Top 8 Best Investment Apps You Should Consider in 2023

What are Investment Apps?

Back in the day when you have to source for investment platforms with the help of experts who will charge hefty fees that will even be more than what you schemed to invest. Depending on your exposure and amount, these experts were regarded as gold in the personal finance industry.

However, with the emergence of the internet, it has become easier for investors to invest their money. Firstly, people will have to embark on research before making a decision. Even amateur investors have turned gurus due to the abundance of resources on the internet.

With just a smartphone or a computer, and access to data, you can key into the world of investing without any prior experience. Now, investing has become a breeze with the unlimited resources you found online.

Are Investment Apps Legit?

There is nothing like a perfect investment app. Most of them have different policies guiding them, some have higher interest rates. Some have the lowest fees for transacting and vice versa.

Finding the best app is a prerequisite for keying into investing. The majority claimed to be legit, but only those who have used the app can testify. Notwithstanding this post will reveal some of the best, legit apps for Nigerians and Africans.

How to know the best Investment App in Nigeria

As I said, this blog post will talk about some key investment platforms that will help you get started easily without hiring an expert. Some of the apps have blogs and learning websites filled with various educational resources and amazing blog posts that will teach you all you need to know about investing.

Please note investing can be a scary and risky adventure, you are to indulge in thorough research before making a decision. Before planting your money, make sure you know the interest rates, transaction fees, and policies guiding these apps.

Top 8 Investment Apps You Should Consider in 2023

Let’s dive into the best investment apps for Nigerians and Africans.

1: Risevest

Risevest is an automated investment platform in dollar assets. It allows users to invest their money in dollar-denominated investments. The app is so simple to use that users can make dollar investments in US stocks, real estate, and bonds for as low as $10 without breaking the bank.

One benefit of using the platform is the ability to pick a plan to invest in and allow its experts to manage your assets while you sit back and watch interests flooding in.

This makes it an automated dollar investment platform. The ability to choose a plan and invest in the US stock market with a smartphone.

The annual returns of Risevest stand at 14% as of the time of writing this post, making it one of the best apps for investors in Nigeria.

Features of the Risevest app

Available Platforms: Android, iOS
Minimum investment amount: $10
Required Documentation: Government Issued ID and a Utility Bill ready. The documents will be an image, not actual physical copies. Some basic information like (Verified Email Address, Verified Phone Number, and Bank Account Information).
Payment Options: Mastercard, VISA, and Verve cards issued by Nigerian Banks. Bank Transfer.
Holding period: You can choose to make your investment plan available on-demand and also choose longer investment durations.
Investment monitoring: You can track returns on investments purchased through the app.
Withdrawals: Same-day withdrawals.
Security: The app uses PCI-DSS compliant, bank-grade security and two-factor authentication to protect all users’ accounts.

Risevest is SEC-registered in the US and users’ funds are managed by their partners (ARM Trustees) who are registered with the Nigerian Securities and Exchange Commission (SEC) so you know that your funds are safe and regulated at the highest standard of adherence.

2: Trove

Trove is another great option to consider. The app boost of the ability to invest in the US stock market and Nigeria. You can buy stocks with a single click of a button.

In addition, you can also invest in REITs, ETFs, and bonds. The app is highly recommended and has the best interest rates in the market. You can start your investment journey with as low as N1,000.

Features of the Trove app

Available Platforms: Android, iOS
Minimum investment amount: N1,000.
Required Documentation: Government Issued ID and a Utility Bill ready. The documents will be an image, not actual physical copies. Some basic information like (Verified Email Address, Verified Phone Number, and Bank Account Information).
Payment Options: Mastercard, VISA, and Verve cards issued by Nigerian Banks. Bank Transfer.
Holding period: As long as you like.
Investment monitoring: You can track returns on investments purchased through the Trove app.
Withdrawals: You can withdraw uninvested cash in your wallet for 3 business days or more. If you’re withdrawing more than your invested cash. You’ll need to sell some of your purchased assets. If you submit a sell order it will take between 1 to 2 business days for your funds to settle in your account. You can either choose to deposit the fund in your wallet or bank account.
Security: Trove ensures your personal information is well encrypted with 256-bit encryption. And stored using cutting-edge security technologies. Trove’s partner, DriveWealth LLC, is a regulated member of FINRA/SIPC. Holds All the US trading accounts on Trove. It also protects the securities holdings of its members. Of up to $500,000 (including $250,000 for claims for cash).

Its other partner, Sigma Securities, a firm regulated by the NSE & Securities and Exchange Commission (SEC), holds all Nigerian trading accounts. While ARM Investment Managers, a licensed Asset manager in Lagos, Nigeria, acts as Investment managers for the portfolios on Trove.

3: Bamboo app

Bamboo is a popular app in Africa that makes investing in the US stock market a breeze. You can buy stock with the app as it boosts over 3500 stocks in the American stock market.

It also has the option to invest in some of your favorite Nigerian companies. You can buy, sell or hold foreign and local stocks using the app and it starts with a click away.

Features of the Bamboo app

Available Platforms: Android, iOS
Minimum investment amount: $20.
Required Documentation: Government Issued ID and a Utility Bill ready. The documents will be an image, not actual physical copies. Some basic information like (Verified Email Address, Verified Phone Number, and Bank Account Information).
Payment Options: Mastercard, VISA, and Verve cards issued by Nigerian Banks. Bank Transfer.
Holding period: As long as you like.
Investment monitoring: You can track returns on investments purchased through the Bamboo app.
Withdrawals: A withdrawal order from the app will take between 1 to 2-3 business days for your funds to settle in your account.
Security: Bamboo uses state-of-the-art bank-level security, data encryption, and two-factor authentication (2FA) protection on all accounts. All accounts are held at a top-tier local and US brokerage firm; which, as a member of the Securities Investor Protection Corporation (SIPC), insures each Bamboo account up to $500,000.

4: Piggyvest

If you want to diversify your investment with just a single click, this app makes it easy for you to invest. For starters who are new to investing, this app is the best option to start.

The app allows you to save and invest your money in Nigeria without leaving your comfort zone. As of now, Piggyvest boost of over 2.5 million customers in Nigeria, making it one of the largest saving and investment platform.

You can invest in various assets like fixed income, agriculture, and transportation where you earn up to 25 percent. It also has saving plans for anyone who wants practice a savings habit.

Features of the Piggyvest app

Platforms: Android, iOS
Interest rate: 5% – 25% per an um
Withdrawal charges: 5% fee for withdrawals outside fixed withdrawal days (4 free-of-charge withdrawal days annually)

5: Cowrywise

Want to invest in mutual funds? Cowrywise makes it a breeze for you. Mutual funds are a great way to invest your money because you can easily diversify your portfolio. The app allows you to invest in mutual funds in Nigeria with just a smartphone.

In addition, you can invest in money market funds, high-interest rates savings accounts, and halal investments.

Features of the Cowrywise app

Available Platforms: Android. iOS
Withdrawal charges: N25
Plans: Emergency Savings, Halal Savings, Regular Savings.
Minimum withdrawal: None

6: I-invest

Want to invest in treasury bills? Since treasury bills are typically risk-free investment security, i-invest is the perfect app for you to earn consistent returns.

The I-invest app is owned by a pan-African brokerage firm that recently partnered with Starling bank of Nigeria to make investing in treasury bills a breeze for investors.

The app makes it easy for you to track your portfolio in addition to its high-interest rates. You can withdraw your money at any time but that can only happen after a minimum holding period of 30 days.

Features of the I-invest app

Available Platforms: Android, iOS
Maintenance Fees: None
Pre-liquidate: Yes, after a minimum holding period of 30 days.

7: Kudabank

Kuda is a digital bank and one of its kind in the digital banking industry. It recently got licensed by the Central Bank of Nigeria, so be rest assured that your funds and investment are in a safe place. Kuda bank can also be used as an investment platform, you can save, invest, and borrow at the same time.

In addition to the banking etiquette of the app, you can buy US stocks of more than 1000 American companies whose shares are public.

Features of the Kuda app

Platforms: Android, iOS
Interest rate: 5% – 25% per an um
Loans: Offers short-term overdraft loans.

8: Chipper cash

Last on the list is chipper cash, another digital banking app that allows you to save money. In addition to sending and receiving money, you can invest in stocks and crypto.

The app allows customers to build wealth by investing in fractional shares of US companies.

Conclusion

Making the right decision in choosing the best app for your investment shouldn’t be a burden with this list as long as you can diligently do your research. Investing is risky but having access to educational materials to craft your knowledge of investment shouldn’t be.

This list of the best online investment apps will bring you closer to achieving your financial goals. We’ve curated the best list for you to make an informed decision.