Top Digital Savings platforms in Nigeria (and Interests they offer on Savings)

As a young Nigerian trying to earn a living, the idea of saving, when you earn very little and can barely pay your bills might seem ridiculous and impossible. Truth is, there’s never going to be enough money or a convenient time to start saving. So, to stand a chance of reaching financial stability, you must cultivate the habit of saving from the little income you earn and if you’re consistent, your financial situation will improve over time.

So, if you are looking to cultivate the habit of saving, earning high interest on your savings that is better than what commercial banks offer, here are some of the best online savings platforms encouraging saving in Nigeria.

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Interest rate: 10% – 15%

Platform: Android, Web, IOS

Withdrawal Charges: None

Minimum Withdrawal: None

CowryWise is a digital platform designed to help make saving a seamless process. Your savings on CowryWise can generate interest, up to 15% per annum. You can start saving with as low as ₦100. You can access a loan on CowryWise, a high saving score increases your chance of getting a loan on the platform.

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Interest rate: 0.8% monthly, 10% annually

Platform: IOS, Android

Withdrawal Charges: 5% penalty fee, but with 1 free-of-charge withdrawal quarterly

Minimum Withdrawal: ₦3,000

Formally called Piggybank, PiggyVest is an online and mobile App savings platform that allows seamless and flexible saving. It offers users the option of saving daily, weekly or monthly. You can set your preferred withdrawal dates, withdrawal outside these dates attract a 5% penalty fee. Also, only one withdrawal can be made every 24 hours.

PiggyVest also have a referral plan in place that allows its users to earn ₦50 when they convince someone to create an account using a referral link.


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Interest rate: 6% annually

Platform: Web, Android

Withdrawal Charges: 5% penalty fee if withdrawal is made before the set date.

Minimum Withdrawal: You can only withdraw full amount.

When trying to save toward a set goal, KoloPay is the right Platform to choose. Kolopay helps users easily save towards their set goals, and they get up to 10% interest. The platform also allows users share their saving goals with friends and family to contribute to the achievement of the set target.  


Interest rate: 4.2%

Platform: Web, Android, IOS

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Withdrawal Charges: ₦65 penalty fee for withdrawals using your debit card on other banks

Minimum Withdrawal: None

Issues debit cards: Yes

ALAT is a product of WEMA bank, the platform offers the basic banking services and allow users pay bills through the platform. The bank issues a debit card to every account holder on the ALAT platform, although ALAT charges a monthly card maintenance fee, as with commercial banks. The 4.2% interest offer is on condition that the user does not make more than 3 withdrawals monthly.



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