Fintech businesses are the newest trend. Many millions of people and organizations use fintech services. When it comes to investing and saving money, Piggyvest is one of the fintech applications you can rely on. The business has a solid track record and has highlighted robust services for its clients.

We’ll analyze PiggyVest as a fintech platform and discuss its unique benefits and drawbacks in our conversation. 

Also, check out All You Need to Know about Remita.

History of PiggyVest 

PiggyVest is a Nigerian fintech company that was founded in 2016 by Somto Ifezue and Odunayo Eweniyi. Initially, the company bears the name PiggyBank before rebranding to become PiggyVest in 2019.

The motivation behind creating PiggyVest was to create an enabling platform to save money. The goal is to address difficulties and temptations that affect saving habits. 

PiggyBank started as a simple Savings platform, but it quickly evolved into a more comprehensive financial platform, offering features such as investment opportunities, loans, and insurance products. 

The company grew exponentially and gained acceptance within a few years. In 2018, the company raised $1.1 million in seed funding from angel investors. The funds were instrumental to the growth and outreach of the company.

Today, PiggyVest has 4+ million users and has more than ₦90 billion ($220 million) saved on the platform as of 2021. The company runs on both websites and mobile apps.

Services offered by PiggyVest 

PiggyVest provides two major services where the customer can either save or invest. There are four plans available if you want to use the savings services. PiggyVest ensures that that plan meets your need. You can check out the plans to know which one meets your requirement. 

The four plans available include: 

• Automated Savings (Piggybank) 
• Fixed Savings (Safelock) 
• Goal-oriented Savings (Target Savings)
• Flexible Savings (Flex Naira) 

Automated Savings 

In this plan, you can save automatically or manually. Choosing automatic saving means a certain amount of money gets deducted from your bank account. You can choose a daily, weekly, or monthly plan. On the other manual savings give you the liability to top up the account when you wish. 

However, the withdrawal is limited as you can withdraw four times in a year only. This action ensures that you practice discipline when you save with PiggyVest. 

Interest Rate: The plan attracts a 10%  per annum interest rate. 

Fixed Savings 

Fixed Savings plan is similar to fixed deposit savings in banks. You deposit an amount for a fixed period and the funds accumulate interest. The withdrawal of the funds happens only when the maturity date is reached. You have the option of setting the maturity date according to your preference. 

Interest Rate: The interest rate is 12.5% per annum for the Safelock plan.  

Goal-Oriented Savings 

As the name implies, you set a financial goal and save according to the plan to reach the goal. The plan gives you access to set the rules and the amount you need to achieve the goal. In addition, there is an option for group savings. A plan where you and other members have a unique financial goal and set rules to achieve it

Interest Rate: The interest rate is up to 9% per annum. 

Flexible Savings 

The plan is for users who are saving for rainy days. There is no restriction on withdrawals and you can save as low as N50.

Interest Rate: The interest rate is up to 8% per annum. 

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PiggyVest Investment 

Aside from savings, PiggyVest offers investment services for those interested. Agriculture, businesses, and transportation are some of the areas in which you can choose to invest your money.  Also, you can choose to choose one area to invest in or diversify. 

The interest accumulated depends on the duration of the investment and the investment plan you choose. 

Pros of using PiggyVest

Simple savings method

PiggyVest gives consumers the option to set up automatic savings programs and make recurring deposits to their savings accounts, making saving money easy.

High-interest rates

PiggyVest offers savings and investment solutions with competitive interest rates. As compared to other financial institutions and even conventional banks, the interest rate is among the finest.

Different types of investments

Users can diversify their investment portfolios using the platform’s variety of investment choices, which include fixed-income investments, agribusiness, and real estate.

Exceptional Customer Service

PiggyVest offers exceptional customer service all the time, with a dedicated team on hand to respond to inquiries and address problems. Their response is swift and customer friendly.

Good Security 

The funds are secured because PiggyVest works with the licenses of two microfinance banks. Moreover, Piggytech Cooperative Multipurpose Society Ltd is a registered cooperative (Registration number, 16555).

The top asset management firm in Nigeria, AIICO Capital, which is regulated and authorized by the Securities and Exchange Commission, houses and manages all saved money (SEC).

Cons of using PiggyVest

Limited withdrawal

PiggyVest users are permitted to withdraw their savings at any time only for Flex Savings. Others attract penalties.

High transaction costs

PiggyVest charges transaction fees for some services, such as requests for rapid withdrawals. The fees can be expensive.

Risk of loss 

Investing in PiggyVest carries the same risks as other types of investments, so consumers should carefully weigh their options before deciding to invest.

Network Glitch 

It gets challenging to access the funds if there is a network issue. One will still have to wait regardless of the urgency of the situation or the passing of the maturity date.

Conclusion

One of the best Nigerian fintech companies is PiggyVest. They provide a variety of financial services, such as savings, investing, loans, and insurance products.

Since the platform’s introduction in 2016, it has swiftly expanded, with over 4 million registered members and more than 90 billion in saved funds as of 2021.

PiggyVest provides its users with several advantages, such as simple savings,  high-interests, a variety of investment possibilities, flexibility, and top-notch customer service.

Nevertheless, using PiggyVest has certain disadvantages as well, such as limited withdrawal choices, and high transaction costs. PiggyVest is a valuable tool for a simple and dependable approach to managing money and saving for the future.

Before you go, check out How to Borrow Money from Opay.

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