Best Ways To Automate Savings and Investments in Nigeria


With savings and investments automation, you will have more time for the things that are important to you. Your money will be invested wisely and won’t stagnate in one place.

What is Savings Automation?

Savings automation is when a saver instructs their banker/wallet-handler to automatically deposit certain amount of money at a specified time or specified times into a given bank account.

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Automatic savings can also be set to send money into several accounts at the same time. This kind of savings plan is convenient for those who want to be consistent and also diligent with their savings.

Why are Nigerian investors moving to automated savings and investments?

The reason is simple – setting up a Systematic Investment Plan (SIP) and giving instructions via auto-debit has its benefits.

An SIP will do the following for you:

  • Increase the ease of investing – you don’t have to logon to your banking app to transfer every month/week/day before your savings is done
  • Minimizing your risks – you eliminate the risk of transferring to a wrong account number every other time you have to place your savings
  • Prevents you from missing any savings deadline

How to automate savings and investment in Nigeria

How to automate Savings?

Have one account for both savings and investing

The first thing you must do is consolidate your funds and make sure they are in one account with a high interest rate. Once the money is in one place, you will know exactly how much you have in JUST ONE glance. You automatically know what you can afford, or run away from.

Start with the bills payment

Think of all the savings you get from auto debiting your loans and credit cards. For example, if you have to make a monthly minimum fee payment on your Credit Card or Loan (business or personal), set up an auto debit so that the bank takes it on time.

This helps in achieving a good Credit Score as you claim to be paying off the bill in full each month. You can also automate paying other bills such as rent, mobile phone and electricity.

Set up the auto deposit

You can choose from two types of savings options (Fixed deposit or a Recurring Deposit) to best suit your needs.

  1. Fixed Deposits offer higher returns, and works best if you usually have idle money for a long period
  2. Recurring Deposits offer lower returns but with high liquidity plus it’s easy for ALAT users – you just need to set up the auto savings features and ensure there’s constant funds in your account.

That’s all.

How to automate Investments?

Everyone needs to learn how to automate investments in Nigeria

After realizing this, you can automate your investments in mutual funds by just providing a little information at the beginning. You can also automate investments in stocks, with brokers now offering trading platforms to choose investments.

Want to invest in gold? You can either physically invest in Gold or use online trading platforms. There are so many of such available and they give returns that match those of gold bar prices.

In Conclusion

Once you know where your money needs to be, you can pre-invest it in separate places. Investments for retirement are best managed separately from buying a house.

This way, it’s difficult to lose or spend this money. Create an emergency fund using Mutual Funds or Fixed Deposits; then, automate the process and add auto debit to get your account funded regularly.

Do you want to get started now?

One of the popular savings apps in Nigeria – Wema Alat, simplifies finances by providing an automated process. All you have to do is;

  • Download the ALAT app from Google Play Store or Apple App Store
  • Click on create Account and select Savings Account
  • Follow the prompts. Be ready to input and upload necessary information such as BVN, photograph, Signature, Valid ID card, etc.
  • Once your application is successful, your account information will be sent to you.

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