Insights

• Muna Tengi
• 7 Min Read
• 94 Views

Earn While You Sleep: 8 Best Passive Income Apps For Nigerians

As technology advances, opportunities for earning passive income have expanded beyond traditional investments to the digital landscape. In Nigeria, where economic challenges often drive people to seek additional income streams, passive income apps are gaining popularity. These apps allow you to earn money with minimal active effort, making it possible to supplement your income and even earn while you sleep. From investment platforms to cashback and crypto-earning apps, there are several options for Nigerians looking to earn passive income.

This guide explores some of the best passive income apps available in Nigeria and how they work, as well as practical tips on how to maximize your earnings.

What is Passive Income?

Passive income is money earned with minimal daily involvement, typically generated from investments, savings, or activities that do not require continuous effort. Traditional forms of passive income include rental income, dividends, and interest from investments, but with digital innovations, there are now many ways to earn passively through mobile apps. While passive income isn’t completely effortless—initial research, setup, and a bit of maintenance are often required—it can become a low-maintenance revenue stream once you’re set up.

Why Passive Income Apps?

1. Convenience: Passive income apps allow you to earn money from the comfort of your home or anywhere with internet access.

2. Accessibility: You don’t need substantial capital to get started with many passive income apps. Even a small initial investment can grow over time, thanks to the power of compounding.

3. Multiple Streams of Income: With different apps catering to various income-generating methods, you can diversify your earnings and reduce financial dependency on one source.

Best Passive Income Apps for Nigerians

Below are some of the most popular and reliable apps available for Nigerians looking to generate passive income.

1. Kashgain

Kashgain is a e-commerce platform that allows users to make transactions such as bill payments, airtime purchases, and content writing. The app offers incentives like cash-back and discounts, making it a popular choice for Nigerians looking to earn while performing routine financial tasks.

Key Features:

• Airtime Purchases: Earn cash-back when you buy airtime for any Nigerian network.
• Bill Payments: Pay bills through Kashgain and receive discounts or rewards.
• Referral Program: You can earn extra rewards by referring new users to the app.

Kashgain is a great option for people who want to save on everyday transactions like buying airtime or paying bills.

2. PiggyVest

PiggyVest is one of the most popular fintech platforms in Nigeria for savings and investments. Initially launched as a digital savings app, PiggyVest has expanded to offer investment opportunities that provide users with a solid passive income. With various saving and investment features, it allows users to automate their savings while earning attractive interest rates.

• Features:

  • Piggybank: Earn interest on your savings, which are locked for a certain period.
  • Investify: Access to low-risk investment opportunities that offer fixed returns on investments (ROIs).
  • Flex Dollar: Save in dollars to protect against currency depreciation and earn interest in USD.

• Earning Potential: PiggyVest offers interest rates up to 10% on savings and even higher on investments depending on the selected investment plan.

• Best for: Individuals looking for a low-risk way to save, with guaranteed returns and the potential to invest in diversified portfolios.

3. Rise

Rise is a Nigerian investment app that provides access to dollar-denominated investments, protecting users from Naira devaluation. Rise allows users to invest in global stocks, real estate, and fixed-income assets, offering options to earn passive income through capital appreciation and dividends.

• Features:

  • Stocks: Invest in blue-chip US stocks like Apple, Amazon, and Microsoft.
  • Real Estate: Invest in managed real estate portfolios that generate steady rental income.
  • Fixed Income: Stable investments with fixed annual returns.

• Earning Potential: Rise investments offer annual returns ranging from 10% to 14%, depending on the portfolio.

• Best for: Those interested in earning in foreign currencies and protecting their investments from inflation.

4. Branch

Branch is a fintech app providing microloans, savings, and investment opportunities. Although primarily known for its loan services, Branch also offers savings and investment accounts with attractive interest rates. You can earn passively by saving through Branch’s high-yield savings accounts, which are safe and easy to use.

• Features:

  • Branch Wallet: Save and earn high-interest returns on deposits.
  • Investments: Automated investment portfolios that offer fixed returns on savings and investments.

• Earning Potential: Branch offers up to 20% per annum on savings, which is significantly higher than most banks in Nigeria.

• Best for: People who want to earn high interest on savings with a low minimum deposit requirement.

5. Chipper Cash

Chipper Cash is a money transfer app that has recently introduced a feature that allows users to invest in US stocks. With Chipper Cash, you can own fractional shares of global companies and earn passive income through dividends.

• Features:

  • Chipper Wallet: Save money and earn cash rewards.
  • Stock Investing: Invest in top US companies and earn dividends on your holdings.

• Earning Potential: Dividend earnings vary depending on the performance of the stocks you own, with the potential for capital appreciation.

• Best for: Users looking for easy access to US stock investments and an intuitive platform for cross-border transactions.

6. Crowdyvest

Crowdyvest is a Nigerian platform that connects users with high-impact investment opportunities, particularly in the agriculture and real estate sectors. The platform offers users an opportunity to invest in projects that align with the Sustainable Development Goals (SDGs) and allows you to earn fixed returns on investments.

• Features:

  • Impact Investing: Contribute to agriculture, transportation, and real estate projects with fixed ROIs.
  • Savings Plans: Create a savings plan with added interest on fixed savings.

• Earning Potential: Crowdyvest offers returns ranging from 10% to 20% depending on the project and investment duration.

• Best for: Individuals looking for socially responsible investments with a focus on agriculture and infrastructure.

7. Honeygain

Honeygain is an app that allows you to earn passive income by sharing your internet connection. The app uses your unused internet bandwidth for business and research purposes, rewarding you in dollars or Bitcoin.

• Features:

  • Bandwidth Sharing: The app uses a small amount of your internet data to help companies with web scraping and data analysis.
  • Daily Earnings: You can monitor your earnings daily and withdraw once you meet the payout threshold.

• Earning Potential: Earnings can vary based on your internet speed and data usage, with an average income of $20 to $50 per month for regular users.

• Best for: People with unlimited or high-cap data plans who want to monetize unused internet bandwidth.

8. Sweatcoin

Sweatcoin is a unique passive income app that rewards users for walking. It tracks your steps and rewards you with a digital currency called Sweatcoins, which can be exchanged for rewards or used to purchase items from the in-app marketplace.

• Features:

  • Step Tracker: Automatically tracks your steps and converts them into Sweatcoins.
  • Rewards Marketplace: Exchange Sweatcoins for products, services, or cash equivalents through partnered retailers.

• Earning Potential: Users can earn up to 5 Sweatcoins per day with the free plan, with the potential to earn more by upgrading to a paid plan. Rewards vary depending on marketplace items.

• Best for: Fitness enthusiasts and individuals looking to stay active while earning rewards.

Tips for Maximizing Earnings with Passive Income Apps

To make the most of these passive income apps, here are some practical tips:

1. Set Financial Goals: Decide on your income goals, whether it's saving for a specific purpose or diversifying your income. This will help you choose the apps and strategies best suited for your goals.

2. Combine Multiple Apps: Use more than one app to diversify your income streams. For example, combine PiggyVest for savings, Rise for investments, and Sweatcoin for fitness rewards to maximize your earning potential.

3. Leverage Auto-Saving Features: Some apps, like PiggyVest, offer auto-saving options to help you save consistently. Utilize these features to build a steady savings fund without needing to remember manual deposits.

4. Stay Consistent: Passive income may take time to accumulate, so stay consistent with your use of these apps. Make small, consistent contributions to investment and savings apps to see compounding benefits.

5. Take Advantage of Referrals: Many passive income apps offer referral bonuses. Share these apps with friends and family to earn extra income and boost your earnings.

6. Keep Learning: Passive income opportunities are always evolving. Stay informed about new apps, investment trends, and best practices to ensure you’re maximizing your potential earnings.

Conclusion

Passive income apps offer Nigerians a convenient and flexible way to earn money without the constant active input of a traditional job. Whether you’re interested in investing, saving, or even earning through your daily activities, there’s a passive income app that can help you meet your financial goals. While each app has its unique features, combining several can maximize your earning potential and diversify your income. With the right approach, you can build a steady stream of passive income and start earning even while you sleep.