With Nigeria’s large and youthful population, investment apps have seen rapid growth in recent years. The country’s high mobile phone penetration and improving internet access have enabled these apps to thrive. This article introduces the top 5 most popular investment apps in Nigeria in 2023 that allow retail investors to easily buy stocks, mutual funds, and other assets.
High returns but also high risks with Nigerian investment apps
Many Nigerian investment apps promise high returns to attract users. However, the underlying assets can be quite risky. Users need to understand the products before investing. Proper diversification across assets and prudent position sizing are important.
Bamboo and Trove provide easy access to US stocks
Bamboo and Trove allow Nigerians to invest in US stocks and ETFs. Their simple interfaces and fractional share investing make building a globally diversified portfolio accessible. However, currency risk exists when investing abroad.
Piggyvest and Cowrywise offer dedicated investment products
Piggyvest and Cowrywise have developed their own savings and investment products for Nigerians. These include mutual funds, real estate trusts, and more. Convenience is a plus but returns have been mixed.
Chaka facilitates stock investing across African exchanges
As a digital stock brokerage, Chaka opens up stock investing across Nigeria, Ghana, Kenya and other African exchanges. But trading fees can still be high compared to US retail brokerages.
In summary, Nigerian investment apps are bringing new access and products to the country’s investors. But understanding the risks and proper portfolio construction are still vital to succeed.