Growing up in Nigeria, many of us were taught how to save in clay pots, wooden boxes and some other forms of piggybanks. Online savings was not possible back then, only until recently did technology give rise to online savings and a few Nigerian tech companies have built their products around this, doing something almost better than what traditional banks do.
Online savings platforms use smart intelligent tools to promote a healthy savings habit. All from the comfort of your smartphone, tablet or computer, you can now easily and securely save money while earning high interests.
When I first heard of this, I was quite skeptical I must say, but trials with some of these platforms really convinced me. They all do fantastic jobs, and I sincerely do not have a favorite, I use all of the companies I will be sharing with you below.
But first, why should you even consider online savings?
It is extremely easy to use.
It is secure “I found out that all card and bank details are secured by one of the best payment processors in Africa.”
They pay way higher interest on savings when compared to banks.
I can easily automate my savings and I can also save as low as ₦100… Fantastic!-
Basically, what I’m just trying to say is: on these platforms you can save as low as ₦100, daily/weekly/monthly or even anytime you want.
They also do not charge bank maintenance fees, card fees or any of those fees we are used to being charged by you know who.
Here’s a list of the top three savings platforms I would recommend in no particular order. I use these ones because it’s easy to use, no hidden fees, they all have verifiable office addresses, and I most especially love their customer services. Even at 2 am, they will respond to a tweet, DM or email.
I’ve read I think Piggyvest has the youngest team which keeps them vibrant and full of ideas, maybe that’s just a PR thing going for them. The company started straight out of University and they have been doing very well since then. They recently changed their name from Piggybankng to Piggyvest, but service is still very good. But they probably need to improve customer care, they take a long time to respond to emails and phone calls. Their interest payout monthly is very transparent, love it!
I would give the best customer service to CashBox. They know how to make you feel really good. They have apps on Android and iOS, and also a website for people who don’t want to download the app. But I would like to see them upgrade their user interface, I will like to see the app looking sharper and more interactive. Emails and live chats with Adriana is always very helpful. Don’t ask me who Adriana is, ask CashBox when you start saving.
They are also very transparent as you get to see all your savings, and daily interest earned on their dashboard.
For the best user interface, I will definitely have to give it to these guys. Few months ago, it wasn’t the best, but right now it is amazing. But they need to explain how their investments work.
I also feel that the explanations they give in emails they send out are quite vague and too many big investments/ Finance English. But I like to get emails from Ope though . You will know who Ope is when you start saving.
These savings platforms have all had good track record in their few years of operation, but I have some reservations about them though:
They are still pretty new (not more than 3 years) – Their founders and team members are mainly young intelligent Nigerians, but on the flip side, Facebook founder, Mark Zuckerberg is young too
They are not really regulated by CBN, although they have some form of partnership with Banks and institutions regulated by CBN and SEC. So your money is safe anyway.
I think that’s basically my reservations, but all the same, I’ve been happily saving on these platforms and I’m loving it.
In conclusion, young Nigerians are making us proud and helping everyone cultivate a better savings culture, they have definitely helped me save a lot. I will recommend these companies I just mentioned to anyone interested in securely saving money. I am constantly keeping an eye on them, so should I notice any foul play, trust me to spill.
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