ELECTRONIC APPS FOR SAVING AND INVESTING

Our world is more technologically advanced than it ever was. We now have more electronic hubs for savings and investments. I am fully aware that inadequate funding, my Nigerian friends will call it “sapa”, is one of the reasons for a poor saving and investing culture; being unaware of the electronic means of investing and saving could also contribute to this culture. This article seeks to expose us to some trusted and reputable electronic apps for saving and investing. Stay with me as I walk you through the list of some of these applications.

SAVING

Some are uninterested in investing in certain financial instruments due to fear of capital losses or not being liquid enough. The good news is that some apps pay interest for saving your money with them. This helps erase your fear of losing your capital as well as helping your money grow. 

Some of the notable apps with this feature to save in Naira are Piggyvest, Cowrywise, VBank, Investa.ng, Ziing, etc. 

We also have some apps that allow saving in dollars with interest accruing such as Piggyvest, Bamboo, Risevest, etc.

These apps can be downloaded from either Google Playstore or App Store.

FIXED INCOME/FIXED DEPOSIT

Fixed Income is an investment option that promises a specific amount to be paid at a certain period as interest on your principal.

Some of the notable apps with this feature are Piggyvest, Cowrywise, VBank, Investa.ng, Ziing, etc. 

Risevest offers a fixed income option in dollars with an annual return of 10% at the time of publishing this article. 

These apps can be downloaded from either Google Playstore or App Store.

It is worth mentioning that the interest rate differs. Hence, you must carry out your research on the rates your choice of application offers to enable you to make better decisions.

LOCAL STOCKS

For those who wish to purchase and invest in Nigerian stocks, there are also apps for this purpose such as Ziing, Chaka, etc. These apps can be downloaded from either Google Playstore or App Store.

FOREIGN STOCKS

With the inflation rate high and the naira losing value rapidly, some of us are interested in hedging the currency devaluation by investing in foreign stocks.

Some of the notable apps with this feature are Bamboo, Trove, Trading212, Risevest, etc. These apps can be downloaded from either Google Playstore or App Store.

EUROBONDS

The Eurobond also provides a hedging opportunity as the investment is mostly carried out in a foreign currency, majorly dollars. A notable app with this feature is Cowrywise. 

This list is not exhaustive as there are other electronic means of accessing these opportunities and more. With this article, you should be able to scratch off “I do not know the platform where I can save/invest” on the list of our excuses of why we are not saving and investing.

Share with friends and families, drop your comments in the comment box, and engage with us via our social media platforms @ broadstreetfinancialreview on Facebook, Instagram and LinkedIn; @ broadstreet_fin on Twitter.

Thank you for reading and look out for our next article!