15 Best Apps to Save Money in Nigeria

Best Apps to Save Money in Nigeria
Best Apps to Save Money in Nigeria
TransferXO is one app that doubles as an crypto, investment and savings platform where you can easily convert and stash your cash into crypto to escape inflation or abrupt market changes. 

About five years ago, the only way to save money was through savings accounts at regular banks. While this worked successfully for the majority of individuals, it became increasingly difficult to do so due to crucial reasons such as lower interest rates and various account costs. This caused many Nigerians to lose faith in their savings and are seeking better ways to save money in Nigeria.

The introduction of fintech apps that save money in Nigeria has been a new hope to most aspiring thrifty Nigerians.

All that has changed with the introduction of money-saving applications in Nigeria. These programs frequently help individuals save for little to no cost, and you can earn high interest rates with them. 

In this article, we will look at the best apps to save money in Nigeria, the importance of saving money and why using apps is a better option, as well as how to find the applications with the best interest rate savings.

Stick with us as we delve into these best apps to save money, designed specifically to optimize your finances in Nigeria.

Take time to read through TransferXO’s list of – How to Save in Dollars in Nigeria | TransferXO Guide

TransferXO Bill Payment
TransferXO Bill Payment

Why Save Money in Apps Rather Than Banks?

Over the years, the traditional ways of banking have seen major changes due to advancements in technology. While some individuals still prefer the old methods, many have begun to take advantage of various online and mobile banking applications. 

There are numerous reasons why people are starting to choose these apps over traditional banking for their money-saving needs.

1. Accessibility

One of the biggest advantages of banking apps is that they can be accessed anywhere, anytime. You don’t need to go to the bank physically during its operational hours. With an app, you have 24/7 access to your funds and banking services, right from the comfort of your home or even when you are on the go.

2. No lines, no wait

Visiting a bank often involves long queues and significant wait times. This inconvenience is entirely removed with banking apps. With just a few taps on your mobile device, you can transfer money, pay bills, or check your account balance instantly.

3. Ease of use

Banking apps are designed to be user-friendly, which means that they are easy to navigate, even for people who are not very tech-savvy. Moreover, transactions can be done quickly and easily.

4. Safety

While the concern about online safety is valid, many banking apps are now designed with state-of-the-art security measures to protect your information and your money. These measures include encryption, two-factor authentication, and fingerprint or face recognition.

5. Customization

Many banking apps allow users to customize their banking experience to meet their needs. This can include setting up notifications for certain types of transactions, personalizing the interface, or even linking accounts from different banks.

6. Real-time tracking

Unlike traditional banks, where you might have to wait for your monthly statement to arrive to review your transactions, banking apps provide real-time tracking. This can help you manage your spending and savings more effectively.

7. Lower costs

Some digital banks and mobile banking apps offer fewer fees than traditional banks. There is often no minimum balance required, no monthly service fees and some even offer free or low-cost international transactions.

While traditional banks certainly have their place, it’s clear that banking apps offer a range of benefits that make them a smart choice for many individuals. 

By providing accessibility, ease, and advanced functionality, banking apps make managing money much simpler and more convenient. So why not save money in an app rather than a bank? It could very well be the better choice for you

For loans, check out the – Top 13 Best Loan Apps in Nigeria Without BVN | 2024 List

Top 15 Best Apps to Save Money in Nigeria

In a world that is rapidly going digital, various apps have emerged, aiding Nigerians to save and manage their money. With these money-saving apps, budgeting and saving have become a lot easier. 

Whether you need to manage your expenditures, save for a vacation, or prepare for an unexpected expense, here is a list of the top 15 money-saving apps to use in Nigeria.

1. TransferXO

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TransferXO is not just a mere app but a revolution in the finance world, especially for cryptocurrency enthusiasts in Nigeria. As a premier crypto trading app, TransferXO lets its users buy, sell, and securely store digital currencies like Bitcoin and Ethereum with absolute convenience. 

However, its capability doesn’t end there, as the app doubles as an investment and savings platform where you can easily convert and stash your cash into crypto to escape inflation or abrupt market changes. 

With a user-friendly interface, stringent security measures, and real-time updates, TransferXO leads the way in fusing the dynamic world of crypto trading and money-saving tactics in a single, integrated platform.

How to Save With TransferXO 

Let’s look at some essential methods and techniques that you may use to get the most of this platform.

  1. Sign up: Open an account on the TransferXO platform. Provide accurate information to guarantee a smooth transaction.
  1. Verify Identity: Completing the identity verification process is necessary to comply with security and regulatory standards.
  1. Compare Rates: Look at TransferXO’s exchange rates and expenses. Compare them to other possibilities to ensure you receive a good bargain.
  1. Transfer Planning: Make a strategic schedule of transfers. To get the most of your money, consider market patterns and variations.
  1. Select Transfer Type: TransferXO provides a variety of services, including bank transfers and cash pickups. Choose the most cost-effective choice for your needs.
  1. Set Alerts: Use rate alerts to be informed about favorable exchange rates. This permits you to make transfers when rates are favorable.
  1. Bulk transactions: Consolidate numerous transactions into a single transaction to lower total fees.
  1. Promotions & Offers: Keep an eye out for TransferXO’s promotional and special offers. Utilize any applicable discounts or perks.
  1. Use the TransferXO App: Download the TransferXO mobile app for easy access to your account. This allows you to track and manage your transfers while on the go.
  1. Review Transactions: Review your transaction history on a regular basis to maintain correctness and find irregularities.

Following these steps will help you maximize your savings while using TransferXO for international money transfers.

Don’t miss out to read – 15 Best Free Crypto Mining Apps For Android

2. CowryWise

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CowryWise is a secure savings and investment platform designed to meet the financial needs of Nigerians at home and in the diaspora. Its users can easily automate regular savings and invest in low-, medium-, and high-risk portfolios with impressive interest rates. 

One remarkable feature of CowryWise is its interest calculation which is compounded daily, allowing users to maximize their returns. Additionally, CowryWise features a ‘Life Points’ program that lets users earn points they can convert into cash. 

Providing full automation, real-time investment tracking, no charges, and no hidden fees, CowryWise gives every Nigerian the chance to create wealth conveniently and effortlessly.

You can also learn the 9 Best Ways On How to Make Money From Mobile Apps

3. KoloPay

KoloPay is an efficient savings application designed primarily for Nigerians. Its fundamental features include being able to create saving goals for anything, automated regular savings from a Nigerian bank account, and zero withdrawal charges when the savings goal is met. 

This means that users can set personal financial targets and commit a fixed amount of money to them. KoloPay additionally operates on a cash-back basis; you get a 10% cashback every time you reach your saving goals. 

This distinctive cashback feature combined with ease of use, flexibility in saving frequency, and enabling customers to reach financial goals makes KoloPay one of the best money-saving apps in Nigeria.

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4. Mint


Mint is a comprehensive financial tracking and planning app widely used in Nigeria. It enables users to aggregate all their financial data into one place. 

Features of the Mint app include tracking and categorizing transactions, creating budgets, providing tips to reduce fees and save money, showing your credit score, and reminding you of bills. Furthermore, Mint has the feature of setting saving goals and tracking progress towards them. What sets Mint apart is its robust functionality. 

It goes beyond savings and integrates nearly every aspect of personal finance into one intuitive platform. Hence, its holistic approach to financial management makes it an excellent app for Nigerians to save money.

5. Sumotrust

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Sumotrust is an automated savings and investment platform perfect for individuals, businesses, and groups. The app helps users achieve financial stability by automating daily, weekly, or monthly savings while earning high interest rates annually. 

It uses state-of-the-art security measures to keep all transactions safe. One of the major standout features of Sumotrust is that users can access loans and invest in business opportunities right from the app. 

In addition, Sumotrust allows users to form group savings, perfect for collective efforts like fundraisers or events. With these unique features and convenience, Sumotrust is indeed one of the best money-saving apps in Nigeria.

6. Carbon (PayLater)

Carbon, formerly known as PayLater, is a revolutionary money-saving and lending platform in Nigeria. The app provides a 24-hour, 7-days-a-week service that caters to all your financial needs. 

Carbon doesn’t just allow for savings, it also offers short-term loans to assist users in fulfilling their financial obligations without stress. What sets Carbon apart is the fact that it facilitates quick, hassle-free loan access with no collateral or guarantor required. 

Additionally, it allows for seamless transactions like bill payments, money transfers, and even the purchase of airtime. With its emphasis on instant financial solutions, Carbon truly stands out among the best money-saving apps in Nigeria.

7. Chipper Cash

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Chipper Cash is one of the best financial apps available in Nigeria for both savings and money transfers. The mobile application simplifies transactions by eliminating charges and reduces the inconveniences associated with sending money across borders. 

You can save and withdraw money anytime, send and receive money across different countries in Africa, and track your spending habits using this app. 

It has an easy-to-use interface and excellent customer support. Additionally, Chipper Cash has implemented high-grade security measures ensuring that users’ funds and data are protected. It also allows users to buy airtime and pay bills conveniently.

8. Piggyvest

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Piggyvest is one of Nigeria’s best-known money-saving applications. It is a convenient online saving platform that helps users build saving habits by automating the process. 

With features such as auto-save, safe lock, target savings, and flexibility in duration and saving amounts, it has transformed how Nigerians save money.

Piggyvest does not just encourage saving but also smart investing as it allows users to invest in pre-vetted low-medium risk primary and secondary investment opportunities. 

It ensures the highest level of security for users’ funds and data, giving them confidence in the system. What sets Piggyvest apart is its high-interest rates on savings, as well as bonuses for referrals.

9. Trove

Trove is an excellent Nigerian money-saving app designed for investment purposes. This app is perfect for anyone interested in investing in financial securities such as stocks, bonds, and mutual funds. 

Its remarkable feature allows you to invest not only in local Nigerian companies but also in foreign companies across the globe. Users can begin their investment journey with as low as ₦1,000. 

What makes Trove stand out is its informative feature; the app provides resources to guide first-time investors, ensuring they have all the necessary knowledge before diving into the investment world.

The ability to diversify investments and trade without boundaries makes Trove one of the best apps to save money in Nigeria.

10. CredPal

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CredPal is a unique app aimed at promoting financial inclusion and enabling easy access to credit for Nigerians. The primary feature of this app allows users to purchase products from their favorite stores and pay them back in installments. 

What makes this app special is that users can easily track their spending, enabling them to plan their finances and stick to their budget effectively. CredPal also provides a FICO score, allowing users to monitor their credit score and financial health. 

Moreover, CredPal rewards users with credit scores that show responsible financial behavior with an increase in credit limits. Offering users a combination of convenience, accountability, and the ability to better manage their finances, CredPal proves to be an exceptional money-saving app.

11. Migo


Migo is a stellar application to save money in Nigeria, created to bridge financial gaps whenever necessary. Migo provides an entirely online experience, where users can apply and receive loans in minutes without collateral or paperwork. 

They only need to have a good credit history. One standout feature of Migo is its 14-day interest-free loans for new users. The interest rates and payment period are well stipulated, preventing any hidden costs. 

Furthermore, Migo leverages artificial intelligence to track a user’s creditworthiness and limit, providing transparency and efficiency. Overall, the combination of rapidity, accessibility, transparency, and customer service makes Migo an ideal saving and loan solution in Nigeria.

12. Payday

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Payday is another remarkable app that provides excellent savings and loan services in Nigeria. It gives users the flexibility to save daily, weekly, or monthly based on their preference, and offers interest rates of up to 15% per annum on savings. 

Users also have access to loans and can make transactions from anywhere at any time. It prides itself on delivering convenience and simplicity. The interest rate on savings and access to loans in case of emergency distinguishes Payday. 

It also provides personal finance management tools that aid users to track and control their spending habits. In conclusion, Payday makes saving money and tracking expenses effortless, thus serving as a key tool for personal financial management in Nigeria.

13. PettyCash

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PettyCash is a dynamic digital savings platform tailored for the Nigerian market. It focuses on delivering simplified savings and investment solutions to users who wish to gain financial freedom. 

PettyCash allows users to save and invest money through a flexible and secure app. Users can either save at their own pace or opt for an automatic savings plan. Its automatic savings option allows users to debit a certain amount of money from their account daily, weekly, or monthly. 

A standout feature of PettyCash is its high interest rates that accumulate daily. PettyCash gives Nigerian consumers an easy and automated platform to manage, save, and reliably invest their money, offering users a smart choice in financial planning.

14. Alat by WEMA

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Alat by WEMA is Nigeria’s first all-digital bank. Unlike traditional banks, it eliminates the need for lengthy paperwork, long queues, and wait times. With Alat, users can carry out all banking services right from their mobile devices. 

Opening an account is swift and easy with the bank providing a free debit card delivered to the user’s address at no cost. Notably, the app allows users to save money through its saving goals feature. Users can set targets, and determine their saving periods, and the bank automatically deducts from the account until the goal is met. 

Alat also gives a 10% annual interest—higher than regular banks. Furthermore, Alat rewards users with points for transactions carried out on the app. These features and more position Alat as a reliable and easy tool to save money.

15. CredAfrica

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CredAfrica is one of the best money-saving applications you can find in Nigeria. Its user-friendly interface and impressive features enable Nigerians to manage their financial situations with ease. CredAfrica’s uniqueness comes from the fact that it helps you create a budget, save, and invest all in one platform. 

One major feature is that it connects you to trusted credit vendors within seconds if you’re in urgent need of loans. Furthermore, the application is committed to promoting financial literacy, offering educational materials to enhance your understanding of finances. 

Another outstanding feature is the scheduled savings where you can fix a date to save money automatically from your account. Therefore, CredAfrica can be considered one of the best money-saving apps due to its educational benefits and diverse functionality in managing your finances.

Take time to read: Where to Invest Money in Nigeria With Less Risk

Factors to Consider while Choosing a Money-Saving App

When it comes to saving money, technology has certainly made the task easier. In the market today, you’ll find an array of mobile applications designed to help individuals and families manage their finances and budget and save money more effectively. 

However, not all money-saving apps are created equal. To ensure you select the most efficient and effective money-saving app, here are a few crucial factors to consider:

  • Ease of Use: A user-friendly interface should be a priority. If you can’t navigate the app quickly and intuitively, you’re less likely to use it. Make sure that the app you choose is straightforward, quick to set up, and easy to navigate.
  • Integration Capabilities: Check if the app can integrate with your bank accounts and other financial institutions. This way, the app can track your income, spending, and savings without needing manual inputs.
  • Security: The safety of your financial information is of utmost importance. Check that the app has high-grade encryption and other robust security measures. Do thorough research and read reviews to ascertain the app’s reputation when it comes to user’s financial safety.
  • Cost: While there are plenty of free money-saving apps, some offer advanced features for a subscription fee. Always compare the cost versus the benefits to see if the price is justified.
  • Customization: You should be able to personalize the app according to your savings goals, expenditure categories, etc. An app that gives you options to tweak its features based on your preference will be more beneficial.
  • Support and Help: There may be times when you will need help using the app. It’s important to choose an app with reliable customer service support that can provide you with immediate assistance when needed.
  • Reporting and Insights: An ideal money-saving app should be able to provide detailed financial reports, overviews, and insight into your spending habits. These features can help you adjust your budget and spending habits accordingly.
  • Real-Time Tracking: A great app should track your expenses and savings in real-time. This way, you can always be aware of your financial status, helping you to avoid overspending.
  • Reviews and Ratings: It’s wise to check out the ratings and user reviews of the app. Reviews will help you understand any problems users face and their overall satisfaction with the app.
  • Platform Compatibility: Lastly, you want to ensure that the app is compatible with your device and operating system. Some apps may not function properly or may not be available for your device.

Take your time in researching different apps and choose the one that best suits your lifestyle and financial goals. By using the right money-saving app, you can make managing your finances more straightforward, less time-consuming, and perhaps even a bit more enjoyable.

Also, check out – 21 Legit Online Investment Platforms in Nigeria That Pays Daily

TransferXO Bill Payment
TransferXO Bill Payment

Future Innovations Can We Expect in Money-Saving Apps for Nigerians

The fintech industry in Nigeria is evolving, offering future innovations in money-saving apps. Soon, AI-powered savings apps will automate the savings process and provide personalized advice based on the user’s spending habits. 

Machine learning algorithms will help optimize investments, ensuring higher returns. New apps will use blockchain technology for secure and seamless transactions. 

Future savings apps may also provide low-interest loans based on the user’s savings history, helping to alleviate poverty. To cater to the underbanked, the next generation of apps might offer features such as peer-to-peer lending and simplified investment opportunities. 

Lastly, to address the low financial literacy rates, upcoming apps will incorporate interactive financial education tools. These innovations promise a future of financial inclusion and economic growth for Nigeria.

Frequently Asked Questions 

Do these money-saving apps require any charges or fees?

Most of these apps do not require any charges or fees to begin saving. However, transaction fees or commissions may apply when you’re making withdrawals, transferring funds, or investing.

Are these money-saving apps available for both Android and iOS?

Yes, most of these money-saving apps like PiggyVest, Cowrywise, KoloPay, and ALAT by Wema are available for download on both the Google Play Store for Android users and the App Store for iOS users.

How can these apps help me manage my finances?

These apps come with features that help track your expenses, create budgets, set financial goals, and save towards those goals. They offer a practical way to understand and manage your finances effectively.

Is my money insured when I save with these apps?

Most of these apps partner with insured and licensed banks, so your savings are usually insured by the Nigeria Deposit Insurance Corporation (NDIC). Always make sure to verify this information with the app company.


Utilizing money-saving apps is a fantastic way to ensure financial responsibility in Nigeria. Whether you want to monitor your expenses, automate savings, get cash back for shopping, or invest wisely, apps such as CowryWise, ALAT, PiggyVest, and Branch can significantly aid in reaching your financial goals. 

Though each app offers unique features and benefits, it’s crucial to select one that aligns with your specific financial needs and lifestyle.

Remember that it is never too late to begin saving. Use these digital platforms as stepping stones towards achieving your financial independence.

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