Imagine having a platform that automatically collects money from your account, saves it for you and pays you at the end of the year with some interest? That's exactly what Piggyvest does, and even more. You don't have to have a physical piggybank if you have Piggyvest. You don't also have to bother about breaking your savings habit, the whole system does that for you.
So what is PiggyVest?
PiggyVest is a leading online savings & investment platform in Nigeria. Launched in January 2016 as 'Piggybank.ng', but later rebranded to 'PiggyVest' after it began offering direct investment opportunities to users in addition to savings.PiggyVest prides itself as the first in the business, and they have so far, remained the biggest players. In over four years of running, they have been able to garner more than 1 million customers who trust them with their money, running into billions of Naira per month.
Piggyvest was started by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze, who first met at Covenant University, Nigeria. In an interview with Forbes, they revealed that they created the platform to help tackle the huge issue of savings in Nigeria. As we all know, maintaining discipline in Savings was a problem, especially in a place like Nigeria.
Why is PiggyVest better than the regular bank?
I have accounts with more than four Nigerian banks, but I still make use of Piggyvest because of its automatic savings feature. Unlike conventional bank savings accounts, Piggyvest won't just automatically save your money, but also restrict your withdrawal until the agreed date. This is to help you develop the savings culture.Piggyvest users can withdraw their savings on a quarterly (four times in a year) basis, whereby savings drawn outside of the agreed day attract a 5% early withdrawal fee. So while the platform is extremely simple and flexible to use, customers are also incentivized financially to keep their money in place, until the agreed date.
5 ways to build your savings on Piggyvest
Like I earlier said, Piggyvest offers different options for saving on the platform. They include:• Piggybank
Piggybank is the regular saving feature that allows users to save their money bit-by-bit. You can choose to save on a weekly, monthly or monthly basis while earning interests.On Piggybank, you can only save:
₦50 - ₦50,000 daily
₦1000 - ₦200,000 weekly,
or ₦3,000 - ₦500,000 monthly
NOTE: If you want to save any amount greater than the above stated, you can make use of the Quicksave option which allows you to add up to ₦500,000 per time.
• Safelock
Safelock works like a fixed deposit. It allows you to set money aside for a fixed period of time without having access to it until maturity.You have to set the duration you want money locked away for, and gain access to it on maturity. It can be as little as 10 days or as much as 1000 days.
One good thing about this feature is that it helps you earn a 12.5% interest per annum which is paid upfront.
• Targets
This option helps you save towards a particular goal (or multiple goals). Are you saving for a new car? House rent? Bae's birthday celebration 😀? Special vacation...or? The targets option got you covered.You can customise the rules and duration of your target savings as you wish. With this option, you'll earn an 8% interest annually.
• Flex Naira
If you've got some spare money, you can set them aside here for a 10% interest. One great news I forgot to share with you is that Piggyvest will give you a free Providus Bank account number. Yes, you have a new bank account without having to stand in the queue or fill those forms they give at the bank.With the Flex Naira, you even can organise, separate, name and categorise your emergency funds with Labels. Isn't that great?
• Flex Dollar
Imagine saving your money in Dollars (or other foreign currencies) while in Nigeria? With this, you're sure to be free from the depreciating Naira. You can also choose to withdraw or even transfer your savings to another user at any time.How to Register on Piggyvest
Creating an account on Piggyvest is free, and takes a few minutes. Simply follow the steps below:• Visit the official website. Note that if you use this link, ₦1,000 will be credited to you upon sign-up.
• Click on the 'Create a Free Account' button and fill in your information
• Now login in and set up your withdrawal information
• Input your ATM card details to activate your account. Note, you can use either a MasterCard, Visa, and Verve card
• Make your first deposit plan and start saving.
Welcome to the club!
Piggyvest referral system
The PiggyVest referral is also another great way of making money from the platform. You get to earn as much as ₦1,000 for each user you refer to the platform. One good thing about the referral system is that you both get to earn an equal amount.Piggyvest rewards you for referring your friend and also gives your friend a welcome bonus for joining with your link. If you're interested in the ₦1,000, you can use my link to sign up now.
Piggyvest Customercare
Do you have any complaints on the Piggyvest? You can reach them on:
Phone: +234 700 933 933 933
Email: [email protected]
Address: Tesmot house, Abdulrahman Okene close, Victoria Island, Lagos, Nigeria.
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