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Top 10 Savings Apps in Nigeria Based on User Rating

With the advent of digital banking in Nigeria, saving money has been made more seamless. Read below the top 10 savings apps in Nigeria based on user rating to further help you.

It’s a new year, and for most people, this means there are financial goals to be met. One of the best ways of meeting those goals is by setting money aside periodically.

Thankfully, others who have gone before can give a hint of what worked for them and what didn’t.

What is a user rating?

Before getting on the digital saving train, the very first step would be to download a mobile application, simply called an app.

There are two main platforms for downloading these apps. The iOS for Apple products and Google Play for Android phones.

We also have the Windows store for Windows phones, but it is not very popular in these parts.

For this write-up, we will be sampling the apps on Google Play.

Google Play uses a star-based rating system to determine the apps with the best delivery according to their users.

This means users can review the saving apps and Google uses an algorithm and an average to determine how many stars are displayed.

These ratings appear on a scale of 1 to 5 stars with 5 being the highest rating an app can get.

Requirements for using savings apps in Nigeria

By law, not just anybody can use a savings app in Nigeria. Just like loan apps, there are requirements needed to save money online.

These requirements may vary with the different platforms. Some of them include:

  • You must be above the age of 18 years old.
  • You must have a Valid ID card for verification (National ID, Voters Card, or Passport).
  • You must have a Bank Account and Bank Verification Number (BVN).
Steps to save money through savings apps in Nigeria

The journey to saving money in Nigeria is simple and can be achieved within minutes.

As a user, all you need to do to save and invest your money successfully through money savings apps in Nigeria is to:

  • Choose and download the saving app of your choice.
  • Install the app on your phone.
  • Open the app and register with your correct details and any document needed.
  • Check the interest rate (if available) and choose your preferred saving options (amount and duration).
  • Confirm, submit, and make payment and then allow it to be processed.

Once approved, the cash equivalent will be debited from your bank account and your savings plans will be updated.

Savings Apps based on user rating

As of January 2022, there were approximately 142,368 apps in the Google Play store with an average rating of 4.5 stars or higher out of 5 stars.

In total, 1.44 million apps had a rating and a further 2.13 million apps in the Google Play store had less than three user ratings.

Users can only rate an app once, but they can update their rating or review at any time.

To protect the apps and automatically detect suspicious ratings and review activity on its platform Google Play does not publicly post user reviews immediately.

Instead, new submissions are generally held back for around 24 hours.

Below, in no order, are the top 10 savings apps in Nigeria based on user rating:

  1. Carbon – 4.4 Star

With a 4.4 star rating and over a million downloads, Carbon app promises total control of your finances. It is also one of the best loan apps in Nigeria based on interest rate.

A credit-led digital bank, Carbon helps you track and simplify your finances.

It also offers its customers up to 15.5% interest per annum on savings.

  1. ALAT by Wema – 3.7 star

Alat, a banking app by Wema Bank has an above-average rating of 3.7 stars.

With over a million downloads, the app is designed to help you do more with your money.

With Alat, you can schedule transfers, save and pay bills automatically, take collateral-free loans, get your bank card delivered to you anywhere in Nigeria and save with exciting saving options.

  1. KoloPay – 3.4 stars

KoloPay also has an above-average rating of 3.4 stars. This app is a mobile piggy bank that helps you save little by little towards your goals.

This platform is totally cashless as your savings are made from your existing bank accounts.

Accounts are linked using your debit card details.

  1. Piggyvest – 3.7 star

A product of Piggytech Global Ltd, Piggyvest, one of the most popular savings apps in Nigeria pulls its weight at 3.7 stars.

PiggyVest is described as the largest single online savings and investment platform in Nigeria.

With automated savings and the ability to save towards multiple goals, users can meet their savings goals and earn competitive returns.

  1. V Bank – 4.5 star

V Bank, a digital banking app that gives you unrestricted access to banking, boasts a user rating of 4.5 stars.

Although it has above 500,000 downloads, the app helps users with easy account opening, instant transactions and bills payment, investments at high rates and great returns, budgeting and account management tools, and more importantly, creating savings plans.

  1. SumoTrust – 5.0 star

A product of Sumo Tech Global Limited, SumoTrust savings app tops the chart with 5.0 stars, the highest any app can ever achieve.

SumoTrust is a secured online savings and investment platform in Nigeria. Its automated App helps users to save little by little for a goal at their own convenience.

They also get to earn high interest for every penny saved.

  1. Kuda Bank – 4.2 star

Kuda Bank, at over five million downloads, has a 4.2 google star rating.

Kuda gives you an easy way to manage your money on your phone.

Licensed by the Central Bank of Nigeria, CBN, you can save and plan easily with Kuda Bank’s saving and budgeting features.

You can also get up to 15% annual interest.

  1. Cowrywise – 4.5 star

Cowrywise has a 4.5 star rating, one of the highest savings apps ratings in Nigeria.

Cowrywise is a wealth management app, licensed by the SEC, that enables you to plan, save and invest money easily.

With the app, you can start automated savings with any amount per day, week, or month with its Periodic Savings Plan.

You can also use its Life Goals Plan to stay disciplined and save for long-term goals like education, housing, retirement, a wedding, or your business.

  1. Jetseed – 2.9 Star

Jetseed, formerly known as Pettysave, has a 2.9-star rating.

Existing since 2019, Jetseed has helped Nigerians save and invest towards financial freedom.

The app aids people to achieve their life goals in business, education, and family.

Through the app, you can automate your savings and earn 10 to 12% interest per annum.

  1. Crowdyvest – 2.9 star

Like Jetseed, Crowdyvest also has a 2.9 star rating on the Google Play store.

By signing up on the Crowdyvest platform, users can automate their savings and reach their goals faster.

Features of a good saving app in Nigeria

While there is a myriad of saving apps in Nigeria, there are features a first-time user needs to make informed decisions.

Not only will these features protect your money, but they also ensure that you are not a victim of identity theft.

A good investment and money-saving app in Nigeria must:

  • Have a strong security level
  • Be mobile-friendly
  • Have good savings and payment options
  • Have a considerable interest rate.
  • Be fully registered with the proper agency.
  • Do not have hidden charges.
  • Have fair customer policies.
  • Have terms and conditions for its customers.



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