Hello everyone! I’m Stephen from Nigeria’s leading phone engineering company, and today I’m excited to share with you the top 7 apps you can use to grow your money through savings and investments in Nigeria. If you’re interested in investment ideas, side hustles, and passive income, you’re in the right place!
Before we dive into these apps, I want to address some common questions you might have. For instance, what happens if a platform goes down or if it stops operating? It’s a valid concern, especially with so many platforms available today. One key thing to look for is whether the platform is licensed or registered with the Securities and Exchange Commission. This ensures that even if something happens to the platform, your investments are protected because they operate through a licensed broker.
For example, let’s talk about Passfolio, an app I used to invest in U.S. stocks. A couple of years ago, they announced they were shutting down. However, they smoothly transitioned all users to another platform without any hassle. They informed us via email and provided options for withdrawing funds or continuing with the new platform. This is a great example of how a reliable platform operates.
Another question is whether you need U.S. dollars to invest. The good news is that you don’t necessarily need dollars. Many platforms allow you to deposit Naira, which you can then convert to dollars for investment purposes. This means you don’t have to open a separate dollar account just for investing.
Now that we’ve cleared that up, let’s explore the top seven investment apps you can use in Nigeria.
1. Afroinvestor 2.0
This is my go-to platform for investing in Nigerian stocks. Owned by Afroinvest West Africa, one of Nigeria’s top investment firms, Afroinvestor 2.0 allows you to invest in stocks, commercial papers, and treasury bills. I appreciate that it’s backed by an investment bank, which gives me confidence. The web version of the platform works exceptionally well, making it easy for me to manage my investments. Although I faced some issues with the mobile app in the past, it seems to be functioning better now. If you want to start investing with Afroinvestor 2.0, I’ll include a link for you to sign up.
2. Optimus by Afroinvestor
Similar to Afroinvestor, Optimus is also owned by Afroinvest West Africa. With over 25 years in the business, I trust this platform. On Optimus, you can buy U.S. stocks, invest in mutual funds, and save in both Naira and dollars. The variety of investment options is impressive, and I find their rates to be very competitive. Additionally, they allow dollar deposits, which is a rare feature among investment platforms. If you’re interested in Optimus, I’ll share a sign-up link as well.
3. Bamboo
Bamboo is another excellent platform for foreign stock investments. I still maintain my portfolio there and find the app user-friendly. They focus on financial literacy, offering a wealth of learning materials. You can invest in foreign stocks, treasury bills, and even Nigerian stocks. Bamboo also provides fixed-income dollar savings, allowing you to lock in your dollars for a set period and earn interest. They work with DriveWealth, a U.S. broker, ensuring reliable transactions.
4. Kauri Wise
Kauri Wise is well-known for its extensive range of mutual funds, both in Naira and dollars. They offer competitive rates and a variety of options from different companies. One unique feature is their Halal investment options, catering to those who prefer interest-free investments. This makes Kauri Wise a great choice for many investors.
5. PiggyVest
PiggyVest is a popular platform that introduced many Nigerians to online savings. You can save in both Naira and dollars, although sometimes dollar availability can be an issue. I once experienced a situation where I withdrew funds from another platform to buy dollars on PiggyVest, only to find that they didn’t have any available at that moment. Despite this, PiggyVest remains user-friendly and has played a significant role in the savings landscape in Nigeria.
6. RiseVest
While I don’t personally use RiseVest, I know many people in my community who do. This platform allows you to invest in portfolios, including real estate and fixed-rate options. The rates are decent, and they focus heavily on dollar investments. It’s a solid choice for those looking to diversify their investment options.
7. iInvest
iInvest is a comprehensive platform that offers a wide range of investment options, including stocks, euro bonds, commercial papers, and treasury bills. Supported by Sterling Bank, iInvest provides a user-friendly interface and allows you to manage all your investments in one place. I haven’t used it myself, but I’ve heard positive feedback about its features.
I’ll include links to all these platforms in the description so you can easily explore them. Remember to do your due diligence before investing. These are platforms I or my community members have used successfully.
Thank you for joining me today! If you’re interested in investing in foreign stocks like Amazon or Netflix, I have a detailed guide available that you can check out. I’ll link it in the description as well.
Feel free to leave a comment if you have any questions or if there’s a platform I didn’t mention that you’d like to know more about. I’m here to help! Happy investing!
