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Fintechs in Nigeria: PiggyVest

Unless you’re earning significantly more than an average income, you probably have to sacrifice some convenience to save up money. For most of us, there’s always a need popping up for every kobo we make. Putting a bit of cash away can take a big slice of courage, and more.

PiggyVest is helping Nigerians overcome the excuses that tempt them from saving. It’s a digital tool that allows its users keep portions of their income. But it also lets them invest their money and reap returns.

This startup’s team is banking on its product’s accessibility and yields to attract people who want a simpler way to save and invest. Their platform was the first of its kind in the country when it was launched in 2016. Although the digital savings niche has since welcomed more players, PiggyVest remains one of its strongest operators.

PiggyVest’s Offerings

PiggyVest has differentiated services for people who want to keep and grow their funds.

First, there’s the Piggybank Wallet, which enables people to save money on a daily, weekly or monthly basis. The funds are deducted and transferred from the owners’ bank account to their e-wallet as frequently as they have decided.

Another product, Target Savings, gives users the freedom to save towards specific targets, such as school fees, rent, or travel. They can also invite their friends to engage in a savings game with them. There’s also SafeLock, an arrangement in which users can hold their money for longer periods and earn high interest on those savings.

PiggyVest’s investment offering is Investify. It’s for people who want to begin earning passive income, or for anyone who would like to explore more investment options than they’re currently taking on.

How the Platform Works

People who want to save and invest with PiggyVest can sign up for this on its website or mobile app. They will need to enter the details of the bank account with which they will be funding their e-wallet on the platform, as well as debit card details. After this, they can select a savings plan, and begin to collect funds for the future.

The interest made on money saved is accumulated on the savers’ Flex Account. They can also win points for saving consistently; those points can be converted into more money. There are no bank charges for transferring funds to the PiggyVest account.

Withdrawals can be made on dates preset by individual account holders, or at the end of every quarter.  

PiggyVest also guarantees the safety of financial information kept with it. According to the company, these details are encrypted to degrees obtainable in the banking industry. 

Read about other Fintechs in Nigeria here

Growth Over Time

The platform has served over 350,000 people since it began operations three years ago. At the moment, it’s helping Nigerians save a total of over ₦1 billion each month.

In 2018, it announced that it had received $1.1 million in seed funding from a group of investors. That group was led by LeadPath Nigeria, and also included Village Capital and Ventures Platform. Shortly after this, it changed its name and tweaked its offerings to reflect a greater focus on investment.  

Featured Image Source: Make Money NG

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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