The reason fintech companies in Nigeria have been very successful is quite easy to understand –they offer very innovative solutions to actual financial problems facing average Nigerians. Be it the need to access quick loans or to save, these fintechs have innovative solutions that can help you actualise your financial goals whenever you need to. For this reason, a lot of people now rely on and patronise them. Foreign investors have also taken note and are now willing to pump millions of dollars to help scale these businesses.
Young Nigerian professionals are among those who have embraced these fintechs firms. Agreed, a lot of these professionals mostly use the fintechs for the purpose of accessing quick loans, but they also rely on them to save, plan their finances, and invest. Let’s focus on these fintechs for a moment.
Fintech companies that can help you save, plan your money, and invest
If we are being honest, then we already know that saving can be a very difficult thing to do. To save, one will need to be highly disciplined when it comes to spending. Unfortunately, not a lot of people are good at that. But with the help of some fintechs, you can be able to better manage your money and save.
Have you been struggling to cultivate the habit of savings but all to no avail? Let PiggyVest help you out.
1. PiggyVest: PiggyVest (which was formerly known as PiggyBank until February 2019), was established in 2016. The initial business plan was just to help Nigerians to save money. But along the line and with the help of regulatory recommendations, the company expanded its business offerings to now offer investment plans, including dollar investment.
Information available on the company’s website claims that “PiggyVest is the first online ‘Savings & Investment’ app in West Africa. We first launched as “Piggybank.ng” on the 7th of January 2016 as a savings-only platform.”
In December 2020, Techuncode named PiggyVest the best of the best savings and investment app of the year.
You may keep up with the company’s activities by visiting their site or downloading the PiggyVest app on Google Play Store. Also, check out what people are saying about them on social media, including the tweet below.
For someone who never used to save. I look at my @PiggyBankNG balance and all I can do is smile.
Consistency is key. Challenges may come that can make you break your piggy bank but you can rebuild and invest with Investify
— Munachiso Ejieji (@thisismunaxyz) December 2, 2020
2. Bamboo Investment: This Lagos-based fast-rising fintech startup helps Nigerians to buy foreign stocks, especially stocks of top US companies. Information available on the company’s website says that “Bamboo gives unrestricted access to over 3,000 stocks listed on the Nigerian stock exchange and U.S. stock exchanges, right from your mobile phone or computer.”
To find out more of the things you can do with the Bamboo app, download it today. Also check out some of the reviews by Bamboo users
Can you provide an option where you can select if you want your dividend to be automatically reinvested ?
— Golden Son (@greatgold01) November 25, 2020
3. Trove Finance: This company claims to be a pioneer in “micro-investing”. It enables Nigerians to invest in publicly traded US stocks and Chinese stocks, as well bonds. Based in Lagos, Trove Finance appeals to its target audience with its significantly low account opening fee.
“Forget high account opening fees. Become a global investor with the tap of a button. Invest in American, Chinese and Nigerian stocks, Bonds, ETFs and more with as little as N1,000,” said information available on the company’s website.
In the meantime, different customers have different expectations from the brand. And some of them are never hesitant to make recommendations. See below.
It would be a great idea if Trove added this information beside each company's name in the Trove app.
— Sidney Osahon (@sidneyosahon) November 29, 2020
4. Cowrywise: Founded in 2017, Lagos-based Cowrywise offers two main services to its growing customers –the option to invest in mutual funds, or high-interest savings. A July 2020 blog post by the company advocated more investment in mutual funds whilst detailing how to go about that.
Just about 500,000 people have invested in mutual funds in Nigeria. This is a tiny number compared to people of investing age who have bank accounts.
At Cowrywise we make it possible to access multiple mutual funds via one platform. 👇🏾https://t.co/tMGs8fEtk8
— Cowrywise (@cowrywise) July 14, 2020
5. Quidax: This list wouldn’t be complete without mentioning Quidax. Since many Nigerians now favour investing in cryptocurrencies, it is only apt that we talk about the company helping them to do that.
Information available on Quidax’s website simply says that “Quidax makes it safe and easy to buy and sell Bitcoin, Ethereum, Ripple, Litecoin and other cryptocurrencies using your local currency.”
Follow the company on Twitter and download the app to start trading Bitcoin and other cryptos today.
Any plans to support USDT on Tron soon?
Tether on ETH gives me the creeps due to gas fees.😩
— Tinted Glasses (@Dr_Severos) November 30, 2020