Recently, I asked on Instagram and Facebook which country should we focus on for our first Investment app review and Nigeria won by just a vote with UK coming in second.
Investment application, (my favourite child of fin-tech), can be savings based or exchange based. These are basically places you can keep your money so it can multiply, they usually offer higher rates than savings accounts.
Nigeria boasts quite a number of them and they keep growing, I tested these 6 for 3 months and I have to say, definitely worth it,
So here are the criteria used to access each app:
Platform
Initial information needed to set up
Initial deposit needed to set up
Types of investment options
Charge for trading
Fixed deposit rate
Withdrawal charge
Customer Service
We will be rating them in money bags with the highest being 💰💰💰💰💰. So in no particular order, here's my initial review:
Piggy Vest
Platform :- Website, Android & IOS
Initial information needed to set up : Name, bank details, bvn, number, email
Initial deposit needed to set up: 100
Types of investment options: Note 3,000 minimum to begin, Agriculture, Fixed Income
Charge for trading : None
Fixed deposit rate : "PiggyBank"10% per annum and is calculated daily for every month.
Withdrawal charge : Last day of the month are deemed withdrawal days, any other day, you will be charged a 5% breaking fee on the amount you withdraw.
Customer Service :- 8/10
Bonus: "Piggy Points" a point-based loyalty program for PiggyVest customers that can be changed yo cash, also sign up with this link, complete the set up, maintain a minimum balance of N5000 for 30 days and we both get 1000 so what are you waiting for click here.
Review: Quite nice. very attractive to new investors, most investment options fill up very fast.
Overall Rating : 💰💰💰
Platform :- Website, Android & IOS
Initial information needed to set up :- Name, bank details, bvn, number, email
Initial deposit needed to set up :- nil
Types of investment options: Agriculture, Federal Government Savings Bonds,Some Stocks
Charge for trading :- usual trading rates rates all together (<1.9% for buy); ( <2.1% for sell)
Fixed deposit rate :- (6.93% to 8.94%) per annum and is calculated daily for every month.
Withdrawal charge :- nil
Customer Service :- 9/10
Note: So they take this consideration fee (10% of your trade) which is returned to your account at the end of the trading day, its basically a buffer incase they do not execute your trade at the exact price.
Fairly Newly introduced: 5% VAT on CSCS fee, no CSCS fee when buying. N4.20 trade alert on both sides
Bonus: You have an investment adviser assigned to you that actually contacts you. (note they are very easy to shake off)
Review: Recent IOS app definitely threw this to the top of my list, as much as I don't want to play favourites, this is definitely my favourite for its variety. However I would recommend searching elsewhere for savings because of the rates. Also withdrawal time was over a day 🙄.
Overall Rating : 💰💰💰💰
PayDay Investor by ARM
Platform : Website, Android & IOS
Initial information needed to set up : Name, number, email
Initial deposit needed to set up: nil
Types of investment options: sort of fixed-direct debit investments
Charge for trading : n/a
Fixed deposit rate : 11.18% per annum ..... (As at 27/11/19)
Withdrawal charge : nil
Customer Service: 6/10
Bonus:They help you invest your funds automatically on a periodic basis so that you can smash your investment goals faster. Has group investing.
Review: Group investing is nice concept to save with friends o family towards a mutual goal. Similar to Cowrywise, Overall really good for those who want discipline.
Overall Rating : 💰💰
I-Invest
Platform : Website, Android & IOS
Initial information needed to set up : Name, number, email
Initial deposit needed to set up: Nil
Types of investment options: Treasury bills
Charge for trading: nil
Fixed deposit rate: 8.38% to 8.69% per annum and is calculated daily for every month.
Withdrawal charge: nil
Customer Service: 7/10
Bonus: With Treasury bills access being a hot topic, having access to them is rare, so hop on if you can.
Review: Easy to use, but very limited investment options
Overall Rating : 💰💰
Cowry Wise
Platform :- Website, Android & IOS
Initial information needed to set up :- Name, number, email
Initial deposit needed to set up:- nil
Types of investment options: Fixed deposit, Mutual Funds
Charge for trading:- n/a
Fixed deposit rate :- Depends on the plan (10% - 15% ) per annum and is calculated daily for every month.
Withdrawal charge:- nil
Customer Service:- 8/10
Bonus: Best rates for frequent savings, They help you invest your funds automatically on a periodic basis so that you can smash your investment goals faster.
Review: Savers delight, causes serious discipline.
More of a Saving App than an Investment App
Overall Rating : 💰💰💰
Alat by Wema Bank
Platform : Website, Android & IOS
Initial information needed to set up : Name, number, email, picture, signature on a piece of paper
Initial deposit needed to set up: nil
Types of investment options: nil
Charge for trading: n/a
Fixed deposit rate: 10%
Withdrawal charge: nil
Customer Service: 6/10
Bonus: Lets be honest this is just a bank app not an investment app, gives card
Review: I wouldn't recommend an investment app that uses a card, but as a bank app this is top tier, easy to open and easy to use.
Overall Rating : 💰
Notable Advantages of Investment Apps
You get introduces to investing
Creates incentive to save
Quick and easily understandable
A variety of options
Competitive rates
Its an App!!
Notable Drawbacks of Investment Apps
They are still limited and do not offer all the stocks traded on the stock exchange
The price you place your trade at may not be the one executed at
You cannot put trade mandates i.e buy by, Sell at, stop buy at, limit order etc
In Summary
Investment apps are an amazing way to get into investing, they are quick and you can do them all in a touch of a button. You get a wider array of investment types i.e agriculture, bonds, real estate etc.
They are an amazing way to start investing and no one says you have to have just one, diversify for the best deals.
With the every growing industry, this post would be updated as frequently as possible.
Do you use any of these?
What do you think?
Also... Did we miss any?
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