5 Nigerian Banking Apps That Pay You to Bank with Them

Ever wondered if it was possible to get paid just for banking in Nigeria?

Ever wished there was a bank where your savings are not depleted at will? Where your savings would continue to grow rather than get decimated with multiple charges.

What if I tell you that it is actually possible to enjoy the freedom of banking in Nigeria without the ridiculous charges that you are used to? Without the rigid, traditional banking that our fathers passed down to us?

It is actually possible in Nigeria, and I am a beneficiary cum advocate of the freedom of banking that is sweeping through the banking industry in Nigeria via financial technology.

In this post, we’ll be looking at five Nigerian banking apps that actually pay you to save your money, and without any ridiculous COT charges. In fact, most of these banking apps offer their customers free transfer options to and from their accounts.


My first choice for banking apps in Nigeria is definitely Branch. Not only do they offer competitive interest rates, they also offer zero banking charges as well as loans and bills payment options

I believe Branch International; the company behind the Branch app is building the banking app of the future, which incorporates all the banking needs of the 21st century.

For your savings, Branch offers a flat annual interest rate of 20% per annum, payable every Monday. This means that when you save with the Branch app, your savings starts growing right from the first Monday of the first week.

Branch also offers one of the most competitive loans in the industry. Their loan interests and charges are the lowest I’ve seen so far and it gives options to their users and provides a more inclusive banking.

My only grouse with the Branch app is that it is quite limited in terms of account clarity and management. Unlike other apps that give users options to manage their funds in different ways with more banking data, Branch is super-focused on savings and loan customers.

When you consider their efficiency in their chosen market segment, I believe Branch is not doing too badly, as they could expand to fulfill other users’ needs in the future.


Carbon, the “Paylater” app that pivoted into a sort of digital banking platform, is one of the most dynamic banking apps you could ever use. Just like Branch, they are super-focused on savings and loans, and offer way more interest on your savings than traditional banks.

So, why do I like Carbon?

I like the Carbon app because of its simplicity of use; it’s similarity with the Branch app which offers options for savings diversity, and the loan options.

Carbon offers between 8% and 13% interest per annum on your savings, which accrues the longer you “vault” your funds with them.

Carbon also runs a dynamic affiliate program that pays you not only for referring friends and family to use the app, but for also sharing affiliate links on social media.

In essence, Carbon is the real money app for savvy Nigerians who want to make money with their money and their time.


Vbank is the banking app I wished Branch was. The only difference is that Vbank offers a lower interest rate and no loan option.

Aside from that, Vbank is a modern banking app and an ideal financial platform for the Nigerian Millennial and Gen-Z. 

Not only does Vbank offer its users financial analytics and modern payment options to manage their funds, they provide the option for a debit card and bank account with zero transaction cost.

In my opinion, Vbank amongst other fintech platforms is building the bank of the future in Nigeria. With modern payment options, zero service costs, modern financial management tools, and a competitive interest rate, it won’t be long before Vbank starts competing with the more traditional banks that we are already used to.

With an interest rate of 15% per annum which is payable monthly, Vbank puts itself in the mix of the fintech companies that have taken the financial industry in Nigeria by storm, and changing the narrative.

In spite of this, I am left wishing Vbank could offer a loan service, which in my opinion, would make it the most ideal banking app for young Nigerians of now and the future.


I regard Piggyvest as the Pioneers of proactive digital savings in Nigeria. In fact, in a recent article, I referred to Piggyvest as the perfect app for savings and investment in Nigeria.

Why so?

Piggyvest delivers on its promise to help users save, invest, and grow their money. It is a platform that is focused on the cash-sensitive user. In fact, Piggyvest can be addictive for savings like no other banking app can. It is just designed to help you continue putting your money in the right places.

Depending on the tenure and type of financial vehicle utilized on Piggyvest, users could earn an interest rate from anywhere between 7% up to 30% per annum. With a Piggyvest feature, Safelock, users could sometimes even get paid their full interest amount upfront even before their funds get stashed.

However, the frequency of availability of high-earning portfolios on Piggyvest is a concern. On a regular basis, you could earn as high as 10% on Piggyvest, depending on market rates. However, the high-earning portfolios on Piggyvest are as scarce as they can get.


Update: December, 2022 – Crowdyvest is currently having issues paying their investors. So, beware!!

Crowdyvest is sort of a late comer to the fintech revolution that is currently cutting across Nigeria and Africa at large. Its parent company which started an agritech crowdfunding company has diversified further towards other investment portfolios. 

Crowdyvest offers a lucrative interest of between 12.5% and 15% per annum depending on the savings tenure. They also have the option to save against inflation by stacking your funds in dollarized portfolios.

On the flip side, I believe as a late comer to the industry, Crowdyvest appears like a clone of most of the other earlier players in the industry. They are currently doing nothing different than offering a competitive interest rate; and to their credit, that has been working for them.


With any of these banking apps in Nigeria, you cannot go wrong with your finances. Putting your money in any of these apps may not give you the financial breakthrough you may want, but they sure will help you cultivate the habit of saving and investing, which could be financially beneficial in the long term.




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