10 Best Apps to Save Money in Nigeria as a Student (2024)

Have you ever thought about your after-school while you are still a student? or have you ever thought of starting something small or big that can fend for you even after school?

We have many Graduates with their certificates engaging in one menial Job or another all because of the low employment opportunities.

Some end up working or doing something other than what they studied in school. all this serves as a source of livelihood. Most of the things they engage in start with the capital raised from savings.

As a student in Nigeria, you might find it challenging to save money. Between tuition fees, textbooks, transportation costs, and other expenses, It can feel like there’s never enough money to go around.

However, with the right tools and strategies, it’s possible to save money and still enjoy your college experience.

In this article, we’ll take a look at ten of the best apps for saving money as a student in Nigeria.

10 Best Apps to Save Money in Nigeria as a Student

PiggyVest

PiggyVest is a popular savings and investment app in Nigeria that allows you to save money automatically. In 2016, Piggyvest started operations.

You can set up automatic transfers from your bank account to your PiggyVest savings account, and offers various savings plans, such as the SafeLock feature that permits you to save funds without accessing it, for a period to gain higher interest rates.

The app also provides an option to invest in Nigerian stocks and fixed-income securities and it has a user-friendly interface. Also, it has a saving interest rate of about 10% to 15% based on the amount saved.

You can also log on to https://www.piggyvest.com/ for account opening and more information or inquiries.

Cowrywise

Cowrywise is a savings and investment app in Nigeria that allows you to save money regularly. it was launched a year after the PiggyVest 2017.

With Cowrywise, you can save as little as N100 and earn interest rates of up to 15% per annum. The app offers various investment options, including mutual funds, fixed-income securities, and dollar investments.

You can also set up automatic savings plans and monitor your progress toward your financial goals. it also has a feature of the saving challenge done annually. it makes you feel fun while saving.

There are types of saving in the cowrywise app. Regular savings, life goals, the Halal Savings.

For more information and account opening, you can log on to https://cowrywise.com/

ALAT

ALAT is a digital bank that offers various savings and investment options. With ALAT, you can open a savings account and earn interest rates of up to 10% per annum. It is a highly secure savings application.

The app also offers investment options, such as the Goal-Based Investment feature that allows you to set financial goals and invest toward them.

You can also set up automatic savings plans and track your expenses using the app’s budgeting tool. it is owned by Wema Bank.

For more information and account opening, you can log on to their website at https://alat.ng/

FINT

FINT is a personal finance app that helps you manage your money better. With FINT, you can track your expenses, create budgets, and set financial goals.

The app also offers investment options, such as the Fixed Income Investment feature that lets you invest in Nigerian treasury bills and earn higher interest rates.

You can also set up automatic savings plans and monitor your progress toward your financial goals.

Kuda

Kuda is another digital bank in Nigeria that offers various savings and investment options. With Kuda, you can open a savings account and earn interest rates of up to 10% per annum.

The app also offers investment options, such as the Kuda Mutual Funds feature that lets you invest in Nigerian mutual funds.

for more information and account opening, you can Log on to their webpage at https://kuda.com/

Wallet. ng

Wallet. ng is a digital wallet app that allows you to send and receive money, pay bills, and buy airtime and data.

The app also offers a savings feature that lets you save money regularly and earn interest rates of up to 10% per annum.

Rise

Rise is a personal finance app that helps you save money and improve your credit score. With Rise, you can set up automatic savings plans, monitor your credit score, and receive personalized recommendations on how to improve your finances.

The app also offers investment options, such as the Rise Stash feature that lets you invest in Nigerian stocks and earn higher returns.

You can create an account by logging into their website at https://risebank.app/

Carbon

Carbon is a digital finance platform that offers various financial services, including savings and investment options.

With Carbon, you can open a savings account and earn interest rates of up to 10% per annum.

The app also offers investment options, such as the Payvest feature that lets you invest in Nigerian mutual funds and earn higher returns.

You can also set up automatic savings plans and track your expenses using the app’s budgeting tool.

You can log on to https://www.getcarbon.com for more information

FairMoney

FairMoney is a mobile app that offers various financial services, including savings and investment options. With FairMoney, you can open a savings account and earn interest rates of up to 13% per annum.

Its major advantage is the FairMoney Invest feature that lets you invest in Nigerian mutual funds and earn higher returns. You can also borrow money and pay bills using the app.

You can log on to https://fairmoney.io/ for more information, the creation an account, and download the application.

Carbon Zero

Carbon Zero is a carbon offsetting app that allows you to offset your carbon footprint by supporting various climate projects.

With Carbon Zero, you can calculate your carbon footprint, choose a climate project to support, and make a donation. The app also offers various sustainability tips to help you reduce your carbon footprint.

For account opening, savings management, and inquiries you can log on to their website at https://zero.getcarbon.co/

Conclusion

Various apps can help you save money as a student in Nigeria. These apps offer various savings and investment options, budgeting tools, and personalized recommendations to help you improve your finances.

It’s important to do your research and choose the app that best suits your needs and goals. Remember, every little bit of savings counts, and it’s never too early to start building a solid financial foundation for your future.

Students in Nigeria often face financial challenges related to tuition fees, textbooks, transportation costs, and other expenses.

These expenses can be especially difficult to manage for students who come from low-income backgrounds or who are supporting themselves through school.

Frequently Asked Questions

How can apps help students save money?

Apps can help students save money by providing tools and resources to manage their finances more effectively.

For example, savings and investment apps allow students to set up automatic savings plans and earn interest on their savings.

Budgeting apps help students track their expenses and identify areas where they can cut back.

And carbon offsetting apps provide a way for students to support environmental sustainability initiatives.

Are these apps only available to Nigerian students?

While the apps listed in this article are primarily targeted toward Nigerian students, many of them are available to users in other countries as well.

However, some features of the apps (such as investment options) may be limited to users in Nigeria or require additional verification steps.

Do these apps charge fees?

Some of the apps listed in this article may charge fees for certain services, such as investment transactions or international money transfers. However, many of the essential savings and budgeting features of the apps are free to use.

Are these apps safe to use?

The apps listed in this article are generally considered safe to use, as they are regulated by Nigerian financial authorities and employ various security measures to protect user data.

However, doing your research and reading user reviews before trusting an app with your financial information is always a good idea.

Can these apps guarantee that I will save money?

While these apps provide useful tools and resources for saving money, ultimately it’s up to the individual user to make smart financial decisions and stick to their savings goals.

However, by using these apps and following their recommendations, students can increase their chances of saving money and achieving their financial objectives.