Best Investment Apps for Nigerians: Fees and Features

Author

Jochebed Gomos

Created

March 6, 2025March 6, 2025

Updated

March 6, 2025March 6, 2025

Comments

Reading time

12 min

Views

Categories: Finance, Education

In today’s fast-paced world, investing has become more accessible than ever, thanks to the rise of investment apps. For Nigerians looking to grow their wealth, these apps offer a convenient way to invest in stocks, mutual funds, cryptocurrencies, and more—all from the comfort of their smartphones. But with so many options available, how do you choose the best investment app for your needs?

In this comprehensive guide, we’ll break down the best investment apps for Nigerians, their fees, features, and everything you need to know to make an informed decision. Whether you’re a beginner or a seasoned investor, this article will help you navigate the world of investment apps and find the perfect fit for your financial goals.

Why Should Nigerians Consider Investment Apps?

Before diving into the list of apps, let’s address the elephant in the room: why should you even consider using an investment app? Here are a few reasons:

Accessibility: Investment apps make it easy for anyone with a smartphone to start investing. You don’t need to visit a bank or a brokerage firm.
Affordability: Many apps allow you to start with as little as ₦1,000, making investing accessible to people with different income levels.
Diversification: With investment apps, you can invest in a variety of assets, including stocks, bonds, mutual funds, and even cryptocurrencies.
Convenience: You can monitor your investments, buy/sell assets, and track your portfolio performance in real-time.
Financial Education: Many apps offer tutorials, articles, and tools to help you learn about investing.

Now that we’ve established the benefits, let’s dive into the best investment apps for Nigerians.

Best Investment Apps for Nigerians

1. Cowrywise

Cowrywise is one of the most popular investment apps in Nigeria, and for good reason. It’s user-friendly, secure, and offers a variety of investment options.

Features:

Automated savings and investment plans.
Investment options include mutual funds, fixed income, and USD-denominated investments.
Low minimum investment amount (as low as ₦100).
Free financial literacy resources.

Fees:

Management fee: 1% – 2% per annum (depending on the plan).
No hidden charges.

Why Choose Cowrywise?
Cowrywise is perfect for beginners who want to start small and grow their wealth over time. The app also prioritizes security, ensuring your funds are safe.

2. PiggyVest

PiggyVest (formerly Piggybank.ng) is another top-tier investment app in Nigeria. It’s known for its savings features, but it also offers investment opportunities.

Features:

Savings plans with competitive interest rates.
Investment options include fixed income and real estate.
“SafeLock” feature to lock funds for a specific period.
Withdrawal flexibility.

Fees:

Management fee: 10% – 15% on interest earned.
No upfront fees.

Why Choose PiggyVest?
PiggyVest is ideal for Nigerians who want to combine saving and investing. The app’s user-friendly interface and flexible withdrawal options make it a favorite among users.

3. Bamboo

If you’re interested in investing in US stocks, Bamboo is the app for you. It allows Nigerians to buy shares in companies like Apple, Tesla, and Amazon.

Features:

Access to over 3,000 stocks and ETFs on the US market.
Real-time market data.
Easy-to-use interface.
Fractional shares (you can buy a portion of a stock).

Fees:

Trading fee: $1.50 per trade.
Currency conversion fee: 1.5%.
Withdrawal fee: $20.

Why Choose Bamboo?
Bamboo is perfect for Nigerians who want to diversify their portfolio by investing in international markets. The app is straightforward and offers a seamless investing experience.

4. Risevest

Risevest is another excellent app for Nigerians looking to invest in global assets. It focuses on dollar-denominated investments, which can help protect your wealth from inflation.

Features:

Investment options include US stocks, real estate, and fixed income.
Dollar-denominated investments.
Automated investment plans.
Expert-managed portfolios.

Fees:

Management fee: 1.5% – 2% per annum.
No hidden charges.

Why Choose Risevest?
Risevest is ideal for Nigerians who want to hedge against inflation by investing in dollar-denominated assets. The app also offers expert guidance, making it suitable for both beginners and experienced investors.

5. Trove

Trove is a Nigerian investment app that allows users to invest in local and international stocks, ETFs, and bonds.

Features:

Access to Nigerian and US stocks.
Low minimum investment amount (as low as ₦1,000).
Real-time market data.
Fractional shares.

Fees:

Trading fee: ₦100 per trade (local stocks) or $1.50 per trade (US stocks).
No management fees.

Why Choose Trove?
Trove is a great option for Nigerians who want to invest in both local and international markets. The app’s low fees and fractional shares make it accessible to everyone.

6. Chaka

Chaka is a digital investment platform that allows Nigerians to invest in global stocks, ETFs, and mutual funds.

Features:

Access to over 10,000 global stocks and ETFs.
Real-time market data.
Fractional shares.
User-friendly interface.

Fees:

Trading fee: $1.50 per trade.
Currency conversion fee: 1.5%.

Why Choose Chaka?
Chaka is perfect for Nigerians who want to explore global investment opportunities. The app’s extensive range of assets and easy-to-use interface make it a top choice.

7. Ax Invest

Ax Invest is a Nigerian investment app that focuses on mutual funds and fixed income investments.

Features:

Investment options include mutual funds and fixed income.
Low minimum investment amount (as low as ₦5,000).
Automated investment plans.
Free financial literacy resources.

Fees:

Management fee: 1% – 2% per annum.
No hidden charges.

Why Choose Ax Invest?
Ax Invest is ideal for Nigerians who prefer low-risk investments like mutual funds and fixed income. The app’s automated plans make investing hassle-free.

8. Bundle

Bundle is a social payments app that also offers cryptocurrency investment options.

Features:

Buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, and BNB.
Social payments feature for sending and receiving money.
User-friendly interface.
High security.

Fees:

Trading fee: 1% – 2% per transaction.
No hidden charges.

Why Choose Bundle?
Bundle is perfect for Nigerians interested in cryptocurrencies. The app’s social payments feature adds an extra layer of convenience.

Why Nigerians Should Start Investing Now

Nigeria’s economy is dynamic, but it also comes with challenges like inflation, currency devaluation, and unemployment. Investing is one of the most effective ways to protect your money from inflation and grow your wealth over time. Here’s why you should start investing today:

Inflation Hedge: The naira has lost significant value over the years. Investing in assets like stocks, real estate, or dollar-denominated investments can help preserve your purchasing power.
Passive Income: Investments can generate passive income through dividends, interest, or capital gains.
Financial Freedom: Investing early can help you achieve long-term financial goals like buying a house, starting a business, or retiring comfortably.
Economic Growth: By investing, you contribute to the growth of businesses and the economy at large.

Common Concerns About Investing in Nigeria

Many Nigerians are hesitant to invest due to misconceptions or fears. Let’s address some of these concerns:

1. Is Investing Safe?

While all investments come with risks, using regulated and reputable investment apps minimizes these risks. Always do your due diligence before investing.

2. Can I Start with a Small Amount?

Yes! Many investment apps allow you to start with as little as ₦1,000. You don’t need to be rich to start investing.

3. What if I Lose My Money?

Investing always carries the risk of losing money, especially in volatile markets like cryptocurrencies. However, diversifying your portfolio and investing for the long term can reduce this risk.

4. Do I Need Financial Knowledge to Invest?

No! Many investment apps offer educational resources to help beginners learn the basics. Start small, learn as you go, and gradually increase your investments.

Tips for Beginner Investors in Nigeria

If you’re new to investing, here are some practical tips to get started:

Set Clear Goals: Are you investing for short-term gains or long-term wealth? Your goals will determine the type of investments you choose.
Start Small: You don’t need a lot of money to start. Begin with what you can afford and gradually increase your investments.
Diversify Your Portfolio: Don’t put all your eggs in one basket. Spread your investments across different asset classes to reduce risk.
Be Patient: Investing is a long-term game. Avoid the temptation to panic-sell during market downturns.
Stay Informed: Keep up with financial news and trends to make informed decisions.

How to Choose the Right Investment App for You

With so many options available, choosing the right app can be overwhelming. Here’s a step-by-step guide to help you decide:

Identify Your Goals: Are you saving for retirement, building an emergency fund, or looking for quick returns? Your goals will influence your choice.
Compare Fees: Look for apps with low or transparent fees. High fees can eat into your returns over time.
Check Investment Options: Choose an app that offers the assets you’re interested in, whether it’s stocks, mutual funds, or cryptocurrencies.
Read Reviews: Check user reviews and ratings to gauge the app’s reliability and customer service.
Test the App: Many apps offer demo accounts or free trials. Use these to test the app’s features and usability before committing.

Frequently Asked Questions (FAQs)

1. Are Investment Apps Regulated in Nigeria?

Yes, many investment apps are regulated by the Securities and Exchange Commission (SEC) or other relevant authorities. Always verify the app’s regulatory status before investing.

2. Can I Withdraw My Money Anytime?

It depends on the app and the type of investment. Some apps allow instant withdrawals, while others may have lock-in periods.

3. What’s the Best App for Cryptocurrency Investments?

Bundle and Trove are great options for Nigerians interested in cryptocurrencies.

4. How Do I Know If an App Is Safe?

Look for apps with strong security features like two-factor authentication (2FA) and encryption. Also, check if the app is regulated by relevant authorities.

5. Can I Use Multiple Investment Apps?

Yes! Using multiple apps can help you diversify your investments and take advantage of different features.

Pros and Cons of Using Investment Apps

To help you make an informed decision, here’s a quick overview of the pros and cons of using investment apps:

Pros:

Convenience: Invest anytime, anywhere.
Low Fees: Many apps charge lower fees than traditional brokers.
Accessibility: Start with small amounts.
Educational Resources: Learn as you invest.

Cons:

Risk of Fraud: Some apps may not be regulated.
Market Volatility: Investments can lose value.
Limited Personalization: Apps may not offer personalized financial advice.

Real-Life Success Stories

To inspire you, here are a few real-life stories of Nigerians who have successfully used investment apps:

Ada’s Story: Ada started investing ₦5,000 monthly on Cowrywise three years ago. Today, her portfolio is worth over ₦300,000, thanks to consistent contributions and compound interest.
Tunde’s Story: Tunde used Bamboo to invest in US stocks. He started with ₦50,000 and has seen his portfolio grow by 25% in two years.
Chioma’s Story: Chioma used PiggyVest to save and invest for her wedding. She locked her funds in the “SafeLock” feature and earned enough interest to cover her wedding expenses.

Final Words

Investing is no longer a luxury reserved for the wealthy. With the right investment app, you can start building wealth today, no matter your income level. The key is to start small, stay consistent, and keep learning.

At The Price, we’re here to guide you every step of the way. Whether you’re looking for price comparisons, purchasing guides, or financial advice, we’ve got you covered.

So, what are you waiting for? Download one of these investment apps today and take the first step toward financial freedom. Don’t forget to share this article with your friends and family—it’s time to spread the wealth!