Best Dollar Investment Apps in Nigeria 2023 (Revised)

Best Dollar Investment Apps in 2022
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It is no news that the Nigerian Naira is facing devaluation. What one thousand Naira (₦1000) could buy in 2018 or even 2021 is not what it would purchase in 2023. Naira is facing devaluation and inflation, and the best means of preserving your funds is through saving or investing in dollars.

To learn about investing with dollars and where you can make such an investment, keep reading this article.

What is Dollar Investment?

Investment in dictionary terms means the action or process of investing money to earn profit. In financial terms, investment is about acquiring an asset to yield profit or appreciation (Investopedia). The Dollar is the United States currency.

Dollar investment means acquiring an asset in dollars to yield profit or preserve money and possibly appreciate. It means investing with Dollars and getting interest in Dollars.

How Does Dollar Investment Work?

Dollar Investments in recent years have been made easier than in times past. In times past, Nigerians didn’t have access to the stocks or bonds of foreign companies. However, with the rise in fintech companies, Dollar Investments has become easier.

How to make Dollar investment follows the following steps

  1. Download the app (Android or IOS)
  2. Register
  3. Email verification
  4. Identity verification (Voters card, NIN, International passport, etc)
  5. Funding in local currency and conversion to Dollar
  6. Investments

All these are done in the app, making the investment relatively easy.

Savings vs Investment

One most asked question is, should I save or invest my money? The following scenario is used to answer this important question.

 Let’s say Joel has one hundred thousand Naira (₦100,000) and has been given suggestions of either investing it or saving it. He doesn’t know which option is best and then came to me to explain what each is all about. Our conversation is as follows: 

Joel: Hi Oluchi, How are you doing?

Me: Hi Joel, I am doing very well and you?

Joel: I am doing very well, thank you. I have a spare ₦100,000, and I do not know what to do with it. I have been told to save it by some people and to invest it by others.

Joel: The problem is that I don’t know what each term is about and which option is better. Please, can you explain what each term means and advise me on what to do?

Me: Thank you for trusting me enough to come to seek financial advice. I will explain what the terms mean.

Me: Savings means putting the ₦100,000 you have in the bank or any other financial institution, and after a while, which could be a week or a month, you take your money. However, what you will get at the time of withdrawal is your ₦100,000.

Investing means putting this ₦100,000 into an investment that could have an ROI of 30% over 6 months. This simply means that every month, you get a 5% increase in your money. At the end of 6 months, you get an additional ₦30,000 on your ₦100,000, bringing it to ₦130,000.

Joel: So, you mean that if I save my money it doesn’t increase but if I invest it, it increases?

Me: Yes, Joel. However, I would recommend both and most especially, do it in dollars as it helps protect your money from devaluation.

Joel: Thank you, Oluchi. You are the best.

ROI means the return on investment

Why is it Important to Save/Invest in Dollars?

As I stated earlier, the devaluation of the naira is no news to anyone in the country. Even a child knows the Nigerian naira has lost its value and the purchase value is low. This has made life more difficult for the citizens of the country. It is, therefore, important that you save in dollars to preserve your money against devaluation and inflation.

Metrics for Ranking the Best Dollar Investment Apps in Nigeria

The best dollar apps listed here are ranked based on the ease of making investments in the app and their learning opportunity.

Best Dollar Investment Apps in Nigeria

Fintech companies exist solely to provide solutions to the financial problems people face using technology. While some come in the form of savings apps with the option of saving in dollars (e.g piggyvest), others come in the form of investment apps for buying stocks (e.g Chaka). They all have the same purpose.

 The following are the best dollar investment apps in Nigeria listed in no particular order;

  1. Rise
  2. Trove
  3. Chaka
  4. Bamboo
  5. Pillow Fund
  6. Piggy Vest
  7. Cowrywise
  8. Carbon
  9. RiseVes


Rise is a fintech company founded in 2019 by CEO Eke Urum. The company has a team of 52 members. The vision for Rise came from the need to help investors grow their wealth by combating currency shocks, high inflation rates, and the impact of devaluation. They have a mission of connecting their users to the best wealth-creating opportunities worldwide.

Features and Rates

Different products offered on the app are:

  • Stocks: 14% with high risk
  • Real estate: 14% with medium risk
  • Fixed income: 10% with low risk
  • Build wealth

How to use:

  •  Download the app
  • Create an account
  • Choose the feature you want to operate on the app
  • Fund and enjoy the app


  • Easy to use
  • Has automatic savings option
  • You can diversify your portfolio 
  • Low risk of losing your capital
  • No penalties on withdrawal
  • E-learning option for investors


  • Deposit charges
    • Naira:1.4%- 1.5%
    • Dollar: 2.9%- 3.9%
  • Interest charges
    • ROI between 10-15%: 1.5%
    • ROI above 15%: 2%


This is an online investing platform and can also double as a trading platform for stocks with the CEO/Co-Founder as Oluwatomi Solanke. You can buy local stocks or foreign stocks, and there is an e-learning option where you can take courses on investing and improve your knowledge as an investor.


  • Nigerian stocks
  • Foreign stocks
  • ETFs

How to use:

  1. Register for an account
  2. Choose your employment status and source of funding
  3. Based on your employment status, you have to fill in the details of your organization
  4. The last section is where you upload the required documents and get them verified.
  5. You can then start your investment journey by funding.


  • Easy to fund as the card types (Mastercard, VISA, and Verve) issued by the banks are accepted. Bank transfers are accepted too.
  • You can hold your investment for as long as you like
  •  Supported by the Nigerian Government
  •  High security
  •  E-learning option for investors


  • Delay in receiving your funds
  • Different types of fees are charged depending on the transaction type.


  • Deposit fees: 1.5% + ₦100 for transactions over ₦2500
  • Trading Fees (Naira Wallet)
    • Platform fees: 0.5%
    • Brokerage: 1.35%
    • Stamp duty: 0.075%
    • VAT on Commissions: 5% of NSE, SEC & Brokerage fees
    • CSCS Trade Alert: ₦4.20
    • SEC: 0.30%
  • Trading Fees (Dollar Wallet): 1% of transaction amount ( Minimum of $2.5)

The image below shows what the Trove looks like after a successful registration.


This is the first fintech company to receive SEC’s First Fintech License, the Digital Sub-Broker/Sub-Broker Serving Multiple Brokers through a digital platform license. They provide investment opportunities through their app for both local and international stocks.


  •  Equities
  • Bonds
  • Real estate
  • Technology

How to use

  • Create an account
  • Choose the type of account you want to operate
  • Complete your verifications ( general, global, and local)


  • They are licensed and trusted
  • Fund security
  • Access to a large volume of stocks
  • Free deposits and withdrawal
  • Referral program
  • E-learning option for investors


  •  A wrap fee of 1.7% is charged for account management at the end of each year


This fintech company was co-founded by Richmond Bassey and Yanmo Omoregbe in early 2019 but launched in January 2020. Through the app, Nigerians have access to the stock of foreign companies. The bamboo wallet can be funded in Naira or Dollars. Users can also earn in dollars on the app.


  • Nigerian stock
  • Foreign stock

How to use

  • Download the app
  • Register
  • Fund either your naira or dollar wallet
  • Choose from the list of stocks and buy


  • Easy to use
  • Accepts MasterCard, VISA, verve cards, and also bank transfers from local bank accounts.
  • You can hold your investment as long as you want
  • High security as it uses the same state-of-the-art security as banks
  • You can invest with as low as $20
  • Provides E-learning options for investors


  • Withdrawals take between 1-3 business days to be processed


With RiseVest, you may invest quickly in assets with different currencies. It is a reputable financial platform that provides stock, fixed income, and real estate investment alternatives. With this app, you can earn annual interest rates ranging from 14% to 41%. On RiseVest, you can use the built-in tracker to monitor your financial progress toward your objectives. To begin using the app, you’ll need a token sum of USD 10, as well as a strategy and timeframe for your financial investments.

Pillow Fund

Pillow Fund is one of the best dollar investment app in Nigeria that enables users to virtually save funds in dollars while earning massive returns in daily passive income. This platform offers a seamless interface that enables users invest their naira in stable coins. Presently, Pillow Fund offers 14% annual return on investments when you utilize their dollar saving product.

Furthermore, users receive over 10% returns on stablecoin and over 6% on BTC and ETH on every dollar investment made. Pillow Found, with its exclusive interface aims to make dollar savings in Nigeria and all over the world seamless.

However, to start earning daily returns in Pillow Fund, users are required to fund their e-wallet. With as low 3000NGN initial investment, you can 14% annual returns. As a matter of fact, in Nigeria, Pillow Fund has gained popularity over the years due to its efficiency and credibility in meeting customers expectation.

Visit The official website for more Information about Pillow Fund investment plans.


Piggy Vest

PiggyVest is another great investment app that allows users to save and invest with little or no hassle. This investment platform helps you cut short your spending excesses. You can lock up your additional funds and watch it grow in your wallet.

You can save as little funds as you can afford, or meet your monthly goals by locking up your wallet for the specific period you need to spend or invest. PiggyVest is not just a any saving app, it allows you build financial discipline and flexibility.

Furthermore, The PiggyVest app offers several savings and investment plans to meet your needs. There is the Piggybank plan which enables you to save and withdraw every quarter of the year. Also, the Target Savings Plan which enables you save towards a target goal, like vacation, masters degree or payment of rent. You ca also save for a long-term goal by locking away your funds for a longer time. Plus, with investify, you can switch your portfolio to low risk investment options.

So how can you invest or save in dollars with the Piggyvest app? with the Piggyvest Flex Dollar account you can save amount you desire in dollar. The Flex dollar option also enables you to benefit for naira depreciation, plus you get 7% interest per dollar saved..


Cowrywise is another dollar investment app in Nigeria with diverse investment products and plans.

With the systematic investment plan and interface,, you can automate investments without any hassle. Also, You can invest in either Naira or dollars, on a user-friendly interface. Additionally, the investment plans in cowrywise are avoidable for low income earners and middle class as well. With as low as 1000NGN, you can start your investment.

However, its important you note that your investments is bound to increase as your innate amount increase. Also, you can only redeem your investment as it matures. plus, all interest or gain of your initial investment are calculated at the end of the year.

If you are interested in saving in dollar, the cowrywise app offers a good platform for that too. With as low as $10 (the naira equivalent), you can start investing in the dollar. download the app to get started.


Carbon provides a range of personal finance and investing options. On this app, you can start investing with as little as 100 NGN. once you start your investment with carbon, you have assured returns of about 16%. Additionally, you can alter the length of your investment from three to twelve months. To reach your objectives, you can create an periodic targets to help you meet your goal. These may occur quarterly, biannually, or annually.

How to Minimize the Risks of Investing in Nigeria?

Risks are prevalent everywhere. To minimize the risks of investing in Nigeria, any potential investor must conduct their due diligence before stashing their money on any platform listed above.

Despite the risks, Nigeria remains an attractive investment destination, considering its vast resources, a large population, and opportunities for growth. Here are some strategies to minimize investment risks in Nigeria:

1. Conduct in-depth research: Investors should conduct thorough research on the Nigerian market before investing. This research should cover areas such as the political and economic situation, the regulatory environment, the legal system, and cultural considerations.

2. Invest in strong sectors: Investing in strong sectors such as agriculture, mining, and digital technology is likely to yield high returns and buffer investors against market fluctuations.

3. Work with reputable local partners: Investors are advised to work with reputable local partners to navigate the complex regulatory and business environment in Nigeria. A trusted partner can help investors navigate cultural differences, provide access to valuable networks, and minimize corruption risks.

4. Insure against risks: Investing in insurance policies against risks such as political instability, security threats, and natural disasters can cushion investors against losses.

How To Choose An Investment Platform in Nigeria?

Before investing in any platform, consider the credibility and track record of that investment platform. Ensure that the platform is registered with appropriate regulatory bodies such as the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). 

Check for user reviews and their experiences with the platform to get a better understanding of their reliability. 

It’s also important to consider the fees and charges associated with using the investment platform. Some platforms may charge high transaction fees or management fees that can eat into your returns. Look for platforms that offer low fees and charges while still providing a good investment experience. 

Lastly, consider the level of support and customer service offered by the platform. As an investor, you may need help or assistance with your investments from time to time. Choose a platform that offers responsive and helpful customer support to ensure a smooth investment experience.

Things To Consider When Choosing an Investment Platform in Nigeria?

First of all, you must consider the level of risk involved before choosing an investment platform in Nigeria. It is important to note that some asset classes are riskier than others. For instance, cryptocurrency investments are considered high-risk, high-reward investments while treasury bills are considered low-risk, low-reward investments. As such, it is crucial to choose an investment platform that aligns with your risk tolerance and overall investment goals.

The reputation and credibility of the investment platform should also be considered. You should conduct thorough research on the history and track record of the platform before making any investment decisions. Look out for reviews and testimonials from other investors who have used the platform before. Additionally, ensure that the platform is regulated and authorized by relevant financial regulatory bodies in Nigeria.

Another consideration is the fees charged by the investment platform. Different investment platforms have varying fee structures and it is important to understand them before making any investments. Look out for hidden fees such as management fees, withdrawal fees, and transaction fees. Choose an investment platform with fair and transparent fee structures to ensure that you are maximizing your returns.

Conclusion: Best Dollar Investment Apps in Nigeria

The list of the best dollar investment apps in Nigeria is not exhaustive. There are a couple of fintech companies that offer Dollar investment services but are not listed here. From the list above, choose the company that you feel safe enough with and invest with them.

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Igbojianya Oluchukwu

Content is the life of anything that works in life. It can be written, visual, audio, or a combination of all forms. It is my duty and pleasure to give you valuable content. I am Igbojianya Oluchukwu, a Content Creator and Writer.


  1. Εγγραφ
    June 5, 2024

    Thanks for sharing. I really enjoyed the post about dollar investment apps in Nigeria and I look forward to more of your content.

    • Richard Okiasi
      June 6, 2024

      Hello sir,
      Thank you for your feedback. This serves as an added motivation to us and we’d keep doing more. Thanks

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