How Do Piggyvest Work- Have you heard of Piggyvest fintech company? Do you want to sign up for it but you don’t know how it works. Then you are on the right page. In this article, we will show you exactly how Piggyvest work. All you need to know and even the questions that may want to arise while reading have all been answered here.
How Does Piggyvest Work
How Piggyvest Started
Piggyvest is the brainchild of 3 young and brilliant Nigerians: Odunayo Eweniyi, Somto Ifezue and Joshua Chibueze in 2016. Odunayo Eweniyi who graduated from Covenant university with a first class degree has won a lot of award ever since Piggyvest started. She is a woman that didn’t allow her gender or environmental circumstance stop her. She rose from joblessness to providing financial independence/freedom to a lot of Nigerians. She currently serves as the Chief Operating Officer (COO).
Somto Ifezue also graduated from Covenant university where he studied Mechanical Engineering. He is currently a co-founder and lead product engineer at piggyvest
Joshua Chibueze is the Chief Marketing Officer at Piggyvest, he also studied at Covenant University
This trio thought about how to help Nigerians live better lives by inculcating good saving habits. The idea came up after a Nigerian that saved #1000 daily in a piggybank (called Kolo in Yoruba) broke it up at the end of the year and posted it on social media. This trio then thought of a similar model that could help Nigerians save in trickles and get interest at the end of their savings. Piggyvest is currently the first and largest digital savings and investment platform in Nigeria with over 4 million active users.
How Piggyvest Works
How To Open Account With Piggyvest
- Open to the website on your smartphone or PC or download the app from playstore
- Create an account, following the instructions that pop up
- Enter your withdrawal account details
- Fill in your debit card details to activate your account (it could be master card, visa or verve card)
- Proceed to make your first deposit
- Select any of the savings plan: daily, weekly or monthly
Types Of Savings Plan/ Features On Piggyvest
Piggyvest has a lot of great features, which is one reason it is loved by many Nigerians. Some of these features include Piggybank, Safelock, Target, Flex naira, Flex dollar and Investify.
1. Piggybank savings
This plan allows you save daily, weekly or monthly. You earn an interest of up to 10% per annum.
This is a fixed savings option which allows you save a fixed amount of money for at least 10 days. You cannot access to the money until maturity. This plan earns you an interest rate of 15.5% per annum. It operates like a fixed deposit account. You can operate this apart from your regular savings on Piggyvest. The plan allows you to lock away funds between 10 and 1000 days. Interest is usually paid upfront.
This plan helps you to save towards a targeted goal. You can save up for school fees, wedding, car, vacation, etc. You get 9% interest per annum.
4. Flex Naira
Flex naira is a savings plan that helps you save up for life’s emergencies. You can make free transfers and free withdrawals. With this plan, you can steer clear of borrowing and also avoid being stranded in emergency situations.
5. Flex Dollar
This plan allows you save in dollars. You get interest of 7% per annum. The beauty of this plan is that you can beat Naira devaluation. Interest rates can vary depending on marketing behavior.
You can also make investments on piggyvest and get interest of up to 25% per annum . You can invest in different industries such as agriculture, transportation, etc. With a minimum of 5000 naira, you can subscribe to the investify plan.
Is Piggyvest A Safe Fintech Company In Nigeria
Piggyvest is duly registered as PiggyTech Global limited with registration number RC 1405222. It is also registered as a cooperative society: PiggyTech Cooperative Multipurpose society limited with registration number, RC 16555. It is the first online savings and investment platform in Nigeria.
Piggyvest operates as Microfinance Bank regulated by CBN with funds insured by NDIC. All the money saved on Piggyvest is warehoused by one of the leading asset management company in Nigeria, AIICO capital. The website is highly secured with an SSL encrypted connection.
Other Savings And Investment Platforms In Nigeria
Aside Piggyvest, there are other savings and investment platforms in Nigeria. These include:
- Pillow fund
- Wealth NG
- Payday Investor
This platform allows Nigerians save in stable currencies such as dollars. There is a 14% annual ROI. You get 10% on stable coins. It is one of the best dollar investment platform in Nigeria.
It is a savings investment platform. It is duly registered as Securities & Exchange Commission (SEC) of Nigeria. With amount as little as 1000 naira, you can start investing. Interest rates varies and increase as amount you invest increases. You can invest in Naira or dollars.
This platform offers about 16 % interest per annum on capital invested. It is flexible and allows you to schedule your savings. You can save on a 3-month basis, quarterly, bi-annually and annually.
You can invest either with Naira or Dollar. This platform allows you invest in over 3000 US stocks. Minimum amount you can invest is 20 US dollars or equivalent.
This investment platform allows you invest in real estate, fixed income and stocks. You can earn about 14% interest per annum. With about 10 US dollars, you can start out.
Trove is an online investment platform that enables its users invest in global stock, bonds, ETF, equity, etc. There are over 4,000 stocks you can invest in Trove. You need $10 to start out.
With the platform, you can invest in stocks, real estate, mutual funds and treasury bills. With amount as little as 1000 Naira, you can start and begin to earn 7 % return yearly.
You get to save money and get returns of up to 15 %. You can decide to save on weekly or monthly basis. Here, you invest in ARM money market fund. With a minimum of 1000naira, you can get started.
It is an online saving and investment platform. It helps you save up for other stuffs. You don’t have to get into debt with good savings habit using Accrue saving.
This article has been on how one of Nigeria, leading savings and investment platform, Piggyvest works. Now you have all the details on how Piggyvest works. Piggyvest is that digital platform that keeps you off financial mess. You don’t have to fall into the traps of malicious loan apps in times of crisis. A little discipline of saving daily, weekly or monthly can make a whole lot of difference.
Frequently Asked Questions
How much can one invest in Piggyvest?
With an amount as low as 5000 naira, you can be an investor at piggyvest.
What bank is affliated with Piggyvest?
Providus is the bank affliated with Piggyvest. Piggyvest users can get to fund their piggyflex account through a dedicated account number from Providus bank.
Will Piggyvest require my BVN?
Providing your BVN is a regulatory requirement of CBN. Also BVN is needed to secure your piggyvest account and also enables you do more with your piggyvest account. BVN is also needed to verify your identity.
- www. piggyvest. com – Piggyvest
- www. makemoney.ng –How to save or invest money with Piggyvest (PiggyBank)
- www. cio. com – How investment and savings platform Piggyvest is changing Nigeria’s youth culture.