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Best Money-Saving Apps for Students in Nigeria

For many Nigerian students, managing allowance or pocket money can be stressful. With rising costs of food, transportation, books, and daily expenses, saving money often feels almost impossible. However, technology has made things easier by providing apps that help students track spending, set aside savings, and even earn interest on their money.

Money-saving apps are becoming popular among Nigerian students because they make financial management simple and accessible. Instead of keeping money in cash, which is easily spent, these apps allow students to save little by little and grow their funds over time. In this article, we will look at some of the best money-saving apps for students in Nigeria and how they can help build smart financial habits.

1. PiggyVest

PiggyVest is one of the most trusted saving platforms in Nigeria. It allows students to save money automatically or manually and even lock funds for a period of time to avoid spending.

Features for Students

Students can create targets such as saving for textbooks, gadgets, or emergency expenses. The app also provides interest on savings, which means your money grows while you keep it safe.

Why It Works Well

PiggyVest helps students who struggle with discipline by preventing impulsive withdrawals. The lock feature ensures that money is kept aside until the set date.

2. Cowrywise

Cowrywise is another app designed to help people save and invest. For students, it offers structured savings plans that make it easier to build funds over time.

Features for Students

Cowrywise allows automatic daily, weekly, or monthly deposits. Students can set goals like school projects, hostel fees, or future investments.

Why It Works Well

It provides financial education through its blog and resources, helping students learn while they save. It also offers higher interest rates than regular bank savings accounts.

3. Kuda Bank

Kuda is a digital bank that makes money management easy for students. Apart from being a free bank account, it also provides tools for saving.

Features for Students

Kuda allows users to set up savings goals, round up spare change, and transfer money without extra charges. Students can also get free debit cards for easy transactions.

Why It Works Well

The zero-fee banking system helps students avoid unnecessary bank charges, while the savings goals encourage consistency in setting money aside.

4. ALAT by Wema

ALAT is Nigeria’s first fully digital bank, and it is popular among young people, including students. It combines banking with saving and budgeting features.

Features for Students

Students can set up automatic savings, group contributions with friends, and even access virtual cards for online payments.

Why It Works Well

Its flexibility makes it attractive for students who want both banking and savings in one place. The group saving feature also encourages teamwork among students.

5. SumoTrust

SumoTrust is another saving and investment app that works well for students who want to grow their funds over time.

Features for Students

It offers personal savings, business savings, and fixed deposits. Students can lock money away or save toward specific goals.

Why It Works Well

The app motivates users to save consistently, and with its investment options, students can learn how to make money work for them.

6. Trove

Although Trove is mainly known as an investment platform, it can also serve as a money-saving tool for students.

Features for Students

It allows students to save in local currency and then invest in Nigerian and foreign stocks, bonds, and ETFs with as little as ₦1,000.

Why It Works Well

It introduces students to the habit of saving and growing wealth through investments. This is particularly useful for students interested in financial growth.

7. Branch

Branch started as a loan app but now also offers saving options. Students can save money and earn interest while using the same app for transactions.

Features for Students

It offers free transfers, airtime purchases, and flexible savings plans. Students can put aside funds without extra charges.

Why It Works Well

Branch is simple and user-friendly, making it suitable for students who want a single app for both savings and daily transactions.

8. Risevest

Risevest is an app that helps people save and invest in dollar-based assets. For students, this can be a way to protect their savings from inflation.

Features for Students

It allows savings in dollars, which helps preserve value. Students can save for long-term goals like further education or starting a business after graduation.

Why It Works Well

With Nigeria’s fluctuating economy, saving in dollars ensures that the value of money does not drop too quickly. This makes it ideal for students thinking about the future.

9. Chipper Cash

Chipper Cash is a cross-border payment app, but it also provides savings and investment features. Students can use it to save money and transfer to friends without charges.

Features for Students

It supports free peer-to-peer transfers, international payments, and savings plans.

Why It Works Well

Chipper Cash is particularly useful for students who have friends or relatives abroad and need a platform that supports free and easy transfers alongside savings.