Not everyone is destined to be an entrepreneur or CEO, and that’s perfectly okay. Many of us rely on a steady salary and the security of a 9-to-5, yet the reality for millions of Nigerian workers is far from secure. For countless salary earners, financial stability is under constant threat amid a rapidly shifting economic landscape.
In Nigeria, the challenges are formidable. The cost of living continues to soar, and in just one year, from 2022 to 2023, the naira fell from ₦463 per dollar to ₦632 per dollar, only to plummet further to over ₦1,500 per dollar in the parallel market the following year. Projections from the Nigeria Macroeconomic Outlook for 2025 warn that in a worst-case scenario, the naira could exceed ₦2,000 per dollar.
More so, data from the Central Bank of Nigeria (CBN) shows Nigeria’s inflation rate standing at 24.48% as of January 2025.
1. Your salary alone cannot build wealth – If you are just earning and spending, you are working for money instead of making money work for you.
2. Savings accounts won’t protect your money – Traditional Nigerian banks offer zero interest rates on savings. They even charge you for maintenance fees. Your money is not only losing value, it is also getting deductions. And with the rate of inflation going up, your money today will be worth far less next year if it’s just sitting idle in a regular savings account.
3. You must invest wisely – The only way to beat inflation, grow wealth, and achieve financial independence is to save and invest in the right assets.
Despite these economic challenges, salary earners can secure their future by taking advantage of low-risk savings and investment options.
In this piece, we will show you the 10 best savings and low-risk investment options for salary earners in Nigeria. These options will protect your money, generate passive income, and help you achieve financial freedom.
Treasury Bills
PiggyVest SafeLock
Stanbic IBTC Money Market Mutual Funds
Kuda Bank’s Spend+Save feature
Federal Government Bonds
ALAT by Wema Goal-Based Savings
Exchanged Traded Funds (ETFs)
Flex Dollar by PiggyVest
Investing in US Stocks — Dollar Cost Averaging
Risevest Fixed Income Plan
One of the best definitions of Treasury Bills refers to it as short-term debt securities issued by the government to make up for budget deficits and fund projects. In layman’s terms, T-bills are short-term securities issued by the Central Bank of Nigeria (CBN) to help the government raise funds. They are considered one of the safest investments in Nigeria because the government backs them.
T-Bill earnings are not subject to tax, meaning higher take-home returns. Since the government backs them, you won’t lose your principal. Unlike stocks, T-Bills offer guaranteed returns.
Treasury Bills are sold at an interest rate usually between 4% to 21% and paid back in full at the maturity date. You however get the interest immediately. Note that they come with different tenors (maturity periods), typically 91 days (3 months), 182 days (6 months), and 364 days (1 year).
Primary Market: Directly from the CBN via the Nigeria Treasury Bills (NTB) auction.
Secondary Market: Through commercial banks like GTBank, fintech apps such as Bamboo and AfriInvest, as well as from stockbrokers if you miss the primary auction.
As a salary earner, the secondary market is your best bet. Retail investors (individuals) can buy smaller amounts through the secondary market for as low as ₦100,000.
PiggyVest SafeLock is a feature offered by PiggyVest, designed to help users save money in a disciplined way by locking funds for a fixed period while earning high interest. It functions similarly to a fixed deposit, ensuring that users cannot access their savings until the maturity date. This is particularly useful for salary earners who want to set aside money for future expenses such as rent, tuition, or travel while earning higher returns.
Locking Funds – You can select an amount you want to lock and choose a fixed duration. Once the funds are locked, they cannot be withdrawn before the maturity date.
Interest Payment – PiggyVest offers up to 22% interest per annum. The interest is paid upfront at the time of investment. This means you receive your interest immediately after locking funds, providing immediate liquidity while ensuring the principal remains untouched.
No Early Withdrawals – To encourage financial discipline, PiggyVest does not allow withdrawals before the selected maturity period. This ensures that you stick to your savings plan without the temptation of spending prematurely.
Flexible Lock Periods – You can also customize your lock duration based on personal financial goals, whether short-term or long-term.
Sign up on PiggyVest – If you don’t already have an account, download the PiggyVest app or visit their website to create one.
Fund your PiggyVest wallet – Transfer money from your bank account to your PiggyVest wallet using a debit card or bank transfer.
Go to SafeLock – Select the SafeLock feature, enter the amount you want to lock, and choose a lock duration.
Receive Upfront Interest – Once you confirm the transaction, PiggyVest immediately credits your wallet with the full interest amount.
Wait for Maturity – At the end of the lock period, your initial deposit will be released into your PiggyVest wallet for withdrawal or reinvestment.
A Money Market Mutual Fund (MMMF) is a type of investment fund that pools money from multiple investors and invests in low-risk, short-term financial instruments like Treasury Bills, Fixed Deposits, Commercial Papers, and Federal Government Bonds.
It’s a great alternative to savings accounts because it offers higher returns, easy access to your money, and low risk.
You invest your money in a Money Market Fund managed by an asset management company like Stanbic IBTC. The fund manager invests in safe, short-term instruments like Treasury Bills, Fixed Deposits, and Bonds. The fund generates returns daily, and you earn interest on your investment. You can withdraw your money anytime (usually within 24-48 hours).
The Stanbic IBTC Money Market Mutual Fund is considered one of the best money market mutual funds because of the high interest rate. You can invest in the Stanbic IBTC Money Market Mutual Fund through multiple platforms such as:
Stanbic IBTC Asset Management – Directly via Stanbic IBTC’s website, mobile app, or by visiting any Stanbic IBTC bank branch.
Cowrywise – A fintech platform that allows users to invest in mutual funds seamlessly, track their portfolio, and automate investments.
AfriInvest – A digital investment platform that provides access to various mutual funds, including the Stanbic IBTC Money Market Fund.
Kuda Bank’s Spend+Save Feature is an automated savings tool designed to help users save money effortlessly every time they spend. Unlike traditional savings accounts that require manual deposits, Spend+Save rounds up transactions or deducts a percentage of spending and moves the amount into savings automatically. This makes it an ideal savings solution for salary earners and freelancers who want to build wealth consistently without actively thinking about it.
Download the Kuda App – Available on both Android and iOS, sign up and create a Kuda Bank account in minutes.
Fund Your Kuda Account – Transfer money into your Kuda wallet via bank transfer or deposit from another account.
Activate Spend+Save – Navigate to the Spend+Save feature in the app, select a savings percentage or round-up preference, and confirm.
You can buy FGN bonds for as low as N5,000. Federal Government Bonds (FG Bonds) are long-term investment securities issued by the Federal Government of Nigeria (FGN) through the Debt Management Office (DMO). They are used to raise money for national projects like roads, electricity, and infrastructure.
Unlike Treasury Bills (which are short-term), FG Bonds have a longer maturity period usually 2 to 3 years and pay interest every 6 months until maturity. Like T-Bills, FGN Bonds are government-backed. Interest rates can beat higher inflation rates.
FG Bonds are issued for a period of 2, 3, 5, or even 10 years. If you buy a 10-year bond, it means the government will pay you interest every 6 months for 10 years and return your initial investment at the end of the period.
Primary Market — when the government issues new bonds via the DMO.
Secondary Market — through banks or the Nigerian Exchange (NGX) if you missed the primary auction. This should be your go-to option as a salary earner.
ALAT by Wema Goal-Based Savings is a structured savings feature designed to help users save towards specific financial goals while earning competitive interest rates. This feature allows users to automate their savings for planned expenses like rent, tuition, travel, or business investments. It ensures financial discipline by setting clear targets and locking funds until the goal is achieved, making it an ideal tool for salary earners looking to meet future financial obligations without stress.
Download the ALAT App – Available on Android and iOS, users can sign up and create an ALAT account in minutes.
Fund Your ALAT Wallet – Transfer money into your ALAT account via bank transfer or a linked debit card.
Set Up a Goal-Based Savings Plan – Navigate to the savings section, select "Goal-Based Savings," set a target amount and schedule auto-debits.
Track Your Progress – Monitor savings growth through the app and make adjustments if needed.
Withdraw at Maturity – Once the goal is achieved, users can access their savings along with the earned interest.
This is recommended for both low and high salary earners. An Exchange-Traded Fund (ETF) is a type of investment fund that pools money from multiple investors to buy a diversified portfolio of assets, such as stocks, bonds, or commodities. ETFs are traded on the stock market, just like individual stocks, meaning investors can buy and sell them throughout the trading day at market prices.
When you invest in an ETF, you are not buying a single stock or bond; instead, you are investing in a basket of assets that tracks the performance of a specific index, industry, or asset class. For example, the Stanbic IBTC ETF 30 tracks the NSE 30 Index, which represents the 30 most valuable companies listed on the Nigerian Stock Exchange (NGX). This allows investors to gain exposure to multiple companies at once, reducing risk compared to buying individual stocks.
ETFs provide several advantages. First, they offer diversification, which means your investment is spread across multiple assets, reducing the impact of poor performance from a single stock.
Second, they are more cost-effective compared to actively managed mutual funds because they have lower management fees.
Third, they provide liquidity, allowing investors to buy or sell at any time during market hours.
To invest in ETFs in Nigeria, you need to open a brokerage account with a licensed stockbroker or use investment apps that provide access to the Nigerian Stock Exchange or international markets. Some of the most popular ETFs available in Nigeria include the Stanbic IBTC ETF 30, and Vetiva Griffin 30 ETF. These are recommended for low salary earners.
Since ETFs are diversified, they tend to be more stable than single-stock investments, making them a great option for beginners.
USD Savings is a digital savings option that allows Nigerians to save and hold their money in US dollars instead of naira. This type of savings is offered by fintech platforms and digital banks, helping investors and salary earners protect their money from naira depreciation while earning interest on their dollar savings.
Flex Dollar by PiggyVest is one of the best on USD savings. You simply deposit naira into the platform, which is then converted to US dollars at the current exchange rate. Your funds are stored in a secure USD account, and you earn interest on your balance over time. The interest rate is usually between 5% and 10% per year depending on the market conditions. Unlike traditional domiciliary accounts that require high initial deposits and strict documentation, Flex Dollar accounts are more accessible and can be managed entirely online.
One of the key benefits of USD savings is that it acts as a hedge against inflation and naira devaluation. The Nigerian naira has been losing value against the US dollar for years, meaning money saved in naira loses purchasing power over time. By saving in USD, you preserve the real value of your money and can even gain if the exchange rate increases. This makes it ideal for long-term savings goals like travel, tuition fees, international investments, or business capital.
Flex Dollar savings accounts are typically flexible, meaning you can deposit and withdraw at any time without penalties. Some platforms also offer fixed dollar savings options where funds are locked for a set period in exchange for higher interest rates.
To get started, you need to sign up on PiggyVest (Flex Dollar). Other notable fintech platforms offering this type of service are Cowrywise and Risevest. After funding your account, you can watch your savings grow in dollars.
Investing in U.S. stocks means buying shares of companies listed on major American stock exchanges like the New York Stock Exchange (NYSE) and Nasdaq. These companies include global giants such as Apple, Microsoft, Tesla, Amazon, Google (Alphabet), and Meta (Facebook). U.S. stocks are popular among Nigerian investors because they offer higher growth potential, stability, and protection against naira depreciation.
For salary earners, the best way to invest in U.S. stocks is through Dollar Cost Averaging (DCA).
Dollar Cost Averaging (DCA) is an investment strategy where you invest a fixed amount of money at regular intervals, regardless of market conditions. Instead of trying to time the market, DCA helps you buy assets consistently over time, reducing the impact of price fluctuations and market volatility.
For example, instead of investing ₦500,000 in stocks or cryptocurrencies all at once, you could invest ₦50,000 every month for 10 months. When prices are high, your money buys fewer shares or units, and when prices are low, your money buys more. Over time, this strategy averages out the cost of your investments, helping to reduce risk.
DCA is particularly useful in markets with unpredictable price movements, such as stocks, ETFs, cryptocurrencies, and mutual funds. It removes the emotional decision-making that often leads to panic buying or selling when markets rise or fall sharply. Since you are investing regularly, you don’t have to worry about whether the market is at its peak or bottom. You simply keep buying.
This strategy is perfect for salary earners who can set aside a portion of their income for investments each month. Instead of waiting to accumulate a large sum, you can start small and build your portfolio gradually. Many accredited investment platforms like Bamboo, allow automated periodic investments, making DCA easy to implement.
Risevest Fixed Income Plan is a low-risk investment option designed for individuals looking for stable returns while protecting their capital. It allows users to invest in dollar-denominated fixed-income assets, such as U.S. government bonds and corporate debt instruments, ensuring steady and predictable earnings. This is good for salary earners in Nigeria who want to preserve their wealth, earn passive income, and hedge against naira depreciation.
Invest in Fixed-Income Assets – Funds are allocated to low-risk fixed-income securities like U.S. Treasury bonds and high-quality corporate bonds, which provide stable returns over time.
Earn Predictable Returns – The plan offers an annual return of 10% - 12% in USD, ensuring steady income growth without exposure to extreme market fluctuations.
Capital Preservation – Unlike stocks which are subject to market volatility, fixed-income investments are structured to protect the investor’s principal while generating consistent earnings.
Withdraw Earnings Anytime – You can withdraw interest earnings or reinvest them to compound their returns. However, the principal amount is typically locked for a set duration to maximize returns.
Download the Risevest App – Available on both Android and iOS, sign up and create an investment account.
Fund Your Risevest Wallet – Transfer money into your Risevest account using a bank transfer or card payment. Since investments are in dollars, you have to fund your account in naira and it will be converted automatically.
Select the Fixed Income Plan – Navigate to the investment options, choose Fixed Income, and enter the amount you wish to invest.
Earn Stable Returns – Returns are credited periodically, and you can track earnings directly from the app.
Withdraw or Reinvest – Interest can be withdrawn anytime, while the principal is accessible after the lock-in period ends.
Building financial security as a salary earner in Nigeria requires more than just saving it. Inflation, naira depreciation, and low savings interest rates make it crucial to explore alternative financial options that offer stability, passive income, and long-term financial growth.
The 10 savings and investment options discussed provide a pathway for Nigerian salary earners to secure their finances, beat inflation, and achieve financial independence.
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