{"id":3084,"date":"2020-11-27T08:00:00","date_gmt":"2020-11-27T07:00:00","guid":{"rendered":"https:\/\/techsofar.com\/?p=3084"},"modified":"2020-11-27T14:32:18","modified_gmt":"2020-11-27T13:32:18","slug":"best-money-saving-platforms","status":"publish","type":"post","link":"https:\/\/techsofar.com\/best-money-saving-platforms\/","title":{"rendered":"10 Best Money Saving Platforms In Nigeria"},"content":{"rendered":"\n

Lots of times, we hear it is good to save for a rainy day. However, statistic shows that Nigerians are not very big on savings. At least that is what the International Monetary Fund says. According to their data, the Nigerian gross saving rate is at 15%. Imagine a country with over 200 million people and only 15% is actually saving.<\/p>\n\n\n\n

Many people will agree that savings helps improve financial security and standard of living, amongst other benefits. So, why is it difficult for Nigeria\u2019s to save? Research has shown that poverty is the major reason why Nigerians don\u2019t save; the unemployment rate in Nigeria is very high and lots of those that can find jobs earn low income.<\/p>\n\n\n\n

Of course, it is generally believed that one should save after deducting your expenditure, but great minds like Warren Buffet believe otherwise. According to him, it is wise to save before spending, instead of saving what is left after spending. If one should go by this, then whether you have enough money or not, you are encouraged to save.<\/p>\n\n\n\n

This is because saving is seen as an investment and investing is one of the ways you can get out of poverty. If saving is an investment, then as in every other investment, it is expected to give Return On Investment (ROI) or Profit.<\/p>\n\n\n\n

Banks were built in order to encourage people to save their money in a secure, government licensed institution, while also gaining interest on their savings, as the institution uses their savings for business. But the very low interest rates banks generally give on savings, is a big discouraging factor for individuals when it comes to saying in a bank.<\/p>\n\n\n\n

Below is an example of the top 10 banks in Nigerian and their interest rates for fix deposits at as September 4, 2019.<\/p>\n\n\n\n

S\/N<\/td>Name Of Bank<\/td>Demand Deposit Ave. Int Rate<\/td>Savings Deposit Ave. Int Rate<\/td>Time Deposit Ave. Int Rate<\/td><\/tr>
1<\/td>Access Bank<\/td>0.9<\/td>4.05<\/td>11.61<\/td><\/tr>
2<\/td>Ecobank Nigeria<\/td>0.01<\/td>4.05<\/td>8.86<\/td><\/tr>
3<\/td>First Bank of Nigeria<\/td>0.00<\/td>4.05<\/td>7.50<\/td><\/tr>
4<\/td>Stanbic IBTC Bank<\/td>0.63<\/td>4.20<\/td>7.68<\/td><\/tr>
5<\/td>Zenith Bank<\/td>0.47<\/td>4.05<\/td>8.63<\/td><\/tr>
6<\/td>United Bank for Africa<\/td>0.02<\/td>4.20<\/td>8.15<\/td><\/tr>
7<\/td>Standard Chartered Bank<\/td>0.00<\/td>4.22<\/td>7.24<\/td><\/tr>
8<\/td>Guaranty Trust Bank<\/td>0.47<\/td>4.20<\/td>8.18<\/td><\/tr>
9<\/td>Wema Bank<\/td>1.85<\/td>4.20<\/td>8.75<\/td><\/tr>
10<\/td>Keystone Bank Ltd<\/td>0.41<\/td>4.20<\/td>14.04<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Amongst these ten banks, Keystone Bank seems to give the highest rate on time deposit. Looking at the interest rate on saving, you will see that the rates are almost the same across all the banks.<\/p>\n\n\n\n

Imagine you save N20,000  with any of these banks, and in a year you get an interest of a little over N800, ridiculous right. Of course, it would have been more sensible if you invest the N20,000 in a business because you will definitely make much more than N800 as interest in a year.     <\/p>\n\n\n\n

This is how a large percentage of Nigerians think. But we are talking about savings here and if the interest rate is a factor that can motivate people to save, how about an interest rate of 7 \u2013 15% annually on your savings. Yes of course it sounds much better.<\/p>\n\n\n\n

What are the best money saving platforms in Nigeria?<\/h1>\n\n\n\n

If you are looking for a platform where you can save, you just might have trouble picking one because they a so many of them these days. So to help you ease the stress of searching, here are lists of the top ten saving platforms.<\/p>\n\n\n\n

1. PiggyVest<\/a><\/h2>\n\n\n\n
\"piggyvest\"<\/figure>\n\n\n\n

In 2016, PiggyVest saw the opportunity in the lack of saving culture in Nigerians. They also understood that one of the incentives that can get Nigerians to save is a higher return on savings. They initially launched out as \u201cPiggybank.ng\u201d, the first online saving platform in West Africa.<\/p>\n\n\n\n

Three years after, they rebranded and became \u201cPiggyVest\u201d. From here on they started offering savings and investment opportunities. Currently, they have over 350, 000 users that save and invest billions of Naira monthly.<\/p>\n\n\n\n

With this, they believe they have cracked the code to stop Nigerian from spending badly and save. According to PiggyVest, \u201cwe are on a mission to give everyone the power to better manage and grow their own finance, and we intend to be the best at this\u201d.<\/p>\n\n\n\n

In other to achieve this, PiggyVest have created several financial products that make them stand out from other financial companies or saving apps.<\/p><\/blockquote><\/figure>\n\n\n\n

Piggyvest SafeLock<\/h3>\n\n\n\n

 This account is particularly for people who intend to save money for a long time. So if you want to save excess money that comes your way until it matures, this is the right account for you.<\/p>\n\n\n\n

Features of SafeLock<\/h4>\n\n\n\n