As Nigeria youths popularly say, “na savings dey save us, no be we dey save”.
With the high rate of inflation, high cost-of-living and overall economic crisis, savings have become a must have as money-needy incidents are occurring frequently.
For many Nigerian youths, striking a balance between navigating challenging economic conditions and striving to achieve ambitious financial goals needs innovative and easily attainable ways to successfully manage funds.
Fintech startups have stepped in to bridge this gap, offering modern apps that provide greater flexibility and control compared to traditional banking systems. These platforms are increasingly popular among young people looking for effective ways to stay financially secure in uncertain times.
The question however remains: which fintech apps are truly making a difference, and what sets them apart in empowering young Nigerians to manage their finances more effectively? Below are some of the commonly used Fintech Apps by Nigerian youths.
PiggyVest & Pocket
Some find PiggyVest to be highly convenient, majorly due to its flexibility for both saving and withdrawing funds. It also enables automated savings, specific goal-setting, and fund locking to curb impulsive spending.
Pocket, an integrated feature within PiggyVest, for charge-free transfers is also not left out as it adds to the easy and flexible management of funds.
Most youths prefer to use Wallet to stay on top of their expenditure as it helps track both outgoing payments and anticipated income.
For investments, Bamboo and Risevest are one of the go-tos. Bamboo helps in specifically selecting companies to invest in. However, it is best handled by “professionals” or those who have some experience in the investment world. Risevest, on the other hand, is more beginner-friendly and offers pre-selected portfolios, making it easier to invest safely.
Cowrywise & Yellow card
To many youths, Cowrywise is an ideal platform for disciplined saving as it merges all your investment portfolios in one place. While Yellowcard, is a cryptocurrency trading platform with a beginner-friendly interface that simplifies navigating the world of digital assets.
Chaka
Chaka is an investment platform which offers access to Nigerian and U.S. stock markets with an interface that is user-friendly, and responsive customer service.
Rainy Day
This is also an app that helps greatly with saving, especially those who are disciplined enough to wait for when Naira is greatly devalued. It is a cooperative app for dollar savings.
Geegpay & Grey
For those who deal with lots of international payments, Geegpay is a seamless channel for U.S. dollar transactions. It provides a virtual USD account, enabling quick and efficient payments. The platform also allows conversion to naira at competitive rates for withdrawals to local accounts.
For payments in pounds, Grey is “your guy”, as it leverages its virtual GBP account to receive funds from UK-based clients.
Opay
Since the 2023 cash scarcity, Opay has become a rave as it “saved the day” in some ways with its efficient and intuitive user-friendly interface. It is quite reliable especially for everyday transactions.
MyMoney & Track Wallet
These apps help to track income and daily financial activities by categorizing income, expenses, and transactions.
Fairmoney
For loans, some youths rely on the Fairmoney app which is a licensed microfinance bank with reliable and quick customer service.
Looking Ahead
As Nigeria’s digital financial landscape continues to grow, fintech platforms are becoming indispensable for young Nigerians. These tools are revolutionizing how individuals save, spend, and invest, fostering greater financial independence and literacy. Whether it’s PiggyVest for savings, Grey for international payments, or Bamboo for investments, young Nigerians are leveraging digital solutions to navigate challenging economic conditions and achieve their financial goals.
