4 fintech platforms to help you manage your ‘N400k’ salary as a Nigerian

Godfrey Elimian
4 fintech platforms to help you manage your 'N400k' salary as a Nigerian
4 fintech platforms to help you manage your ‘N400k’ salary as a Nigerian

Without contradiction, the average monthly salary earned by a Nigerian is below N500k if a report by WorldSalaries is anything to go by. More specifically, Nigeria has an average monthly salary of 339,000 Nigerian Naira per month, which is nearly 774.75 US Dollars per month (as per the exchange rates in October 2022). 

However, the macroeconomic environment, which has been somewhat weakened by persistent inflation and other maladies, ends up becoming an even greater challenge for income earners. In an economy where the inflation rate currently stands at a staggering 22.02%, according to the Nigerian Central Bank, these salary earners find themselves constantly moping about what that amount can do for them.

The truth is, almost 50% of Nigerians don’t even earn up to that amount because they live below the extreme poverty line. According to Statista, an estimated population of 88.4 million people in Nigeria lived in extreme poverty.

The number of men living on less than 1.90 U.S. dollars a day in the country reached around 44.7 million, while the count was 43.7 million for women. Overall, 12.9 per cent of the global population in extreme poverty was found in Nigeria as of 2022.

According to a report by the Nigeria Bureau of Statistics (NBS), 133 million Nigerians, (or 63% of the population) are multi-dimensionally poor. They can’t afford cleaner cooking energy, preferring dung, wood, or charcoal instead. High deprivations are also a national trend especially in sanitation, healthcare, food insecurity, and housing, it further stated.

So, I wondered when I recently stumbled on a trend on ‘Twitter Nigeria’ when tweeps were throwing bants on what a 400k salary can do for them. Some claimed that they could not live or marry earning that amount, while others found it quite enough and suitable to live a normal but not exquisite life. 400k salary equals roughly $533 per month. Most Nigerians certainly don’t earn up to that amount in a month.

This particular article will introduce you to 4 fintech apps that can help you manage your ‘400k’ salary, or any other amount you earn as monthly salary. Whether you live in Port Harcourt, Abuja or even Lagos which happens to be one of the most expensive cities in Africa to live in according to Business Insider.

These 4 fintech apps will help you manage your wealth, and help you aggregate your spending. They also help ensure seamless financial services that can help you live conveniently without the pressures that come with being a Nigerian living in Nigeria.

Read also: Here are top 5 loan sources for salary earners in Nigeria


Now, I am aware that the average income earner in Nigeria may have a simplified budget for their expenses before payday, which is common to do. Most often, they have even spent money from an unpaid salary because of unexpected or extra expenses that crop up in the middle of the month and are in some way greater than their income.

This is why it is important to save for precautionary purposes or have a saving plan. Of course, with the rising cost of basic items such as housing, food and even clothing, one can question what is left to save for when the necessities of life have not been sorted. Well, that’s why there is something called shocks or unexpected occurrences or accidents if you call it that.

Fortunately, this is where saving apps like Cowrywise and Piggyvest come in. As a salary earner, in order not to fall into debts that you do not want to put your mind to unnecessary pressure, you need not only to cultivate a savings culture for survival but for precaution and opportunities when they come.

But why Cowrywise, out of the many other platforms that can help you save? Well, Cowrywise offers a broader array of savings plans and can be used by all and sundry. You can save regularly on a monthly, weekly or even daily basis.

It has the periodic savings plan, Life goals saving plan, save as you earn plan which is particularly for people who don’t have a fixed pattern of earning and of course the fixed savings plan. So you can save in any way you chose.

But what interests me more about the Cowrywise app is that it provides for different personalities with different cultures. The Hilal saving is a plan tailored to the Islamic banking system. With this plan, there is zero interest in accordance with the principles of Islam.

Lastly, the interest rates are also considerable compared to its peers. Its users get 10% off for starters across the board. They however claim the interest could rise to as much as 15%, depending on how long the money remains in their system.

Cowrywise vs PiggyVest: What You Need to Know Before Making a Choice Between Them


Eventually, everybody needs a loan or credit facility at some point in life. Credit facilities are not a moral deficiency or societal flaw in which individuals who involve in them need to be looked condescendingly.

Here are 5 instant loan apps in Nigeria in 2023

In fact, credit facilities are a necessary stimulator for wealth creation and a tool for wealth management. If you don’t need loans to keep you afloat for a month when your salary runs out abruptly, then, you might need it for a new endeavour which might be profitable, or perhaps, for even a speculative or unseen circumstance which happens. It can even help you save your salary when something urgent comes up.

Imagine putting some of your salaries on a fixed deposit and suddenly you find yourself in an emergency. You don’t need to go back to that fixed savings. Just borrow to sort it out. Whatever reason you may need a loan, you need credible or worthy platforms that can help you get one both efficiently and effectively without much burden and stress, which is sometimes common amongst commercial banks.

Why Carbon? Since launching, the company has evolved into a fully functional service platform that offers cost-effective bills payment, free fund transfers and high-yield savings and investment options to users, in addition to its original loan option.

Apart from the fact that it is licensed by the Central Bank of Nigeria and regulated by the NDIC, Carbon allows users to enjoy cheaper transactions, zero account fees and an annual interest of 1% per annum. Additionally, loans are received instantly with lower interest rates by repaying loans on time.

In addition, it started to offer Nigerians what many conventional financial institutions in the country are unable to guarantee: no charges when they carry out financial transactions or shop with Carbon Zero. So, not only will you get a loan fast and a cheaper interest rate when you pay on time, you also get to enjoy other extras.


Managing where your money is going and how you can comfortably spend your income can be difficult. You might earn income, whether large or small, save part of that income or even borrow to sustain and take on useful opportunities and endeavours, but when you are unable to budget and track what takes your salary when it comes, you might be sitting on a kg of gun powder.

This is where a useful budgeting app is necessary to help keep you on track, especially if you are living in places like Lagos. The best budgeting apps help you understand your income and spending so you have maximum control over your money.

One such efficient budgeting app is Mint. Apart from being free to use, Mint tracks your expenses and places them in budget categories. You can personalize these unlimited categories. You set limits for these categories, and Mint lets you know if you’re approaching those limits.

Besides those budgeting features, Mint may help users pay down debt, save more money and track goals by providing “Mintsights.” It is one app that can do everything on your behalf as far as it concerns your budgeting and spending.

You may sync your financial accounts within the app or manually add transactions. Mint allows you to see all your accounts in one place and keep track of your daily spending. The app automatically organizes your spending so you can see totals by category at a glance.

Read also: Palmpay vs Opay: What you need to know before you choose


Nigerians face several frustrations when trying to access and spend their money. These frustrations include exorbitant charges on their transfers and failed transactions. Savings accounts with commercial banks these days are more costly and result in incessant charges that leave a customer with far less than they make or deposit.

But apart from failed transactions, having a platform that ensures seamless financial services delivery makes one’s financial lifestyle even easier. You can make payments for almost everything at a low cost, transfer and get payments easily in a country where patience is hardly a virtue and get rewards in the process.

This is why a Nigerian might want to have a Palmpay account to help them enjoy their salary with peace of mind and unnecessary deductions and maintenance fees. Why Palmpay?

Apart from its ease of use and goal over the next three years to enter more markets and empower over 100 million consumers and 10 million businesses with access to relevant, reliable and affordable financial services Palmpay offers its users a lot of rewards just by using the platform for several financial reasons.

There is a bonus for using almost all its features, which come as points that can be redeemed for discounts or merchandise. Among the many rewards include: Refer to earn, Naira deals, Palm coins, Lucky Money game, Cash spree, Palm force and check-ins reward.

Not to infer that Nigerians are very eager for rewards, but the economy is already salary-stiffening, and a little compensation would not be a lot to ask for.

These rewards are attached to the many features available on the platform, which include: electricity and water bills payment, cable TV subscriptions, airtime and data purchase, school and travel fees payment, and sending money to institutions like churches and universities registered on the app. 

So even as you are spending your salary to pay for these items, it is important that you aregetting some sort of cashback or even discounted services. It is a win-win situation for you as a Nigerian looking to manage your salary.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Register for Technext Coinference 2023, the Largest blockchain and DeFi Gathering in Africa.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!