Piggyvest: Saving and Investment with the Leading App in Nigeria

We can have a Nigeria where young adults aren’t just chasing the latest slang, but also chasing financial goals. Where “balling” doesn’t solely mean flashy outfits, but building a secure future. This dream isn’t far-fetched, thanks to revolutionary platforms like Piggyvest, the game-changing savings and investment app for Nigerians.

Piggyvest isn’t just an app, it’s a movement. A movement empowering Nigerians to ditch the “spend it all” or “YOLO” mentality and embrace the power of saving and investing. It offers user-centric features and mouth-watering interest rates in a fun and easy-to-use interface.

Fortunately, this comprehensive guide discusses Piggyvest’s story, exploring its impact on financial habits, user success stories, and its commitment to innovation.

Understanding the Savings and Investment Habit
Piggyvest’s Rise to Prominence
Investment Options and Risk Factors with Piggyvest
Debunking Myths about Digital Saving and Investing with Piggyvest
Impact and User Stories of Piggyvest
Addressing Concerns and Challenges With Piggyvest
Piggyvest’s Innovation and Future Plans
FAQs
Conclusion
Recommendations

Understanding the Savings and Investment Habit

Before diving into Piggyvest’s meteoric rise, let’s see the saving and investment habits in Nigeria. Traditionally, Nigerians have relied on:

1. Informal saving methods: Susu (rotating savings groups), kolo (piggy banks), and physical cash under the mattress were the norm. While fostering community and discipline, these methods lacked security, flexibility, and growth potential.

2. Limited access to formal banking: High account opening fees, complex procedures, and geographical limitations often excluded many Nigerians from the formal financial system, hindering saving and investment opportunities.

3. Lack of investment knowledge: Financial literacy and awareness of investment options were historically low, leaving many hesitant or unaware of ways to grow their wealth beyond basic saving.

These limitations hampered financial inclusion and economic progress for many Nigerians before the rise of fintech.

Fintech’s transformative potential offered:

Accessibility: Mobile apps removed geographical barriers and simplified account opening, making financial services readily available.
Affordability: Lower fees and innovative pricing models made saving and investing more accessible.
Convenience: User-friendly apps and features made managing finances easier and more engaging.
Financial literacy: Educational content and gamified features within apps increased financial awareness and understanding.

Piggyvest emerged at the right time, leveraging technology to address the very challenges that were holding back millions of Nigerians from achieving their financial goals.

Piggyvest’s Rise to Prominence

Piggyvest’s story began in 2016, not as Piggyvest, but as PiggyBank.ng. Inspired by a Twitter user’s story and picture of her saving box of N365,000 from putting aside N1,000 every day, the three friends, Odunayo Eweniyi, Joshua Chibueze, and Somto Ifezue, founded PiggyBank.

Their vision was simple yet powerful: to make saving accessible and rewarding for everyday Nigerians. Here are some key milestones that marked their rise:

2016: Launched PiggyBank.ng, focusing solely on savings features like “Safelock” and “Target Savings.”
2018: Achieved profitability, closing a seed funding of $1.1 million. This highlighted the platform’s early success and financial sustainability.
2019: Rebranded as Piggyvest, reflecting their expansion into investment options like “Jar” and “Investify.”
2020: Partnered with Nigeria Stock Exchange (NSE) to offer fractional stock buying, a game-changer for democratizing access to investing.
2021: Surpassed 3.5 million users, solidifying its position as a leading fintech platform in Nigeria.
2022: Paid out over ₦400 billion ($519 million).
2023: Continued expansion with over 4.5 million users and partnerships with leading institutions, reinforcing their commitment to financial inclusion.

But Piggyvest wasn’t just about replicating existing models. Here’s what set them apart:

Gamification: Features like badges, streaks, and challenges make saving fun and engaging, especially for younger users.
Community: Piggyvest fosters a supportive community, encouraging users to share their goals and achievements.
Flexibility: Users can customize their saving and investment plans based on their unique needs and goals.
Affordability: Competitive fees and low minimum investment amounts make Piggyvest accessible to a wide audience.
Transparency: Piggyvest prioritizes transparency, providing clear information about fees, returns, and risks.

Their focus on innovation, user experience, and financial education has resonated with millions of Nigerians. Let’s explore the impact of Piggyvest and see how they’re empowering individuals to take control of their financial future.

Investment Options and Risk Factors with Piggyvest

While the pandemic forced 42.2% of Nigerian households to tap into their savings, years of meager interest rates, hovering around 5%-7%, have led Nigerians to favour saving their money in cash with piggybanks or refusing to collect ATM cards to save money.

Now, Piggyvest offers various investment options to even help you grow your money beyond just saving. It offers interest rates of between 7% and 35%, depending on your option. But before you dive in, let’s explore the ways you can save and invest with Piggyvest.

Savings

PiggyBank: This is a savings plan that allows you to set up automatic or manual deposits, daily, weekly, or monthly. You can also earn up to 10% per annum interest.
Safelock: This is a fixed-term savings plan that offers up to 12.5% interest annually. You can lock your funds for at least 10 days.
Target Savings: This plan allows you to set a savings goal and track your progress toward it. You can earn up to 9% interest per year.
Flex Naira: This is a flexible savings account that allows you to earn interest. Whether you’re saving for a rainy day or everyday needs, Flex Naira offers accessibility and interest potential. You can also earn a maximum interest of 8% per annum on your Flex Naira account if you withdraw at most four times monthly.
Flex Dollar: Diversify your savings with this dollar-denominated account, earning up to 7% interest annually. A smart choice for hedging against currency fluctuations and growing your wealth in stable dollars.
Investify: Take control and explore higher potential returns of up to 35% by investing in pre-vetted opportunities. Remember, higher returns come with increased risk, so choose wisely based on your risk tolerance.

Investment Options

Jar: Choose themed “Jars” like “Education Jar” or “Travel Jar” based on your goals. Piggyvest invests your money in low-risk instruments like government bonds, offering moderate returns over time.
Investify: This option gives you more control. Choose from various investment choices like:
- Fixed Income: Lend your money to businesses or the government for fixed returns over a set period, similar to Jars but potentially offering higher returns.
- Stocks: Own a tiny piece of companies listed on the Nigerian Stock Exchange, like owning a slice of your favorite pizza place! This can bring higher potential returns but also carries higher risk as stock prices can go up or down.

Risk Factors

Market risk: Stock prices can fluctuate, so the value of your investment might go down, meaning you could lose some money.
Interest rate risk: If interest rates fall, the returns on your fixed-income investments could decrease.
Inflation risk: Over time, prices generally rise, meaning your money’s buying power might decrease even if your investment value stays the same.

Note

No investment is risk-free: Higher potential returns often come with higher risks. Start small and diversify your investments to spread the risk.
Do your research: Understand each investment option and its risks before committing your money. Piggyvest provides information and resources to help you make informed decisions.
Invest for the long term: Don’t expect instant riches. Think of investing as planting a money tree – it takes time to grow and bear fruit.

Debunking Myths about Digital Saving and Investing with Piggyvest

Piggyvest has revolutionized saving and investing in Nigeria, but with any innovation comes misconceptions. Let’s debunk some common myths and set the record straight:

Myth 1: Piggyvest is only for tech-savvy millennials.

Fact: Piggyvest is designed for everyone. Their user-friendly app and diverse features cater to all ages and tech comfort levels. They even offer support in multiple languages!

Myth 2: Investing is risky and complicated.

Fact: While all investments carry some risk, Piggyvest offers low-risk options like “Jars” and educational resources to help you understand different investment types. Start small, diversify, and invest for the long term to manage risk.

Myth 3: You need a lot of money to start saving or investing.

Fact: Piggyvest makes it easy to start small. You can begin saving with any amount and invest with as little as ₦1,000! Small, consistent contributions add up over time.

Myth 4: My money isn’t safe on Piggyvest.

Fact: Piggyvest prioritizes security. They employ industry-standard encryption, multi-factor authentication, and regular security audits to protect your data and funds. They also partner with established institutions like the NSE, further ensuring security and transparency.

Myth 5: Piggyvest is a get-rich-quick scheme.

Fact: Building wealth takes time and discipline. Piggyvest is a tool to help you save and invest regularly, not a magic money machine.

Note: Do your research, understand the risks involved, and choose investment options that align with your goals and risk tolerance. Piggyvest is a powerful tool, but responsible financial decisions are key to success.

Impact and User Stories of Piggyvest

Before Piggyvest, saving often meant dusty piggy banks and limited options. For many, investing remained impossible, but Piggyvest shattered these barriers with accessibility and innovation.

Their low minimum deposits and gamified features chipped away at the traditional image of saving, making it fun and achievable for a wider demographic.

According to a verified user, Ijeoma J

“Please I want to thank Piggyvest for helping me to discipline myself financially. Thank you Piggyvest and thanks to the founder.”

Piggyvest didn’t stop at savings. Fractional stock buying democratized investment, allowing individuals to own a piece of the market with just a few taps. Educational content empowered users to make informed choices, fostering a generation of financially savvy Nigerians.

The numbers speak volumes: over 4+ million users and ₦1.1 trillion ($1.42 billion) paid out to customers through Piggyvest since its launch in 2016 show a nation embracing financial discipline. But the true impact lies in the countless individuals who can finally plan for their future, invest in their dreams, and break free from financial limitations.

Addressing Concerns and Challenges With Piggyvest

While Piggyvest’s impact is undeniable, the world of finance naturally raises concerns. Users may have questions about security, transparency, and fees, which deserve to be addressed head-on.

Security: Piggyvest prioritizes user data and financial security. They employ industry-standard encryption, multi-factor authentication, and regular security audits to safeguard user information and transactions.

According to Joshua Chibueze, Co-Founder of Piggyvest, “The startup has one of the most robust internal tools for detecting fraud. We have also invested in cybersecurity awareness for our customers.”

Transparency: Piggyvest emphasizes clear and open communication. Users have access to detailed fees, investment performance information, and regular updates on platform developments. Additionally, their partnership with established institutions like the NSE further bolsters trust and transparency.

“Trust is fragile. So, it is necessary for us to cultivate a transparent relationship with our users, such that every naira is accounted for. We are clear about who we are investing with and do not take a risk with our user funds to maintain their trust in Fintech and Piggyvest. We also assure them that whatever problem they have, Piggy Vest can help them solve it.”

– Odunayo Eweniyi, Co-founder/COO, Piggyvest.

Fees: While fees are inevitable, Piggyvest strives to keep them clear, competitive, and affordable. They offer various plans and features with different fee structures, allowing users to choose options that align with their needs and budget. They also provide clear explanations of fees associated with each service.

However, challenges remain. As a fintech startup in Nigeria, Piggyvest operates in a dynamic regulatory environment. So, navigating these evolving regulations and securing necessary licenses can be complex. Additionally, building trust in a relatively new industry requires constant effort and transparency.

To overcome these challenges, Piggyvest actively engages with regulators and stakeholders to ensure compliance and contribute to shaping sound fintech regulations in Nigeria. They prioritize clear communication about any regulatory changes that might impact users.

Piggyvest’s Innovation and Future Plans

Piggyvest’s journey is continuously fueled by a relentless pursuit of innovation and expansion. Their commitment to progress is evident through their dedication to new features, strategic partnerships, and ambitious plans.

On the innovation front, Piggyvest constantly evolves with features that cater to users’ evolving needs. The launch of “Flex,” a payment solution, and “Savings Plans” offering structured saving options, demonstrates their agility and responsiveness to market demands. They continue to push boundaries, like with their groundbreaking fractional stock buying, making investing more accessible.

Partnerships further amplify Piggyvest’s reach and impact. Collaborations with the Nigerian Stock Exchange and educational institutions not only expand their user base but also solidify their role in promoting financial literacy and inclusion. These strategic alliances create a ripple effect, empowering individuals and communities across the nation.

Piggyvest’s plans are geared towards an even more expansive and impactful platform. Expanding to new markets, offering additional investment options, and deepening their commitment to financial education are their most likely future endeavors.

While they work to the future, Piggyvest remains firmly rooted in their core values: accessibility, transparency, and user empowerment. Their commitment to these principles ensures that their growth benefits not just the platform, but the millions of Nigerians who trust them with their financial future.

FAQs

How does Piggyvest work?

You can download the app, create an account, and start saving or investing with any amount. Piggyvest secures your funds, helps you set goals, and tracks your progress.

What are the different saving options?

Piggyvest offers various options like Safelock for fixed-term savings with guaranteed returns, Target Savings for specific goals, and Flex Savings for flexible, everyday savings.

What investment options are available?

Piggyvest offers “Jars” for low-risk investments like government bonds, and “Investify” for more control with options like fixed income and stocks.

How much do I need to start investing?

You can start investing with as little as ₦1,000!

How do I withdraw my money?

Withdrawals are easy and convenient through the app, with varying timeframes depending on the chosen option.

Conclusion

Piggyvest’s journey is a revolution that is shattering barriers with accessibility and innovation to empower millions of Nigerians to embrace saving, invest in their dreams, and break free from financial limitations.

The gamified saving features and fractional stock buying have democratized finance, fostering a culture of financial literacy and inclusion. With platforms like Piggyvest leading the charge, we can rewrite the narrative of finance in Nigeria, one saving, and one investment at a time.