Fintech apps in Nigeria with competitive interest rates on savings

A few years ago, I kept my savings in a regular bank account. The interest was so low it barely made a difference, and I often felt like I was just maintaining money there for safety, not growth. Then I heard a friend bragging about how her savings app gave her “20% interest in one year.” My jaw dropped. I wanted in.

Like most people, I downloaded one of the popular fintech apps. The signup was easy, the interface looked good, and the promises were even better. But soon, I realised those high rates came with strings attached, locking your money for months, or enjoying the rate only as a new user. It wasn’t as straightforward as I thought.

For this guide, I went beyond marketing claims. I spoke to everyday users who shared both wins and disappointments. If you’re considering a savings app, here’s what you need to know about the fintechs in Nigeria that truly deliver competitive returns.

5 fintech savings apps in Nigeria with competitive interest rates

Nigeria’s fintech savings market is crowded, with dozens of apps competing to help users save, earn interest, and hit financial targets. Here’s a breakdown of some of the major players, their savings plans, and what sets each apart.

1. PiggyVest

PiggyVest is one of the most popular savings apps in Nigeria. It focuses on helping you save consistently and avoid spending temptations.

• SafeLock – Lock your money for 90–365 days and earn up to 22% annually. You can’t withdraw until the maturity date.
• Piggybank (Autosave) – Save automatically daily, weekly, or monthly with rates up to 18% per year. Early withdrawals outside set dates attract a 3.5% penalty.
• Flex Naira & Flex Dollar – Flexible accounts with instant withdrawals. Flex Naira pays 12% per year, while Flex Dollar pays 7% per year and helps protect against Naira devaluation.

PiggyVest has grown popular among young Nigerians for its flexibility and attractive interest rates.

“As a corps member, my allowance isn’t much, but it [PiggyVest] helps me stay disciplined,” said Bunmi, an NYSC corps member in Lagos. “  I like that I can lock my money and earn better interest than my regular bank.”

2. Renmoney

Renmoney highlights security and regulation, making it one of the most trusted options.

• RenVault – Fixed savings with up to 28% per year, depending on how long you lock your funds (up to 24 months).
• RenFlex – Flexible plan with 18% per year and no withdrawal penalties. Interest is paid daily.
• Smart Goal – Save towards a specific target like rent, school fees, or a car, with 16% per year.

3. FairMoney

FairMoney attracts users with big promo offers before settling into more realistic long-term rates.

• Promotional Offer – Up to 30% interest, but only for the first 7 days.
• FairLock – Fixed savings with 16%–28% per year, depending on how long you lock funds (from 7 days to 2 years).
• FairSave – Flexible savings with up to 17% per year, interest paid daily, and no penalties for withdrawals.

The headline rates grab attention, but the true value is in the FairLock and FairSave options.

4. Cowrywise

Aside from being a savings app, Cowrywise also gives you access to investments.

• Savings Plans – Options include Regular Savings, Life Goals, Group Saving Circles, and Halal Savings (for Muslims who prefer non-interest savings).
• Investments – Direct access to mutual funds regulated by the SEC, making it easy to grow long-term wealth.

Cowrywise does not offer a fixed interest rate on savings accounts. Instead, its returns are dynamic and linked to the performance of underlying mutual funds. The returns are described as “double-digit interest” and are significantly higher than those offered by traditional Nigerian banks.

Historical data from 2024 shows that the annual returns on various mutual funds ranged from approximately 17% to 24%. For example, in 2024, the Cowrywise Investment Portfolio yielded 24.17% and the United Capital Money Market Fund yielded 22.27%.

For Tola, a 27-year-old digital marketing executive, Cowrywise brings structure to her finances. “Before Cowrywise, I used to save randomly. I now set a fixed plan every month and don’t even have to think about it. Seeing my savings grow motivates me to do more.”

5. Kuda Bank

Kuda is a digital bank that blends banking and savings. Its main appeal is low-cost banking.

• Fixed Savings – Lock your money to earn up to 12% per year.
• Spend+Save – Automatically save a small amount whenever you spend.

Kuda also helps users save by offering free transfers and zero card maintenance fees. For Kaka, an aspiring tech bro in Yaba, Lagos, that makes all the difference.

“Kuda is simple,” he said. “I use it as both my everyday account and my savings account. The fact that I don’t get charged for transfers makes it cheaper to run my business, and I can move money into savings easily.”

Other notable platforms

• Nearpays – Locked savings with up to 24% per year.
• ALAT by Wema – A digital bank with savings goals paying up to 17% per year.
• Risevest – Dollar-based savings and investments to protect your money from Naira devaluation.

Analysis of fintech savings apps in Nigeria

What this means for you

Fintech savings apps in Nigeria can give you far better returns than traditional banks, but there are always trade-offs. Here are some things to keep in mind:

• Look beyond interest rates → High returns often mean less flexibility.
• Test withdrawals → Make sure you can access your money smoothly.
• Check reviews → Learn from other users’ experiences, especially around customer support.
• Verify regulation → Choose apps that are licensed and insured for extra security.

Bottom line: The best app for you is not just the one with the highest rates, but the one that balances returns, access, trust, and service.