Investing has long been a reliable way for Nigerians to create wealth and generate passive income. Rather than working solely for your money, investment allows your money to work for you and produce returns. As interest in investing has grown, a number of firms have emerged offering various investment opportunities and platforms.
In this comprehensive guide, we’ll explore the 10 best investment apps available to Nigerians today. These apps provide access to a diverse range of asset classes and investment strategies, empowering users to grow their wealth through prudent, informed investing.
1. PiggyVest
PiggyVest has firmly established itself as one of the most popular savings and investment apps in Nigeria. A key driver of its widespread adoption is the platform’s ability to offer highly competitive interest rates, attracting over 4 million customers to date.
PiggyVest’s investment plan, known as Investify, allows users to invest in a variety of assets including fixed income, transportation, and agriculture. The minimum investment amount is just ₦5,000, and users can potentially earn returns of up to 25% on their investments.
In addition to investment opportunities, PiggyVest also enables users to earn interest on their savings accounts, with rates ranging from 5% to 15% annually. The platform charges a 5% fee for withdrawals made outside of the designated free withdrawal days, which occur four times per year.
The PiggyVest app is readily available on both the Google Play Store and Apple App Store, catering to Android and iOS users alike.
2. Carbon
Formerly known as Paylater, Carbon has evolved into a versatile digital banking platform that offers not only payment and lending services, but also smart investment options.
Carbon’s investment plans are structured to help users unlock the potential of wealth growth through attractive returns. The platform currently provides three distinct investment plans:
1. Cash Vault: This is a fixed deposit account that allows users to lock away their funds for a specified period, earning up to 11% on investments with a minimum threshold of ₦50,000.
2. FlexSave: This is a one-time investment plan that can generate returns of up to 9%, with the added flexibility of being able to contribute additional funds to the account.
3. Goals Plan: Users can set daily, weekly, or monthly investment targets starting from as little as ₦100, potentially earning up to 9.5% upon the successful completion of the goal.
The Carbon app is readily available for download on both the Google Play Store and Apple App Store.
3. Cowrywise
Cowrywise is another standout investment app in the Nigerian market, notable for its ability to provide users with access to top mutual funds in the country. The platform offers Naira and Dollar-denominated mutual fund options, as well as a range of savings products such as Regular Savings, Halal Savings, Emergency Savings, Savings Circles, and Money Duo.
One of the key advantages of Cowrywise is the lack of minimum withdrawal requirements and withdrawal charges, making it a convenient choice for investors. The app is accessible to both Android and iOS users.
4. Trove
Trove is a digital stock investment app that empowers users to invest in Nigerian, American, and Chinese stocks. This versatility positions Trove as one of the leading investment apps in Nigeria, catering to those seeking exposure to both local and foreign equity markets.
In addition to stocks, the Trove app also facilitates investments in bonds, exchange-traded funds (ETFs), and real estate investment trusts (REITs). The minimum investment amount is a modest ₦1,000, and users can conveniently track their returns on investment (ROI) directly within the app.
The Trove app is available for download on both the Google Play Store and Apple App Store.
5. Bamboo
Bamboo is another investment app that enables users to invest in Nigerian and international stocks. The platform provides access to over 3,500 stocks listed on the Nigerian Stock Exchange, as well as stock exchanges in the United States.
Through the Bamboo app, investors can buy, hold, and sell local and foreign stocks with ease. The minimum investment amount is set at $20, and the platform employs advanced security features to ensure the safety of user funds and data.
The Bamboo app is available for both Android and iOS users.
6. Risevest
Risevest stands out as an investment app that facilitates dollar-denominated investments for Nigerians. This allows users to make investments in US stocks, real estate, and Eurobonds, starting from as little as $10.
Risevest’s portfolio has historically generated annual returns of around 14% on US stocks, positioning it as a compelling option for Nigerians seeking exposure to foreign equity markets. It’s important to note, however, that actual returns are subject to market performance.
The Risevest app can be downloaded from both the Google Play Store and Apple App Store.
7. Chaka
Chaka is an investment app that provides access to local and international stock markets, with a minimum investment threshold of just ₦1,000 or $10. The platform caters to both individual and business investors seeking investment opportunities and wealth management solutions.
The Chaka app is available on the Google Play Store and Apple App Store, allowing users to conveniently track their returns on investment (ROI) directly within the application.
8. I-invest
While many investment apps focus on stocks and mutual funds, I-invest offers a unique proposition. The platform enables users to securely purchase and manage a variety of investment instruments, including Treasury bills, shares on the Nigerian Stock Exchange, Eurobonds, fixed deposits, and commercial papers.
The ability to invest in Treasury bills, considered one of the safest investment options, is a standout feature of the I-invest app. Users can download the app from both the Google Play Store and Apple App Store, and easily monitor their investment portfolio within the platform.
9. GetEquity
GetEquity takes a different approach to investment, facilitating access to start-up financing and venture capital opportunities. This allows users to invest in top local startups in Africa, from the seed phase all the way through to the initial public offering (IPO).
By democratizing startup investing, GetEquity empowers Nigerians and other Africans to participate in the growth of promising young companies. The app is available for download on the Google Play Store and Apple App Store.
10. Crowdyvest
Crowdyvest offers flexible investment opportunities for Nigerians seeking attractive returns on their investments. The platform has a relatively higher minimum investment amount of ₦20,000, but provides two distinct investment plans:
1. Hyperplan: This plan allows users to earn returns on low-to-medium risk opportunities across multiple asset classes in a single investment.
2. Projects: This plan enables users to earn returns on project-specific offerings in real sectors.
The Crowdyvest app is readily available for download on both the Google Play Store and Apple App Store.
Frequently Asked Questions (FAQs) About Investment Apps in Nigeria
What is the best investment app in Nigeria?
The “best” investment app in Nigeria largely depends on the specific asset class or investment strategy you wish to pursue. Each of the apps highlighted in this guide caters to different investment needs, so the optimal choice will depend on your investment goals, risk tolerance, and preferred asset allocation.
Is it safe to use investment apps in Nigeria?
Using investment apps in Nigeria can be considered relatively safe, provided you do your due diligence in researching the credibility and track record of the platform you intend to use. As with any financial service, it’s important to be cautious and vigilant to avoid potential scams or untrustworthy providers.
How much can I invest using investment apps in Nigeria?
The minimum investment amount varies across the different investment apps in Nigeria. While some platforms like Trove and Chaka allow you to start investing with as little as ₦1,000, others like PiggyVest have a higher minimum of ₦5,000. It’s important to review the specific investment minimums of each app to determine the right fit for your financial situation and investment goals.
Conclusion
The proliferation of investment apps in Nigeria has significantly expanded the opportunities for Nigerians to grow their wealth through prudent, informed investing. These platforms provide access to a diverse range of asset classes, investment strategies, and risk profiles, empowering users to tailor their investment portfolios to their individual needs and preferences.
By carefully evaluating the features, investment options, and track records of the top 10 investment apps highlighted in this guide, Nigerian investors can make informed decisions and take the first step towards building a secure financial future. Whether your goal is to generate passive income, save for retirement, or capitalize on the growth potential of emerging markets, there is an investment app in Nigeria that can help you achieve your financial aspirations.