Investing has long been a proven way to build and preserve wealth, but it wasn’t always accessible to the average Nigerian.
Historically, investment opportunities were limited to high-net-worth individuals or those with insider access to financial institutions. Complex processes and significant capital requirements once restricted many from participating.
Nigeria’s fast-growing fintech sector has democratized investment, making it accessible to millions. Nigerians can easily invest in stocks, bonds, mutual funds, and cryptocurrency, from beginner investors looking to explore new opportunities to seasoned professionals diversifying their portfolios.
This article covers Nigeria's ten best investment platforms, each offering unique benefits for different financial goals.
Key takeaways
- Technology has streamlined investment opportunities, making them accessible to Nigerians of various socioeconomic backgrounds and experience levels.
- Available investment options in Nigeria include platforms offering options from stocks and bonds to cryptocurrency and mutual funds.
- When choosing a platform, consider fees, investment options, user experience, and security.
- Regulation is critical; ensure your platform is registered with relevant financial authorities (e.g., SEC and CBN).
- This list covers diverse platforms suitable for different financial goals, risk tolerances, and investment preferences.
10 Best Investment Platforms in Nigeria
Below are ten of the best investment platforms in Nigeria, selected for their unique features, benefits, and suitability for different investment goals.
- Bamboo
- Chaka
- Risevest
- PiggyVest
- Trove Finance
- Cowrywise
- Quidax
- I-invest
- GetEquity
- CrowdyVest
1. Bamboo
Bamboo is a popular investment platform that allows Nigerians to invest in United States and Nigerian stocks. Through the Bamboo app, you can buy, hold, or sell thousands of stocks on the Nigerian Stock Exchange (NGX) and US stock exchanges (NASDAQ and NYSE), with access to real-time market data and news updates.
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This platform is particularly suitable for those who want exposure to international markets. The fintech offers fractional shares (only for its US stocks), making it accessible to small-scale investors. With your BVN, you can use the app from anywhere in the world.
The Securities and Exchange Commission (SEC) regulates the app and offers fixed returns and Treasury bills. Some users report delays in transaction processing.
Techpoint Africa reported that the company launched a fee-free remittance app — ‘Coins by Bamboo’ — to facilitate money transfers from the diaspora to Africa.
Pro tip: If you’re uncertain about what to invest in right away, Bamboo’s US Wallet feature allows you to hold funds in USD, protecting them against inflation until you’re ready to invest.
2. Chaka
Like Bamboo, Chaka also provides Nigerians and businesses access to over 4,000 foreign and Nigerian stocks, making it an excellent choice for diversifying their portfolios. The SEC-regulated platform allows users to open dollar and naira accounts, giving them flexible investment management across different currencies.
Trading fees range between 0.69% and 1.5% for foreign investments, with a 0.5% or₦100 broker commission fee for Nigerian stocks.
Although Future Africa-backed fintech doesn’t offer investment recommendations, it has a “Knowledge Base” to help users get started and an educational blog that was last updated in 2021. Some users have reported challenges with withdrawal speed.
A year ago, Techpoint Africa reported that another Nigerian investment platform, Risevest, acquired Chaka in an undisclosed deal.
3. Risevest
Risevest, a Nigerian fintech that acts as a dollar asset manager, offers a unique approach to investing. The company provides managed portfolios in sectors like US real estate, US stocks, and fixed-income assets.
Risevest is a fund manager that helps you manage and grow your money. This platform is ideal for passive investors who prefer to entrust their funds to professionals, as each portfolio is managed to align with specific investment goals.
The Ventures Platform and Techstars-back fintech limits its portfolios to US-based assets and doesn’t offer Nigerian investments.
With more than 600,000 users and over $42 million paid to customers, Risevest is present in five countries, including Nigeria and Kenya. It entered these countries in September 2024 after the country's Capital Markets Authority (CMA) approved its acquisition of Hisa, another investment startup in the East African nation.
4. PiggyVest
Originally focused on disciplined saving, PiggyVest now includes investment options. In addition to savings options like PiggyBank, Flex Dollar, SafeLock, Target Savings, and most recently, HouseMoney, the fintech also offers its more than 4 million customers access to invest in real estate and bonds, starting as low as ₦5,000.
This platform is popular for its easy-to-use interface and tools that promote financial discipline, making it a strong choice for beginners looking to combine investing and saving. Since it’s primarily geared toward savings rather than high-growth investments, it’s a good start for beginners but unattractive to more experienced investors.
PiggyVest, which recently joined Paystack and others to acquire business banking startup Brass, just released a report about how Nigerians have saved and invested in the past year.
5. Trove Finance
Trove Finance stands out for its diverse investment options, offering over 10,000 Nigerian and foreign stocks, ETFs, bonds, and cryptocurrencies. This platform caters to investors looking for a mix of traditional and digital assets, allowing for a diversified investment approach within one app.
You can start investing with as little as $10 or ₦1,000 across local and international markets, including major companies in Nigeria, the US, Europe, and China. Trove Finance features include Trove Social (a stock investment community), Earn by Trove (a fixed-income option), USD Virtual Card, and Stock Gifting.
Several users say the Trove app is often buggy and the graph for tracking stock performance needs improvement.
6. Cowrywise
Cowrywise, which describes itself as a digital-first wealth management platform for the young generation of Nigerians and Africans, streamlines access to savings and investments, much like PiggyVest. The fintech focuses exclusively on offering significant Naira and Dollar mutual fund options with multiple savings plans and no stock options.
Licenced by the SEC, Cowrywise helps you save and invest in low-, medium-, and high-risk investment plans, making it perfect for Nigerians looking to automate savings and invest simultaneously.
One of the fintech’s most notable features is its investment circles, which let you save and invest with friends and family. Cowrywise also provides financial planning tools and educational resources to aid its customers with managing their finances.
7. Quidax
Quidax is a user-friendly cryptocurrency platform designed for Nigerians who want to invest in digital currencies. The app, limited to crypto, allows users to buy, sell, and store various digital currencies at competitive rates, making it accessible to beginners and experienced investors.
Quidax's straightforward interface makes it easy for users to navigate the complexities of the crypto market. Additionally, Quidax, which some have dubbed one of the best cryptocurrency trading platforms in Nigeria, offers a secure wallet feature so users can safely store their crypto assets and track their portfolio in real time.
Two months ago, as part of its accelerated regulatory incubation program (ARIP), the Nigerian SEC granted provisional licenses or “Approval-in-principle,” to Quidax and Busha, another cryptocurrency exchange.
8. i-invest
I-Invest is an investment platform that stands out for its fixed-income options. While it has limited growth potential compared to stock or crypto investments, i-invest caters to Nigerians looking for lower-risk investments with steady returns.
Originally focused on offering only Treasury bills, I-Invest lets users buy and manage Eurobonds, commercial papers, insurance, mutual funds, and fixed deposits directly through the app. The platform also offers access to shares on the Nigerian Stock Exchange, making it versatile for different investment needs.
The app also allows users to create savings plans, earning as much as 11% per annum while paying utility bills, purchasing airtime, and accessing financial news.
9. GetEquity
GetEquity is a fintech platform that simplifies access to startup investments. It allows Nigerians to invest in promising African startups from early stages to IPOs. Through GetEquity, users can browse and invest in vetted startups, supporting innovation and gaining early equity positions in high-potential companies.
This can be a higher-risk investment approach, as startup ventures tend to be more volatile, but it offers the potential for substantial rewards.
The app also provides access to venture capital (VC) and startup financing options, making it a unique choice for those interested in venture investment. Per the company’s website, GetEquity also offers commercial papers, real estate projects, and mutual funds.
Earlier in 2024, the company raised $1 million to offer fixed-income assets and bonds.
10. Crowdyvest
Crowdyvest is an investment platform that funds impact-driven projects across various sectors, such as agriculture, real estate, and transportation. It provides a unique opportunity for Nigerians who want to support social and economic development while earning returns.
Crowdyvest is a community-centered platform that allows users to invest in vetted projects that create financial and social value. Ideal for individuals who prioritise impact investing, Crowdyvest offers transparency and competitive returns across its three portfolio options. The minimum investment requirement is ₦20,000.
Key considerations when choosing an investment platform
The following are factors to consider when choosing an investment platform in Nigeria:
Security and regulation
When choosing an investment platform, ensure it has the security protocols to safeguard your investment. Additionally, confirm that the platform is registered with relevant regulatory authorities like the SEC and CBN.
Fees
Different platforms have varying fees, such as transaction, management, and withdrawal charges. Review these costs, as they can significantly impact your investment returns, especially if you plan to transact frequently.
User experience
A user-friendly platform can make your investment journey smoother, especially for beginners. Look for platforms with intuitive interfaces and reliable customer support.
Investment options
Diversification is key in investing. Based on your financial goals and risk tolerance, choose platforms that provide access to various asset types, such as stocks, bonds, mutual funds, or even cryptocurrencies.
FAQs about investment platforms in Nigeria
What is the best investment platform in Nigeria?
The best platform depends on your goals. Bamboo or Chaka are ideal for US stocks, while PiggyVest offers additional savings features. Quidax is suited for cryptocurrency enthusiasts.
Are these investment platforms safe?
Yes, each platform is regulated. However, investing always carries risks. Review each platform's policies and understand the terms before investing.
Can I invest in foreign stocks from Nigeria?
Yes, platforms like Bamboo, Chaka, and Trove allow Nigerians to invest in foreign stocks right from Nigeria.
What are the fees associated with these platforms?
Fees vary by platform. For platforms offering foreign investments, look out for management, transaction, and currency conversion fees.
Conclusion
Investing in Nigeria is now more convenient than ever, with multiple platforms offering tailored options to suit various investment goals. When choosing a platform, consider security, fees, user experience, and available investment options. The right choice will align with your financial objectives, risk tolerance, and preferences, enabling you to grow your wealth confidently.NOTE: This article is not an investment recommendation; it’s strictly for educational purposes.
