Chinyere Chimezie
Chinyere Chimezie

In November 2015, Mavrodi Mondial Movement (MMM) ponzi scheme launched a website in Nigeria describing itself as a “mutual aid fund where ordinary people help each other”. It guaranteed returns of a whopping 30% per month on payments, and for a while it worked. Between February and July 2016, the number of people signed up to the ponzi scheme grew from a few hundred thousand to over two million people.

Despite the Central Bank of Nigeria repeatedly warning Nigerians against committing funds to the scheme and the Economic and Financial Crimes Commission (EFCC) launching an investigation into the scheme’s operations, Nigerians continued to join the platform. At its peak, MMM had around three million users in Nigeria but in December 2016, it suspended operations with millions of Naira belonging to Nigerians trapped in the scheme.

The company cited a “heavy workload on the system”, saying it was taking a short break and promised to return and be better. But it never truly returned. The ponzi bubble burst at the worst possible time and left many Nigerians in despair at their lost “investments”.

Perhaps, you or someone you know were victims of the MMM crash and you have your “valid” reason for believing that MMM could make you an overnight millionaire (no judgement here). However, I am here to show you a better, consistent and reliable way to making, managing and multiplying your income.

Yes, it will not promise you 30% ROI after 3 months or even after 12 months, but it’s a sure way of retaining your capital and earning daily interest on it.

A little disclaimer here before I go on: I am not a financial analyst or advisor. I will only be sharing with you what has worked for me. So, kindly do your due diligence before you follow suit.

We’re in a technology-driven era and everything, including financial management companies, are leveraging this economy to facilitate their businesses. Hence, even our traditional banks are daily proposing ways and more ways to help us manage and diversify our funds online.

In this article, I’ll be making reference to two financial apps that can help you save, earn, manage and multiply your money. Both of these apps have been around for a while so you’ve probably heard of them, or even use them already. Whichever it is, please indulge me all the same.

1. PiggyVest. I have used this app since 2020 and have no regrets whatsoever.

PiggyVest is a secure online savings platform that makes saving possible by combining discipline plus flexibility to make you grow your savings. With PiggyVest, you earn competitive returns, better than your bank’s savings account.

It has different sections for saving:

  • Piggybank, with an interest rate of 10% per annum.
  • Flex naira, with an interest rate of 8% per annum.
  • Target Savings, with an interest rate of 9% per annum.
  • Flex dollar, with an interest rate of 7% per annum
  • Safelock, with an interest rate of 6% – 13% per annum, depending on how much you lock and for how long (duration).

PiggyVest recently added a new feature called the PocketApp which I’m still studying.

With PiggyVest, you can automate your savings or make manual top ups at intervals. Either option you choose, PiggyVest gives you the ability to save towards multiple goals: rent, a car, school fees, vacation, a new gadget, etc.

PiggyVest also uses the highest levels of Internet Security, secured by 256 bits SSL security encryption, so your funds are secure. The platform is also transparent as monthly interest alerts show exactly how much you earned in interests and how the interest rate is calculated.

I have used PiggyVest for the past two years and it has helped me to imbibe a consistent savings culture, and as well, achieve a good chunk of my savings goals, including paying off my debts.

2. Risevest. Sometime earlier this year, I asked a colleague of mine what platform I can use to buy and save in dollars and she recommended Risevest, stating that it’s what she’s used for the past two years. A thorough research and some more conversation with other friends built my faith in trying out Risevest and I finally joined in May 2022.

The good news is, Risevest (or simply Rise) isn’t just an app for saving in dollars; they typically help you invest in high quality assets that help you build wealth and achieve your financial goals. And all these are dollar investments which is a more stable economy than the naira.

Risevest is a legit US/Dollar asset investment diversification, an opportunity for you to secure your future and stay ahead. They help you invest in three major classes of assets, depending on your risk appetite.

  • Stocks: Rise helps you invest and manage your money by investing in a mixed portfolio of 40 high-growth stocks across the US market.

Historical Returns: 14% Per Annum

Risk Level: High

  • Real Estate: Rise Real Estate plan helps you invest in rented buildings in the US. This asset class is best for those who want a balance of good returns and medium risk.

Historical Returns: 14% Per Annum

Risk Level: Medium

  • Fixed Income: This is a low-risk asset perfect for anyone who wants to protect their hard-earned money from inflation in a secure, appreciating currency, i.e., the dollar, while earning steady returns.

Historical Returns: 10% Per Annum

Risk Level: Low

  • You can also simply leave your dollars in your Rise wallet and earn daily interest of 8% per annum on it.

Rise is the easiest way to make automated and secure dollar denominated investments in Nigeria from as low as $10. There is a rise telegram community where you can join for free to feel the vibe and improve yourself. This has greatly helped my financial literacy.

Even though I used to buy and save in dollars with the Flex dollar option in PiggyVest, I have seen better dollar returns in just two months of using Risevest. So, Risevest is currently my go-to app for saving (and making money through the interests), managing and multiplying money in dollars. While PiggyVest remains my go-to app for the naira equivalent.

A few final words.

1. If you desire financial freedom, then you must embrace the habit of saving money. No excuse on this one. A wise pastor once taught me that, “if you can earn or spend, then you can save”. And that has stuck with me for almost a decade now. So, whether you’re a student, unemployed or a low-income earner, you can save, no matter how little.

Back in 2017 when I wanted to invest in Mutual Funds Money Market, I started with saving a minimum of N150 every day. I simply put every change I came back with into a small carton. I made this a daily practice and in less than 90 days, I had saved over N20,000 which I used to start my Mutual Funds Money Market in Stanbic IBTC bank.

2. If you truly want to grow your money, then you must embrace the culture of keeping your money in an investment for a long period of time. Stop looking for microwave investments with unbelievable returns. That’s exactly what they are – unbelievable! More often than not, only the early joiners cash out while the rest are scammed and used as the cash cow to pay the founders of such fraudulent schemes.

I’ll end with this brilliant quote by Dave Ramsey:

“Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.”


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