SmartSaver

Name

SmartSaver

Legal name

First Capital C.M.S Limited

Website

https://smartsaver.ng

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Consumer Digital Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)

akta.pro secondary industry

High-Net-Worth & Private Wealth Digital Platforms (Digital Private Banking) (FSAGAEAI)

Keywords

• Digital savings platform
• Mobile banking services
• High-yield savings
• Instant personal loans
• Fintech savings products

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Loan Interest Income: SmartSaver provides instant loans to users 24/7 with funds disbursed within minutes. Interest is charged on loans, with rates determined by credit profile and repayment history.
2. Transaction Fees: Fees charged for transfers to bank accounts, bill payments, airtime recharge, and other payment services. Users are responsible for processing charges for transfers to and from their Wallet.
3. Interest Spread: SmartSaver earns interest on daily wallet balances and generates revenue from the spread between interest paid to savers and returns generated from investment of customer funds.
4. Investment Management Fees: Transaction fees and charges associated with investment/savings products, deducted from investment amounts for fund management services.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

SmartSaver is a Nigerian fintech platform that offers a unified digital banking experience through a mobile app, combining high-yield savings products (Smart Lock, Super Lock, Smart Flex, Smart Dollar), instant personal loans available 24/7, bill payments, airtime recharge, money transfers, and insurance products. The platform serves individual Nigerian consumers seeking better returns than traditional banks provide, with features including free bank accounts, daily wallet interest, and USD-denominated savings for inflation protection.

Product overview

SmartSaver is a Nigerian fintech platform operated by First Capital C.M.S Limited that provides a unified digital banking experience through its mobile application. The core offering includes multiple savings products: Smart Lock and Super Lock for fixed deposits with high interest rates (up to 26% and 75% respectively), Smart Flex for daily interest-earning wallets, and Smart Dollar for USD-denominated savings. The platform also provides instant loans (24/7 access with funds disbursed within minutes), bill payment services, and insurance products. All services are accessible through a single mobile app with NUBAN bank account integration.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 100,000+ customers served
• +4 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• PaystackcoreTechnology or IntegrationPaystack is shown as a payment processing partner integrated into the SmartSaver platform for handling payment transactions. Paystack logo appears on the homepage indicating partnership for payment processing infrastructure.
• Sterling BankcoreTechnology or IntegrationSterling Bank is shown as a banking partner, with the bank logo appearing on the SmartSaver homepage. The bank likely provides banking infrastructure and fund custody services.
• Providus BankcoreTechnology or IntegrationProvidus Bank is shown as a banking partner on the SmartSaver platform. The bank serves as a partner for fund custody and banking services within the SmartSaver ecosystem.
• First CapitalcoreTechnology or IntegrationFirst Capital C.M.S Limited is the parent entity providing financial services through the SmartSaver platform. SmartSaver is a service product of First Capital C.M.S Limited.
• First Capital Cooperative Multipurpose Limited LagoscoreStrategic or Co-development PartnerUsers who open a SmartSaver account automatically become members of First Capital Cooperative Multipurpose Limited Lagos, indicating a cooperative membership structure underlying the financial services.
• CapricornsupportingTechnology or IntegrationCapricorn appears as a partner logo on the SmartSaver homepage, indicating a banking or financial services partnership for payment processing or fund management.
• Third Party Partners / Service ProviderssupportingTechnology or IntegrationSmartSaver works with third-party service providers including Payment Service Providers, fund management partners, and collection agencies. These partners assist with functions like data verification, marketing assistance, customer service, and loan collection.
• Credit Reference BureaussupportingTechnology or IntegrationSmartSaver uses credit reference bureaus to obtain personal information, credit profiles, and credit-related transactions to assess loan applications and assign credit scores. Information about loan defaults is shared with these bureaus.
• Google AnalyticssupportingTechnology or IntegrationSmartSaver uses Google Analytics to analyze usage patterns and user demographics for the platform. Google Analytics generates cookies to capture usage information for service improvement.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Chipper Cash: Chipper Cash is a US-headquartered, Africa-focused cross-border payments and investment app; comparable to SmartSaver's cross-border/transactional features and African consumer fintech positioning, though primarily regional outside Nigeria.

Direct peers

• Moniepoint: Moniepoint (formerly TeamApt) is a Nigerian fintech providing payments, banking, and credit for consumers and businesses via mobile. Comparable in wallet/payments/credit distribution model.
• FairMoney: FairMoney is a Nigerian (and emerging-market) mobile lending and neobank offering instant loans, savings, and bill payments to mass-market consumers. Highly comparable product mix and target customer.
• Piggyvest: Piggyvest is a Nigerian consumer fintech offering high-yield savings (Piggybank, Safelock), investments, and loans via mobile app. It is the closest direct competitor to SmartSaver given overlapping product suite and Nigerian mass-market focus.
• Kuda Bank: Kuda is a licensed Nigerian digital-only neobank offering free banking, savings, transfers, and loans through mobile app. Overlaps significantly with SmartSaver's wallet, savings, and payments offering.
• Carbon (formerly Paylater): Carbon is a Nigerian digital lending and savings platform offering instant loans, savings, and bills payment. Comparable to SmartSaver's combined loan + savings + bill pay super-app model.
• OPay: OPay is a major Nigeria/Africa fintech super-app offering payments, savings, loans, and ride-hailing via mobile. Comparable breadth of services and merchant/customer financial-inclusion positioning.
• Cowrywise: Cowrywise is a Nigerian digital wealth platform providing savings, investments (including dollar-denominated products), and financial education. Directly comparable to SmartSaver's Smart Lock, Super Lock, and Smart Dollar offerings.
• PalmPay: PalmPay is an Africa-focused mobile money and payments super-app offering transfers, airtime, bill payments, savings, and credit. Comparable to SmartSaver's bill payment and wallet capabilities.

Emerging players

• Risevest: Risevest is a Nigerian investment platform offering dollar-denominated assets and high-yield investment products to retail users. Closely comparable to SmartSaver's Smart Dollar proposition and investment orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/smartsaverNG
• Xx.com/_Smartsaverng

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SmartSaver