Best Dollar Investment Apps in Nigeria 2022

Best Dollar Investment Apps in 2022

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 2022. 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


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

Conclusion: Best Dollar Investment Apps in Nigera

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.


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