08-18-2025, 09:29 AM
If you’re tired of the tiny interest rates from traditional banks (3%–7% at best), here are some licensed, NDIC-insured fintech apps that offer much higher returns on your savings:
1. FairMoney
Savings Option: FairLock
Interest Rate: Up to 28% per annum
Highlight: One of the highest fixed savings rates in Nigeria. Ideal if you want to lock money away for a set period and watch it grow.
2. PiggyVest
Savings Option: SafeLock
Interest Rate: Up to 20% per annum
Highlight: Trusted by millions, PiggyVest is Nigeria’s pioneer digital savings app. SafeLock forces discipline—you can’t withdraw until maturity.
3. PalmPay
Savings Option: Fixed Savings
Interest Rate: Up to 20% per annum
Highlight: Simple to use and well-integrated with PalmPay’s mobile wallet for easy deposits and withdrawals.
4. OPay
Savings Option: Fixed Money
Interest Rate: Up to 17% per annum
Highlight: Popular super-app with fast transactions, plus a decent savings return compared to commercial banks.
5. Moniepoint
Savings Option: Locked Savings
Interest Rate: Up to 16% per annum
Highlight: Backed by one of Nigeria’s strongest fintechs, Moniepoint offers reliability and accessibility with attractive rates.
6. Kuda Bank
Savings Option: Fixed Savings
Interest Rate: Up to 15% per annum
Highlight: Known as the “Bank of the Free,” Kuda combines zero fees with competitive interest for locked funds.
Bonus Notes:
1. Safety First – All the above apps are licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). That means your money is protected.
2. Avoid Risky Platforms – Don’t save with any company that isn’t CBN-licensed and NDIC-insured. If anything happens, your money may not be recoverable.
3. Why Not Big Banks? – Traditional commercial banks still offer very low fixed savings rates (around 3%–7% per annum). With inflation where it is, that’s almost nothing compared to what fintechs give.
4. If your goal is to beat inflation, earn higher returns, and still keep your money safe, these fintech apps are far better options than sticking with old-school banks.
1. FairMoney
Savings Option: FairLock
Interest Rate: Up to 28% per annum
Highlight: One of the highest fixed savings rates in Nigeria. Ideal if you want to lock money away for a set period and watch it grow.
2. PiggyVest
Savings Option: SafeLock
Interest Rate: Up to 20% per annum
Highlight: Trusted by millions, PiggyVest is Nigeria’s pioneer digital savings app. SafeLock forces discipline—you can’t withdraw until maturity.
3. PalmPay
Savings Option: Fixed Savings
Interest Rate: Up to 20% per annum
Highlight: Simple to use and well-integrated with PalmPay’s mobile wallet for easy deposits and withdrawals.
4. OPay
Savings Option: Fixed Money
Interest Rate: Up to 17% per annum
Highlight: Popular super-app with fast transactions, plus a decent savings return compared to commercial banks.
5. Moniepoint
Savings Option: Locked Savings
Interest Rate: Up to 16% per annum
Highlight: Backed by one of Nigeria’s strongest fintechs, Moniepoint offers reliability and accessibility with attractive rates.
6. Kuda Bank
Savings Option: Fixed Savings
Interest Rate: Up to 15% per annum
Highlight: Known as the “Bank of the Free,” Kuda combines zero fees with competitive interest for locked funds.
Bonus Notes:
1. Safety First – All the above apps are licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). That means your money is protected.
2. Avoid Risky Platforms – Don’t save with any company that isn’t CBN-licensed and NDIC-insured. If anything happens, your money may not be recoverable.
3. Why Not Big Banks? – Traditional commercial banks still offer very low fixed savings rates (around 3%–7% per annum). With inflation where it is, that’s almost nothing compared to what fintechs give.
4. If your goal is to beat inflation, earn higher returns, and still keep your money safe, these fintech apps are far better options than sticking with old-school banks.