Many Nigerians now prefer alternatives to banks when it comes to savings and investments, seeking flexibility, accessibility and lower costs
Each approach provides accessible, low-barrier entry points for individuals to build wealth and support local ventures without dealing with bank branches or high fees.
Here are the 5 most popular alternatives.
- F1. Fntech savings and investment platforms.
PiggyVest and Cowrywise let users automate savings and invest in money-market or fixed-income funds via a mobile app. After creating an account and verifying identity, users set target amounts and schedules.
Small daily or weekly deposits go into pooled funds that earn annual returns of 8 to 15 percent. Funds can be withdrawn on demand or locked for higher rates, all handled within the app without visiting a bank.
- 2. Online mutual fund subscriptions
Platforms such as ARM Online and FundriseNG enable investments in professionally managed mutual funds with as little as ₦5,000. Users register online, choose equity, fixed-income or balanced funds and transfer money via mobile payments.
NAV updates appear in real time and redemptions clear within 24 hours of request. Pooled contributions give access to diversified portfolios managed by experts, avoiding bank branch queues and high transaction fees.
- 3. Cryptocurrency trading and staking
Exchanges like Binance and Quidax allow Nigerians to buy, sell and hold cryptocurrencies such as Bitcoin and stablecoins using Naira. After a quick identity check, users fund wallets through peer-to-peer trades or transfers.
Beyond trading, some platforms offer staking—locking tokens to earn annual yields of 5 to 12 percent. Despite volatility, many view crypto as an inflation hedge and a way to earn interest outside traditional bank rates.
- 4 Agricultural crowdfunding
Agritech platforms such as Farmcrowdy and ThriveAgric connect urban investors with rural farming projects. Starting from around ₦10,000, sponsors fund specific crops or poultry ventures. The platform handles procurement, cultivation and sales.
After harvest, investors receive profit shares often between 20 and 30 percent over a six- to nine-month cycle. This model supports farmers directly and provides potentially high returns without relying on banks.
- Rotatating savings circles
Community-based savings groups known as Akawo,, ajo or esusu involve trusted members contributing a fixed amount, typically ₦5,000 to ₦50,000, at each meeting. Each member receives the collective pot in rotation, providing a lump sum to invest or fund a business.
This informal approach requires trust among participants but avoids bank fees, offering flexible access to capital for investment or urgent needs.
These alternatives empower Nigerians to take control of their finances, fuel economic growth and build lasting wealth without relying on conventional banks.
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