Saving foreign currencies can become a problem if you don’t know how to go about it. Sometimes, people feel saving foreign currencies online can result in high fees. On the contrary, that is not the case. Saving dollars in an app is the best way to secure the money. There are different ways to save dollars in Africa. These methods are highlighted in the subhead below. Have a good read!
Ways You Can Save Dollars In Africa
Here are ways you can save dollars in Africa:
Domiciliary Account
A domiciliary account is an account that allows one to save in dollars. Also, it allows you to receive and deposit dollars. If you own a domiciliary account in Nigeria, you can save and receive money in foreign currencies. When you open a domiciliary account in Nigeria, it can be sometimes a lifesaver. If you can successfully open a domiciliary account in Nigeria, then it is a legal way to save money. The following are the requirements for launching a Fintech app in Nigeria:
Signed Opening Account Form
A copy of an identification document such as an Identity card.
Passport photographs
Reference forms should be two in number
Utility bills.
Residential permit
Proof of home address
Fintech Applications
Financial technology apps have revolutionized the banking system. You can even get virtual cards that make transactions very easy to do. You can send money in any currency denomination to anyone in any country of the world. All you need to do is to install the app and start making transactions.
A Fintech app allows you to make internet banking easy. It allows you to save money on the platform. You can even pay bills using these apps. In some Fintech applications, you may be required to verify your account. This might include providing your Bank Verification Number (BVN).
Muna
Henry Lucky, the CEO of Quru Lab and the founder of Muna Wallet established the platform in 2021 and makes it easy for both cryptocurrency users and non-users to navigate. With an annual interest rate of fifteen per cent, the cryptocurrency wallet offers a variety of stablecoins, such as USDN and Bitcoin, for savings.
Up to five savings plans—one flexible and four locked—are available to users. Additional plans provide flexibility and daily rewards. However, there is a 3 per cent default cost when withdrawing from locked programs.
Cryptocurrency
You can save dollars on cryptocurrency. Many cryptocurrency platforms allow you to buy and sell. They have very encrypted security that shapes your currency. On many cryptocurrency wallets, you can save money ranging from USDT to Bitcoin. Better still, you can stake your coin and earn interest from the coin.
Steps To Save Your Money In Crypto
Step 1: Open your cryptocurrency wallet
Step 2: Click on Account
Step 3: Tap on Earn now and choose USDT.
Step 4: Enter an amount to stake.
Step 5: Determine if your stake should keep rolling over.
Step 6: Tap ‘Subscribe’.
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Changera
The Changera app is another simple, safe, and safe way to save money in US dollars. You can use Changera’s currency conversion feature to fund your wallet with Naira and convert it to USD.
Furthermore, Changera provides a variety of currency conversion tools that make it simple for you to transfer your funds from Naira (the currency of Nigeria), Cedis (the currency of Ghana), or Kenyan Shillings to US dollars.
It is interesting to note that Changera also provides virtual card services that let you pay with dollars right from your wallet. In this manner, you can quickly make cross-border payments and be safe from currency changes. In addition to enjoying the added benefit of having your assets in a stable currency like the US dollar, your money will be secured against inflation in this way.
Piggyvest
Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze launched Piggyvest, a well-known online savings and investing platform in Nigeria, in 2016. Originally called Piggybank, the business changed its name to Piggyvest in 2019. The financial technology application is a mobile savings app that accepts both Nigerian naira and US currencies.
You must open a piggy flex account in Nigerian naira and transfer the money there if you wish to save in US dollars. Users of the Flex Naira wallet can earn up to 10% annually, which is paid at the start of each month, provided they don’t take money from their bank account more than four times. Furthermore, interest is computed daily and paid as such.
Conclusion
This write-up has discussed ways to save foreign currencies. It has also discussed the methods this can be carried out. It or also advised that you do private research to know the cryptocurrency wallet so that you can save your money. Thank you for reading! That would be all for today!
