What Are Online Savings Platforms in Nigeria all About? - Ceepass Blog

What Are Online Savings Platforms in Nigeria all About?

online savings

Until about a couple of decades ago, the idea of saving money online for use at a later time – although not impossible an idea to conceive – was largely abstract and almost impossible to achieve at that time due to several constraints. Then, saving money at home or in customised savings boxes was a personal and self-taught decision.

Fast forward to now, online savings platforms in Nigeria are fast becoming the go-to points for people looking to save their money in a smart and even profitable way. Quite a number of online saving platforms now exist in Nigeria, each offering similar but unique services that add value to their users.

What are the things you must know about online savings in Nigeria? What exactly are these online savings platforms in Nigeria about?

  • They are fintech innovations

Online savings is an innovation birthed by financial technology companies who became curious about how individuals can save money besides using banks, thrift, and other traditional methods.

  • Targeted at making savings easier for Nigerians

The ease of saving money was one challenge Nigerians battled with until fintechs made the process simple and fun by introducing online savings.

  • Multiple options available to customers

There are several options available to a person looking to save money online. Online savings platforms accept payment with bank cards, bank transfers, and even USSD, making them more flexible to save money.

  • Available on multiple platforms

Online savings platforms in Nigeria help promote ease of access as they are available on different platforms, including the web, Android, and iOS.

  • Earn interest on savings

One feature you enjoy when you use these platforms is that as you save from your income, you also earn up to 15% interest on some platforms over time.

  • Personalised savings

With online savings, you are in control of when to save, how much to save, whether to save daily, weekly or monthly; it’s all up to you. You can also save towards a specific target and get a juicy interest.

  • Help you stay true to saving

Online savings platforms will usually charge a fee called breaking fund penalty of around 2 to 2.5%, should you withdraw from your savings before the time you or the platform stipulated. This helps you build the discipline required to form and maintain your savings habit.

  • Investment opportunities

Newer online savings platforms in Nigeria now offer you investment opportunities while you save money with them. For example, you can invest in stocks, shares, agribusiness, export financing, etc, and earn profits based on percentage.

  • Track your saving habit

Online savings platforms are also an authentic way to track how well you are doing with your commitment to saving over time.

  • Earn points and referral bonuses

You also get to earn some cool money by simply referring friends and family to join you on some online savings platforms. Awesome, right?

. . .

The benefits bundled up in the different online savings platforms in Nigeria are almost inexhaustible. However, when you’ve decided to save money online, you will want to watch out for a platform that is stable, reliable, and has a track record of success in this regard. Ceepass Digital Bank’s savings platform ticks all these boxes and is where you will want your money saved at this time.


Photo by Adeolu Eletu on Unsplash

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