The ongoing volatility has many Nigerians worrying, scrambling to find safe havens for their money and questioning whether the Nigerian financial system is secure.
But financial experts warn Nigerians not to panic. You don’t need to withdraw your money from your accounts to stuff under your mattress.
The same is true if your Savings are in a money market deposit account, which is a type of hybrid savings account that offers some checking features and typically has higher interest rates than a checking or savings account.
But don’t pull money out of your savings simply to have extra cash on hand.
Talking about savings and investing in Nigeria, one of the best platforms that come to mind is Piggyvest.
We’ve talked about PiggVest before but It’s important to talk about it again especially during this crisis affecting most Nigerians.
PiggyVest is a digital platform that helps people save money to meet their saving goals.
PiggyVest is the first online “Savings & Investment” app in West Africa. It was first launched on the 7th of January 2016 as a savings platform only. Previously known as Piggybank, they offered only savings features to the users for three years, then in April 2019, Piggybank rebranded to “Piggyvest”.
Piggyvest affords you a great opportunity to manage and grow your finances. Investing has been made easier and more accessible with Piggyvest as it is an online savings and investments application that is currently making waves in Nigeria and West Africa.
Top features to consider on the platform
Piggybank Autosave/Quicksave: This lets you set up automated savings so you don’t have to login every time you want to save. The “Quicksave” option allows you to top up your savings manually.
SafeLock is a fixed savings option that allows you to earn up to 16.5% per annum, usually paid upfront.
Your Safelock acts as your sub-account so that you can transfer and lock funds from your Piggybank wallet or your debit card for at least 10 days, without access to these funds until maturity.
SafeLock enables you to lock away some part of your savings till a particular day so that you won’t have access to the money or be tempted to touch the money till that day and you will be paid up to 13% as interest. You should definitely try it.
Investify: Investify is a PiggyVest feature that allows users to earn more on their savings by investing in pre-vetted, low-medium risk, primary and secondary investment opportunities.
Flex Naira: Flex Naira on PiggyVest is a flexible savings wallet where interests earned on all other PiggyVest wallets are paid. So, all interests from your other savings are paid into your Flex Naira account. You earn an interest of 10% per annum on funds in your flex account.
Target Savings: With Target Savings, users are able to save consistently towards a particular financial goal. It allows for both single and multiple users as you can create a personal target or a group savings challenge respectively.
Flex Dollar: This feature allows you to save, invest and transfer funds in dollars. You can also get up to a 7% annual interest on your Flex Dollar account.
Piggyvest offers between 10% – 16.5% on savings. Investments on Investify can get up to 22% returns in 12 months. The most recent invested listed 18% returns in 9 months.
How to Register on PiggyVest and start Saving
- Visit Piggyvest Website.
- Click on create an account after clicking the link above.
- Fill the information and submit.
- Do not download the app if you haven’t created an account with the link above.
- Now Download its Mobile App from play store or app store.
- And you ready to start saving.
You can save daily, weekly, monthly or anytime you want. There is an option for you to automatically save. For example, you can decide to save between N100 to N40, 000 or more every day. Set up the amount you want to save and it will be automatically deducted from your account every day.
You can try out the platform and write to us about your experience.
In general, you should avoid making decisions based out of fear that the economy or the financial system will collapse. If you are concerned, talk it out with someone objective and not emotionally involved before acting out.
It is going to be okay, but we have to avoid fear driving actions as best we can.
The post COVID-19: Save & Invest Money Wisely with PiggyVest in Nigeria appeared first on House Of Jethro.