An average Nigerian finds it hard to set money aside for specific goals and purposes which in turn cripples their ability to save towards relevant and specific goals in your life!
But with Piggyvest, you can build and enhance your saving culture to meet a specific goal. With Piggyvest, you can easily turn your phone to bank.
Short History of Piggyvest
Piggyvest- a brainchild of Odunayo Eweniyi, Joshua Chibueze and Somto Ifezue, was built to give everyone the power to not only manage their finances but also grow it.
Piggyvest, since 2016 has been able to win the trust of Nigerians to a large extent based on the services they give.
This application has been redefining financial technology as it is the first online savings and investment application in West Africa. Piggyvest was first launched as Piggybank on 7th January 2016 as a savings- only platform.
It was later rebranded to “Piggyvest”, this rebranding also marked the beginning of its direct investment opportunities to its users.
Read further and you would get to discover the saving options of Piggyvest, the level of its trustworthiness and the cons identified by customers. Keep on reading and you would find out!
Features Of Piggyvest
Piggyvest is marked for it’s incredible user interface and user experience (UI/UX). It is easy to register, use and navigate around the application with no stress at all.
Gaining the trust of the Nigerian people was a major preoccupation for the founders. They linked their applications to other microfinance banks at first but now they have their own license. The technology used is also a high level one to safeguard your information from scammers.
On Piggyvest, there is no manual operation, once you sign into the app and give the platform your instructions, it carries it out. You get to save and invest your money in the most hassle free way.
Most times, one of the greatest challenges of money growing applications and platforms is their inability to offer transparency. With Piggyvest, you know what you money is being used for, where it is going and a clear specification on how to get it back.
Piggyvest Review: Is Piggyvest Legit?
The presence of different scam applications and money growing businesses can make you very doubtful. Can you remember that friend of yours whose money was looted?
Do you remember vividly your experience with MMM? Does seeing Piggyvest and its association with money ring a bell?
Losing your money is not an experience that you should ever have to go through especially since every penny requires hard work. But most Nigerians have faced this situation because they trusted one application or the other.
This makes one skeptical about the next money application that appears and it is quite understandable.
However, Piggyvest which was first Piggybank, has lasted for four years straight. Now that is a record that most scam applications cannot beat. Apart from that, Piggyvest uses the highest levels of internet security as it is secured by 256 bits SSL Security encryption.
It’s security system keeps all your information private and far from money looters. Furthermore, Piggyvest has over 500,000 downloads on Playstore with a 4.7 rating.
Customer reviews and comments about the application’s capability to actually help you save like it promised are unending. With Piggyvest, you have no need to doubt whether you would be scammed or not because it is 100% legit.
Piggyvest Investment Options
Piggybank is your “core savings” wallet on Piggyvest. It is a strict saving plan that helps instill discipline in its users. You can save automatically daily, monthly and weekly at a set time of your choice.
With this auto-save feature you can save as low as 100 naira. It also has 4 free withdrawal days that make sure that you actually save your money. It gives an interest rate of 10% per annum.
- Flex Naira
Unexpected events happen in everyone’s life that involve spending money that you didn’t plan for. “Flex” naira is a saving plan that gives flexible savings for emergencies.
It includes a free transfer and withdrawal option that helps you save your money for times when you are in dire need of it. With this you do not have to worry too much about not having money for the hospital bill that just came up.
This helps you to lock your funds away for a fixed time in order for you to avoid any possible temptation that might come up. Safelock gives the most generous interest rate of up to 13% per annum.
Based on this interest rate, this is the most encouraged by its founders for people to use for their saving. However, this feature is not good for times when there are emergencies.
Of all the saving options, this is the most unique. What is saving if we cannot use it to achieve specific goals in our lives? Targets help you to save money for your school fees, the house you want or the car you want to buy. This feature also comes with saving challenges that would help you save your money better towards your goal. It’s interest rate is 10% p.a.
- Flex Dollar
The devaluation of naira almost every day is a major thing of concern for the average Nigerian. Flex Dollar helps you to save and grow your wealth in dollars. You can be in Nigeria but your saving plan is not of Nigeria, this is what Piggyvest‘s new feature offers you. It has up to 6% interest rate per annum in dollars.
Included in this piggyvest review is the policy. However, Piggyvest runs a strict withdrawal method in order to make for effective savings. Withdrawal on Piggyvest is only free as long as it is the day of your withdrawal.
Outside the day of your withdrawal, you are set to face a penalty that involves the deduction of 5% of the amount withdrawn. This system is put in place so wealth can be created in a sustainable manner.
What is Investify?
Investify is Piggyvest‘s avenue for you to invest in reliable and trusted primary and secondary investments that are of little or no risk. When you use Piggyvest only to save, you do not maximize the app to its fullest potentials.
Piggyvest offers not only a savings plan but also an investment plan.
It gives you the opportunity to invest in various industries. With Piggyvest you can invest confidently and also diversify your portfolio by providing you with various industries where you can invest your money.
What can you invest in?
- Full income
When you invest with Piggyvest, you are to up to 25% returns with the range of 4-12 months. With this application, you do not just save for saving sake or to just reach a definite goal, however noble those acts are, they are not enough.
The ultimate reason one should ever have to save is introduced in Piggyvest, which is investment.
The Cons of Piggyvest
However, Piggyvest has almost all its investments sold out and it’s like there is nothing to invest in that is on the application. Also, some users had complaints about the logging in process of the app.
They said that after a year of not opening their Piggyvest account they have been unable to access their account.
Apart from that, Piggyvest does not prompt or ask for your password or biometrics to confirm your identity after you’ve logged in. Your Piggyvest account only needs your data on and then access can be given to anyone into your financial and personal details.
This makes it easy for fraudsters to steal your money as long as they have access to your account, phone or private computer.
Between your regular “ajo” and the bank is Piggyvest securely placed. It provides you with the reliability and trust that your regular “ajo” cannot boast of. Piggyvest beats the bank as it does not demand for monthly fees from its users.
These monthly fees that banks collect have destroyed people’s money so many times by rendering the money useless. However, Piggyvest offers you the opportunity to be free from such experiences.
Piggyvest by combining the features of the “ajo” and the bank, it brings to the market a formidable force. You cannot remove your money without discretion when using safelock and with the other saving options, you would have to pay an interest rate for defaulting.
This application makes you accountable and responsible with your money which is just what every individual needs to be financially intelligent.
With currently over 350,000 users, Piggyvest is concerned with providing the best saving plans and investments to help you grow your finances. The best feature of Piggyvest is that it also encourages you to save with your friends.
Though it’s referral option for 1000 naira is a way of popularizing the app, however, it is an avenue for users of Piggyvest to encourage those that are close to them in the saving culture.
Funmilola Fadiairo is completing her undergraduate program in English Studies at Adekunle Ajasin University