you to schedule your savings conveniently either daily, weekly, or monthly. You can save towards specific targets such as rent, school fees, travel, car, wedding, etc. Pettysave has three savings options: AutoSave, Target Safe and Vault. Pettysave is available on both the Google Play Store and Apple Store.