In all honesty, you don’t need to be told to start saving money given the situation of the Nigerian economy right now. LoL!
Luckily, we have a number of fintech companies in Nigeria that make it easier for people to save their money for good returns.
PiggyVest is one such company. It has become the most popular firm in Nigeria that offers up to 25% returns on users’ savings.
I bet you love what you are seeing already😋. Continue to read this post, and you will see where I explain how you can begin saving with PiggyVest.
Post Outline
- What Is PiggyVest?
- What Can You Do With PiggyVest?
- A Peek Into PiggyVest Interest
- How To Start Saving With PiggyVest?
- FAQs
- Conclusion
What Is PiggyVest?
PiggyVest is the first online “Savings & Investment” app in Nigeria.
Oduanya Eweniyi, a first-class degree holder in computer engineering, co-founded it in 2016.
Initially, the platform was named Piggybank.ng before rebranding to PiggyVest in 2019.
Having been around for over 5 years, PiggyVest helps over 4 million Nigerians save money and invest in low-risk opportunities with substantial returns.
PiggyVest operates as an MFD (microfinance bank) regulated by the CBN and insured by the NDIC.
Before we continue with this article, I will like you to consider the story of Ayo’s financial crisis.
Brief Story Of AYO
Ayo is a salary earner who has been trying to save up for a trip abroad.
However, every time he tries to manage his earnings, something always comes up, and he ends up spending his last penny.
This circle repeats every month, leaving Ayo frustrated and disillusioned.
I’m sorry to have digressed. However, if Ayo’s story matches your life experience, it is a way to let you know that all hope is not yet lost.
The reason is that you can regain your financial freedom by saving with PiggyVest.
Below is a list of savings options you can explore with PiggyVest.
What Can You Do With PiggyVest?
– Piggybank
I am sure you are familiar with “Akawo,” which is a type of savings method where you save a specific amount of money daily, weekly, or monthly.
You remember, right? Now, PiggyVest’s Piggybank is similar to “Akawo,” allowing you to save money periodically according to your preference.
Interestingly, PiggyVest makes it a lot easier by allowing you to save using two options:
- AutoSave:
By switching this mode on, your savings plans are carried out for you automatically.
For example, let’s say you are a low-income earner and want to save money to buy your mum a Christmas present.
You decide to save 2000 NGN from January until December.
With “AutoSave” on, it automatically takes 2000 NGN from your bank and saves it for you without you having to do it all the time
- QuickSave:
This option allows you to top up your savings or save manually if “AutoSave” is disabled.
– Flex Naira
As the name implies, it is a naira flexible account.
Flex Naira serves two purposes:
- Deposit wallet: All deposits are made through the Flex Naira wallet
- Interest account: It offers an 8% annual interest for all deposited naira.
The interest earned on all PiggyVest products is accumulated and compounded in Flex naira.
Note: The Flex Dollar feature is an alternative if you wish to save in dollars.
– SafeLock
SafeLock is a fixed savings wallet. It allows you to lock in funds until a maturity date.
Money can be locked in here for durations ranging from 10 days to indefinitely.
The interest offered is up to 12.5% annual interest, depending on the duration. See below!
- 10-30 days – 6%
- 31-60 days – 7%
- 61-90 days – 9%
- 91 days- 2 years – 10%
- 2 years and above -12.5%
Also, you can lock multiple amounts of funds as well as top up previously locked savings.
– Target
It allows you to save for a particular purpose; this could be your rent or another financial goal.
Gratefully, funds held in “Target” cannot be accessed prior to their maturity date. Of course, this helps to curb irresponsible spending.
– Investify
With “Investify,” you can invest in a range of low-risk investment opportunities, like real estate, food commodities, and others, for some returns.
Interestingly, each investment opportunity is pre-vetted and insured.
A Peek Into PiggyVest Interest
Overall, PiggyVest offers up to an annual interest of 25% on all its products.
What are you waiting for? Check out how to start saving with PiggyVest below!
How To Start Saving With PiggyVest?
PiggyVest is available for both mobile and web use.
To start saving with PiggyVest, you have to first register an account. Below is how to go about it.
- Visit PiggyVest and click on “Create free account”.
- Fill in your details and click “Create Account”.
- An account is created instantly. On your dashboard, you will see a notification to:
- Verify your email
- Add BVN or NIN
- Link a valid debit card and other details. Next is to fund your account.
How To Fund Your PiggyVest Account
- When you link your BVN to PiggyVest, it automatically creates a unique Flex account number
- Transfer the money you want to deposit to the aforesaid account number.
- Once done, the funds will reflect in your “Flex Naira” wallet
- Transfer funds from your “Flex Naira” wallet to other available products you want to use
Note that you can also send funds using your debit card.
How To Withdraw From PiggyVest
- On your dashboard, click “Flex Naira” and select “Withdrawal”
- Enter the amount you want to withdraw and your bank details, then proceed to withdraw funds.
Note that you have to transfer funds you have in other product options to “Flex Naira” to be able to withdraw them to your bank account.
FAQs
As aforesaid, PiggyVest is regulated by the CBN and is insured by the NDIC.
The platform has been around for over 4 years, and there have not been any fraudulent reports about it.
You can check out this video where it was compared with Pillow to learn more.
Pros:
– User-friendly
– A plethora of savings options
– 24% uptime
– Automated savings
Cons:
– Withdrawal restrictions: You cannot withdraw more than 4 times in a month from your “Flex Naira” account; otherwise, you lose all accrued interest for that month.
In addition, you can only withdraw once in 24 hours.
Also, there are set withdrawal dates.
Deposit: Minimum – 1000 NGN and no maximum deposit
Withdrawals: Minimum – 2000 NGN. There is no maximum withdrawal
SafeLock: The minimum investment is 1000 NGN, and the maximum is 100 million NGN.
Withdrawals made outside of the withdrawal dates attract a 2.5% penalty fee.
There is also a 1% fee for liquidating funds before their maturity date.
Conclusion
We have reached the end of the post.
As you are now aware, PiggyVest is a Nigerian-based fintech company that makes it easy to save and invest money.
With a user-friendly interface, automated savings, and high-yield investment options, PiggyVest passes as an ideal platform for every saving goal.
Have you signed up yet?
Why not join the millions of users in Nigeria who are already using PiggyVest?
Do you have further questions about this platform? Leave your thoughts in the comment box below.
Also Read
– Don’t Miss This Juicy Offer: Earn Up To 50% APY Using The Pillow Investment App!
Don’t care to read? Watch this video then
Wow, this is a very insightful article. Portrays the point in the simplest ways. I will like some of my friends to see this.
Thank you for reading through, Dozie.
Kindly help to share.