In the wake of the pandemic plaguing the world, prices are on the rise. Also, food is becoming scarcer, as are the basic necessities of everyday living. But even with this economic turmoil, money is necessary for survival. With the world on lockdown and people shut up in their homes, people need money now more than ever. For those who have no salaries or online jobs to fall back to, passive income streams are ruling the day. Moreover, the most common form of passive income comes from investing. In this post, we explore some investing opportunities in Nigeria. These platforms allow you to invest and track your funds until maturity. Then you can withdraw both capital and interest or choose to invest again.
What these platforms offer:
Savings and Investments (Local investments)
1. Piggy Vest:
PiggyVest is by far the most used investing and savings app in Nigeria. It was initially launched under the name Piggybank.ng in 2016, January 7th. Afterward, in April 2019, it was renamed to PiggyVest. The platform started out as a savings outfit until the rebranding three years later. Now, users can make direct investments with more saving schemes. Moreover, the platform allows users save money over a given time frame without using it. In addition, users are allowed to pick their savings plan: monthly, weekly, or daily.
With the Investify feature, users can earn profits on savings through investments. The outfit pre-vets its investments and ensures only low-medium risk, primary and secondary investments.
2. Payday investor:
Users gain interests from investing on the app. Start by uploading funds to the app and purchasing any investment of your choice. What makes it even better is that investing starts at a minimum of 1,000 naira. Additionally, automated investing makes user experience seamless. In summary, the platform allows users to save with family and friends towards group goals.
Thus, it doubles as a savings outlet too. The platform is accessible through the app, which can be gotten on the play store. Fund your account using any Nigerian debit card of your choice. Unlike other platforms, funds here are withdrawable at any period.
Savings and Investments (Stocks, Mutual funds, Bonds)
1. Wealth.ng (Investments: Agriculture, Savings, Stocks, and Fixed Income): The wealth.ng app is a self-sufficient investment system, which allows users to invest and/or save funds. Investments options available are, real estate, mutual funds, treasury bills, and stocks. With the app, portfolios can be tracked in real-time. As of the time of this writing, it’s one of the pioneering investment platforms in the country.
Furthermore, it allows users the flexibility of making withdrawals at any given time. The platform is affiliated with Sankore Securities Limited. For even more credibility, it is regulated by the SEC (Securities and Exchange Commission) and registered with the Nigerian Stock Exchange. Also, interest rates on the platform range between 10 and 14 percent.
This is a platform managed by experts in technology and finance. These experts have more than 20 years of real-world experience. The design of the app makes investing and saving easier and faster. Savings generate up to 15 percent interests every year. On the investment part, users invest in mutual funds. Cowrywise is suitable for people willing to save and invest. The end goal is to generate passive income.
Furthermore, the cowrywise investing app allows users to plan and achieve financial goals. It’s the purpose of the financial tools available on the platform. In summary, withdrawal is only allowable when the investment matures. Also, users can collect all or part of their funds during the withdrawal process. Additionally, users can rollover funds into another savings period. Doing this enables compound returns on the funds.
Investments only (Mutual funds, securities, and stocks):
Bamboo is another investing platform that runs on an app. It allows users to obtain and trade the stock markets in both Nigeria and the United States. With a minimum of $20, anyone can invest in the Bamboo app. The platform is inspired to make the process streamlined and flexible for the Nigerian market. Also, given how tedious both markets are, their mission is understandable. After signing up, fund your account, buy and sell, and track your investments.
Additionally, a good selling point for the platform is their insurance guarantee. As a member of the U.S. SIPC Securities Investor Protector Corporation and Nigeria SEC (Securities Exchange Commission), funds are insured up to $500,000.
This platform also runs on an app. It’s one of the few trusted investment platforms in the country. The platform serves as the online trading and investment management portal of ASL (Afrinvest Securities Limited). The app offers an amazing user experience for seamless investing. For those looking to achieve financial freedom, this platform is great. Afrinvest lets users invest in fixed income assets. Also, users obtain and trade shares at any point.
Furthermore, the live chat feature allows the platform receive suggestions and comments. These are used in improving general experience. The feature runs for 9 hours (8:00am to 5:00,pm). Also, withdrawal is made directly into your bank account.
6. FBN Edge:
This app is produced by FBNQuest Asset Management, which is an FBN Holdings Company. The app allows users to create mutual funds accounts for managing investments. The experience is seamless and easy to use. In addition, the FBN Edge app gives clients an edge during investment. This helps clients reach financial goals easier and faster. Some features available on the FBN Edge app include:
- Viewing real-time account balances
- Viewing transactions history
- Creating mutual funds accounts as a new user
- Buying new mutual funds
- Topping up already existing mutual funds
- Redeeming funds from purchased mutual funds accounts.
This platform was created to promote agriculture in the country. It is available on mobile platforms. Here, the system matches sponsors to farmers. Thus, it is targeted at people willing to invest in the agricultural sector.
Additionally, investors get updates from the farmers through text, videos, and photos. This goes on during the course of the farming season until the end of the farm cycle.
At this point, investors receive both capital and interests. To generate funds, the farmers sell off the harvested produce.