How to save your money in dollars with piggyvest and cowrywise
The rate at which the currency is losing its value against the dollar and pound is really crazy. The only way to keep your money from losing its value is by saving in dollars in Nigeria. There are many ways by which you can save your money in dollars while it maintains its value, also keep in mind that it is a long-term investment as the price rises and falls.
How to save in Dollars using these apps
There are so many financial apps that can help you save your money in foreign currency without having a domiciliary account and at the same time get ROI from them of which I would be listing
Piggyvest
Piggyvest formerly known as Piggybank is a saving platform that enables its users to save at ease. you can use Piggyvest to save either in dollars or naira, whichever one suits you. When you save with Piggyvest you get 10-15% interest in your savings per annum against the 3-4% given by commercial banks on your fixed deposit.
How to save in dollars with piggyvest
To save in dollars with Piggyvest, one has to open a Piggyvest Account by downloading the application from your phone’s official app store. Once that is done you Sign up and fill in all the necessary details that are required including your BVN.
- Select Piggy Flex dollars
- fund your Piggyvest Flex account or link your ATM
- Select save in dollars
- choose where you want your money to be debited from.
Once it is done your account will be debited while your Dollar Flex account credit. This is a long-term investment plan which means that you can convert your flex dollars to naira the next day. Saving with flex dollars you get 7% interest per annum on your savings which is a good deal.
To earn and save your money from devaluation, you have to be patient in other words, wait for dollars to rise more than what it was before when you bought it. If you decide to change to naira the next day or week you might be at loss.
Cowrywise
They also operate the same way Piggyvest vest does but with different interests and modes of operation but also a saving platform. Cowrywise allows you to invest in dollar Mutual funds with financial institutions they have partnered with.
Mutual funds are money pooled from various investors to invest in stocks, bonds, real estate, and treasury bills.
They act as the middle man when it comes to mutual fund investment, they scout for reliable financial institutions that provide secured investment and help you buy units with them charging you for processing fees.
How secure is Cowrywise and piggyvest
Both financial institutions are safe to invest in, as both are fully insured and registered. Piggyvest, are in partnership with two microfinance bank and also uses their license, and all savers funds are warehoused with and managed by AIICO Capital. While Cowrywise Financial Technology Limited is a fund manager duly registered with the Securities and Exchange Commission (SEC) of Nigeria.
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