Saving to earn money in Nigeria doesn’t have to be hard work

How to earn money by saving in Nigeria

If you’ve saved money in a Nigerian bank before, you’d know that many don’t pay any interest for money put in supposed savings accounts. For the few that do, the interest is so small it doesn’t add up to a substantial amount.

The same thing goes for most available investment platforms in the country. When they pay interest, it’s at a very low rate. Factor in the alarming rate of inflation, and you’re really not making any money.

So is all hope lost for those who plan on saving in Nigeria? How do you save to earn substantial money that doesn’t succumb to the cold grip of Inflation in Nigeria?

Saving in Naira — the problem.

One of the biggest problems with saving and earning in Nigeria is that you’re saving in Naira, which is pound for pound, one of the worst-performing currencies today.

Think about it, how much did you buy your favorite meal a year ago. Compare that amount to the cost of said meal today, and if you wanted more context, to the cost five years ago. When I was in University, bread and Ewagoyin, my favorite meal (yeah, it’s delicious; you should try it), cost me just a hundred bucks. Today I’ll pay at least NGN 750 to buy the same meal. It’s pretty straightforward — if you save in Naira, you’re losing money, and fast.

The best way to beat this inflation rate so you can actually earn money over time is by saving in USD. There are many ways to do that, so let’s talk about a few of them.

Investing in US companies

US companies list shares on the US stock exchange that consumers can buy. The way this works is that you buy a share in a US company, the share price goes up after a while, and then you can sell to make a profit.

The caveat here is that the share price must go up for you to make a profit or earn money from your savings. However, provided you researched to find a good company with solid fundamentals, the odds of increasing share price far outweigh a decline.

In the last two years, Amazon’s share prices have gone up by more than 50%. Facebook, on the other hand, has gained almost $150 in the same period.

But buying shares of US companies is only for US citizens, right? Wrong. Even here in Nigeria, you can legally buy US shares. A lot of fintech startups (like Bamboo) offer this service.

When you deposit money to buy stock on these platforms, it’s automatically converted to USD. When you buy your preferred stock, you do so in USD, and as the share prices rise, it rises in USD. If you have a domiciliary account, you can also withdraw your earnings in USD. Otherwise, you can convert back to Naira and then transfer it to your normal savings account.

Using cryptocurrencies

Cryptocurrencies have come a long way from their humble beginnings. They’re an accepted form of payment in many countries, a lot of people bet and speculate on them, and just recently, Bitcoin, one of the very first fully-fledged cryptocurrencies, was adopted as legal tender in El Salvador. For you, in Nigeria, they can be a way to save and earn substantial money on your savings. How, you may ask?

  • Staking cryptocurrencies

Certain cryptocurrencies allow you to ‘stake’ a given amount of said cryptocurrency to earn rewards. Rewards are usually paid out in the same cryptocurrency. In a way, staking is akin to being an escrow; money (as cryptocurrency) you’ve staked is used to process and validate transactions on the network.

Being a full ‘staker’ or validator for a particular cryptocurrency requires some significant investment and technical knowledge. But the good news is many crypto exchanges offer mini staking services that allow small players to partake in the big game. Coinbase is one of them, and if this sounds like something you’d love to do, you can check out their complete cryptocurrency staking guide here.

  • Hodling cryptocurrencies

No, that’s not a typo, ‘Hodling’ is a crypto enthusiast term, and it’s basically a crypto market way of spelling holding. So, in none-crypto lingo, the phrase translates to holding cryptocurrencies. Why would you want to hold or, better put, store crypto? Well, the last few years have seen cryptocurrencies proceed on an upward trajectory of growth. By growth, I mean growth in value. 1 Bitcoin in 2010 was worth $0.08. Today, in 2021, 1 bitcoin is worth well over $43,000 (Sept. 2021).

While nothing is cast in stone when it comes to crypto growth and valuation, there’s every reason to believe that this trend will continue well into the future, especially as cryptocurrencies gain more exposure. Like I said, Bitcoin is already legal tender in El Salvador.

Now, just as it was with stocks, you need to research thoroughly before so you can pick cryptocurrencies with strong fundamentals, cryptocurrencies that have a better chance of growing bigger. Unfortunately, there are a lot of shitcoins (another crypto lingo for cryptocurrencies with poor fundamentals) in the market today, all claiming to be the next best thing since sliced bread (read: Bitcoin). Most of them are scams.


Noticed how I didn’t mention anything related to crypto trading even though that’s arguably the most popular way of earning money using cryptocurrencies? Well, that’s deliberate. The crypto trading market is extremely volatile. You could lose all your savings in one day with nothing to show for it. Sure, some people make serious money from crypto trading, but it’s not a route I’d advise anyone to take, certainly not a beginner crypto investor.

Using Remicash to earn money in Nigeria every month

If all of that sounded too complicated or abstract to you, don’t worry; there’s another way you can earn money with your savings in Nigeria. Our company (Remicash) is a crypto fintech startup. Basically, we take up all the backburner heavy lifting involved in crypto investing on behalf of our customers.

Buying crypto for holding might be hard giving the current limitations on crypto debit card purchases by the CBN. Staking crypto on an exchange might be too complicated.

With Remicash, you don’t need to do any of that. Simply deposit money in Naira and will handle all the roundabout tasks of investing your money in cryptocurrencies. It’s that easy.

In many ways, Remicash is like Bamboo, the stock market trading startup I talked about earlier. Sure, you can buy stocks from the United States directly, but that’ll involve a highly convoluted process I’m not even prepared to talk about. Like Bamboo, Remicash makes it easy to save and earn, but this time the earning method is via cryptocurrencies compared to stock options used by Bamboo.

See more on how you can earn money on Remicash here.

Which method of saving and earning in Nigeria comes off as the best to you? Let us know in the comment section.




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