5 Platforms to Grow Your Money in Nigeria

Money isn’t everything, but happiness isn’t enough to keep the rainy days away. That is why investing is such an important aspect of accumulating wealth.

Investing money is a fantastic way to get passive income. There are numerous platforms to grow your money in Nigeria, and millennials are embracing them, shifting away from traditional savings models and security firms in favour of financial technology-backed platforms.

The goal of these programs is to make investing as simple as possible. Individuals, both professionals and beginners, can use mobile investment apps to save money by investing in securities such as stocks, bonds, mutual funds, and the agricultural sector.

While stockbrokers can still execute deals on behalf of investors, these platforms let you grow your money and handle your trading from your phone in Nigeria. 

You should consult an investment advisor before parting with your money due to the risk associated with trading stocks.

A few touches on your phone screen can get you started buying stock in banks, listed telcos, or insurance companies.

Here are 5 platforms to grow your money in Nigeria. 

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1. Carbon

Carbon, previously called Pay later, is a Nigerian online investing company that offers clever investment solutions. Payments, invoices, and short-term loans are also available.

Carbon wants to assist people in harnessing the power of money by helping them accumulate wealth through profitable investments.

Carbon offers one of Nigeria’s finest interest rates.

Carbon Platform: Android and iOS

Annual interest rate: 15.5 percent

Charges for withdrawal: none

No minimum withdrawal

2. Bamboo

Bamboo is a Nigerian online investment platform that allows anyone to invest in over 3500 stocks listed on the New York Stock Exchange.

You may buy, hold, and sell foreign stocks immediately from your phone on the Bamboo platform.

Bamboo App Platforms: Android and iOS.

The minimum investment is $20.

Government-issued identification and a utility bill are required documents. The documents are submitted in images rather than hard copies. Some fundamental details are needed, such as a verified email address, verified phone number, and bank account information.

Payment options: Mastercard, VISA, and Verve cards. Bank Wire Transfer

Time to hold: As long as you want.

Investment tracking: The Bamboo app allows you to track the progress of investments you’ve made.

Withdrawals: Your funds will settle in your account between 1 to 2-3 business days after placing a withdrawal order using the app.

On all accounts, Bamboo employs advanced bank-level security, data encryption, and two-factor authentication (2FA).

 All Bamboo accounts are maintained with a top-tier local and U.S. brokerage business that guarantees each account up to $500,000.

3. Farmcrowdy 

Farmcrowdy is an online agriculture crowdfunding platform connecting farmers with agricultural sponsors (investors).

Farmcrowdy farm sponsors receive bi-weekly updates for farm cycles of 6 months or less and monthly updates for farm cycles of more than 6 months.

These updates often consist of photos, written reports, and videos depicting development at various phases of the farm cycle.

Farmcrowdy uses a profit-sharing mechanism in which the farmer receives 40% of the profit, the farm sponsor receives 40% of the profit, and farm crowdy receives 20% of the profit.

This internet investment platform’s existing farm projects are completely insured. This is so that the sponsor’s capital might be returned in the event of unanticipated situations.

Farmcrowdy Platforms include the following features: Farmers are the web owners of farmland. There is a 6–25% return on investment for investors (flat-rate).

The products available include maise, poultry farm, cassava, soybeans, and rice.

Farm product costs range from $90,000 to $284,000.

Cycle duration: 6–12 months

4. Chipper Cash

Chipper Cash is a mobile application that allows you to send and receive money throughout Africa. It also allows you to invest in stocks and cryptocurrency.

Chipper allows you to diversify your investment portfolio by purchasing fractional shares of publicly traded overseas businesses like Apple, Facebook, and Nike. 

Chipper cash claims to provide the cheapest commissions and the fastest trade executions.

This program also allows you to effortlessly buy and sell bitcoin.

5. GetEquity 

GetEquity is a one-of-a-kind investment platform that lets anyone participate in Africa’s best homegrown entrepreneurs from seed to IPO.

Investing in startups used to be reserved for the well-connected, but GetEquity has democratised startup investing for Africans, allowing anybody to support emerging, high-growth and promising technologies from Africa with a single click.

GetEquity is able to accomplish this by employing tokenised equity, which is a digital representation of real-world security holdings (equity).

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