PiggyVest is an online savings and wealth management platform that helps Nigerians maintain a healthy financial habit. This app has features to help maintain a disciplined spending habit, from safe lock to daily auto savings to enticing interests and penalties for breaking savings target.
PiggyVest is easily the biggest savings platform in Nigeria. In 2021, the company claimed to have paid over N240 billion to Nigerians.
Besides savings, PiggyVest also has an investment feature that offers people the opportunity to invest their money in various business ventures and earn up to 25% ROI (return on investment) per annum.
So whether you are a self employed entrepreneur that earns daily or a monthly salary earner, PiggyVest has a suitable product for you.
How does PiggyVest work?
PiggyVest works basically like your usual bank account, except you also have the additional functionality of having multiple wallets for different purposes. You can create a wallet for daily, weekly or monthly savings into which money from your bank account can be auto saved in whatever frequency you choose. You can also have a target wallet which allows you to save to meet specific targets, you get daily interest as incentive to keep going and a 1% penalty if you break your target before due date or fail to meet up, you also loose all the interest you’ve previously accrued. And then there’s the lock savings which functions like a regular fixed deposit account, you lock certain funds in it and you get an upfront interest which you don’t have access to until date of maturity.
PiggyVest helps to cultivate a disciplined financial habit, it is different from regular bank accounts in that you don’t have access to your money via an ATM card, thereby preventing impulsive spending.
Is PiggyVest safe and legit?
Yes, PiggyVest is safe and legit. They are duly registered as PiggyTech Global Limited – RC 1405222. In early 2018, they acquired a Microfinance bank and its license. They are also a registered cooperative with the name, Piggytech Cooperative Multipurpose Society Limited, with registration number 16555.
All the money saved on this platform is warehoused and managed by AIICO Capital, the leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC).
Also, your card details are save. The details are not stored on their website. They partner with Paystack, A leading Nigerian payment processor which is PCIDSS-compliant to handle your details. The site is extra secured with an SSL encrypted connection.
What PiggyVest can improve
1. For new users, the app interface can be a bit overwhelming. Most of the products have similar features and inexperienced users might need a guide on which product is most suitable for them.
For example, inexperienced users might select the target wallet which is basically the same with the flex wallet except the target wallet has restrictions and penalties for breaking targets.
2. The investment feature seemed to be no longer available as all the investments listed on the website and app have all been sold out. It really isn’t a savings and investment app if their are no investment options available.
3. Nowhere on the app does it mention or explain how PiggyVest uses customer’s savings. The company is paying interests and obviously doing business with customer’s money, it just doesn’t tell the customers what type of business it is doing exactly. And this has been a problem in the past. Earlier in 2021, PiggyVest was accused of loosing billions in customer’s savings when an investment went south, the company did denied any wrong doing.
Which PiggyVest wallet is best?
PiggyVest has four main wallet types – piggybank, which allows you to save daily, weekly, monthly or at your own pace. This wallet pays 10% per annum interest rate. Safe lock wallet allows you to lock away funds and earn 13% P.A upfront interest on your savings. Target wallet allows you to save towards a certain target at your own pace with 9% interest p.a, you pay a 1% processing fee should you fail to meet your target or brake it before due date. Flex Naira wallet is you core account where you earn 8% interest and can make up to 4 free monthly withdrawals. And then there’s Flex Dollar wallet where you save in dollar and earn up to 7% interest rate p.a.
The best wallet we will recommend on PiggyVest is the Flex Naira wallet. It has all the basic features of other wallets and unlike the target wallet, there is no 1% penalty for breaking targets, you can just focus on savings and growing you interest.
PiggyVest customer care number
The PiggyVest customer care phone number is 0700 933 933 933
Customer care email
The Piggy vest customer care email is email@example.com
PiggyVest mobile app and APK
The PiggyVest app is available for both Android and iOS devices. You can download it from the Google play store for Android and app store for iOS.
PiggyVest Head office address
The head office address of Piggy vest is located at 16 Boyle Street, Onikan, Lagos Island, Lagos, Nigeria
The website is www.piggyvest.com
You can always login to your account anytime via the app or website with your email or phone number with your password.