Formerly known as PiggyBank or Piggybank.ng, PiggyVest is widely regarded as the biggest virtual goal-oriented savings platform in Nigeria. The PiggyVest platform is available on smartphones and the web. The site also allows users to invest their money in different ventures ranging from agriculture to real estate to vocational without stress, they just credit the investor with their Return on Investment (ROI) after the term. The ROI for investing in ventures can be as much as 25% in an 8-month term while you may earn up to 13% interest on your savings with PiggyVest.
The best thing about PiggyVest is how easy and convenient it is to save or invest with PiggyVest. You can literally sign up, top up your wallet, and immediately place your money without hassles.
Several options are built for saving as an individual or as a group. You may save with a friend, partner, spouse, co-workers, and so on.
How does PiggyVest Work?
You might also want to ask ‘what does PiggyVest do? Perhaps you will understand when I explain all its features below:
What does PiggyVest do? Well, it starts with your own savings goal. You plan to pay your rent in 7 months, probably five hundred thousand or more. You may open a PiggyVest account, create an auto savings plan and start dropping the installments in the PiggyVest wallet. For saving your money with PiggyVest, you will earn an interest rate of 13% per annum on your savings.
For example, you wish to save ₦5,000 weekly for four weeks. You create a savings goal plan, set the frequency and the amount, the money can be deducted automatically from your bank account.
In the savings plans, you can only have free access to your money only a few times in the entire year, any withdrawal outside the stipulated withdrawal day will attract a penalty which will be deducted from your balance. The reason is to keep you disciplined. Here are the default withdrawal dates in the year:
- Every 31st of March
- Every 30th of June
- Every 30th of September
- Every 31st of December
SafeLock is a fixed savings option that allows you to earn up to 15.5% per annum. Interest on Safelock is paid to you upfront i.e paid before the money is locked-in.
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.
If you have a lump sum you don’t want to spend immediately, you can move it into your PiggyVest wallet, lock it in, and earn your interest upfront.
This option basically enables you to add more funds to your savings. For example, if you set N1,000 daily and you miss a day or two, you can use the quick save option to deposit N2,000 or N3,000 at once. This is to ensure you meet up with your savings target.
You can add up to N500,000 at once with this option. However, you can add this multiple times in a single day. For instance, if you want to add N1,000,000, you need to add N500,000 twice.
That is, it does not automatically deduct the money from your bank account. Just whenever you wish to save, visit the PiggyVest official website and do this.
Target savings enables you to save regularly towards a particular financial goal. This can either be a personal endeavour or with a group of people – this can be creatively turned into thrift saving (Ajo in Yoruba language, Adashe in Hausa).
Save for your rent, vacation, a new gadget and even towards starting your new business with Target savings, and earn more money while at it!
Investify (Invest in vetted ventures)
There’s also room for armchair investors, literally. You have the opportunity to look into many viable and verified startups, their ventures, their activities and quickly invest in their business. From the final click, you already know exactly how much you are to expect from the business after your investment. Just a few clicks and you have completed the process. For as little as ₦3000, you can start investing right now!
How to Save Money on PiggyVest
Here’s a step-by-step guide on how to save your money on PiggyVest.
- Create an account
- Choose your saving option (PiggyBank, Safelock, or Target Saving)
- Choose time, frequency and amount to be saved
How to Setup Autosave (Automatic Savings) on the PiggyVest App
First of all, add the ATM Card of the account you want the money taken from.
Here’s how to do this:
- Go to the Accounts Tab
- Scroll down to My Card & Bank Settings
- Click on Debit Cards
- Click Add a New Card
- Enter your Debit Card Details
Now, go to the Savings Tab.
- Tap Piggybank
- Click on Autosave and turn it on
- Choose the frequency of debit
- Enter the amount
- Choose the source for the Autosave
The next debit date, amount, and time will be displayed for you to see.
How to Invest Money with PiggyVest
For investors who want to put money into the featured ventures, here is a step-by-step guide on how to do that:
- Create an account
- Go to Investify (Invest in the future)
- Look the featured ventures up
- Enter amount and term
Frequently Asked Questions about PiggyVest
How do I Download and Install PiggyVest Mobile App
The PiggyVest app is available on Android and iOS. Choose your device from the below and click away:
Is PiggyVest safe?
As explained in another article, you must do your findings of any company you are about entering into any business with. Before you drop a Kobo, please do your independent verification.
So, is PiggyVest approved by CBN to do the business they do? Yes.
PiggyVest is a product of PiggyTech Global Limited with the incorporation number – RC1405222. In 2018, PiggyTech acquired a Microfinance bank. Another associated entity is the Piggytech Cooperative Multipurpose Society Limited with incorporation number RC16555.
PiggyTech works hand-in-hand with Aiico Capital, a SEC-accredited asset management company for the warehousing and management of all the deposits that come into PiggyVest.
PiggyVest also partners with PayStack for the payments section to ensure the integrity of the information of all the cards used on any of the PiggyVest platforms
What are PiggyVest interest rates?
PiggyVest currently offers extraordinary interest rates considering the current realities of this country Nigeria. Here are the various interest rates as to the different savings and investment plans:
|PiggyVest Product||Interest Rates|
|Investify||Up to 25%|
|PiggyBank normal savings||10%|
What are the interests on Piggyvest packages?
- 8% p.a on Piggybank
- Up to 13% p.a SafeLock
- 8% p.a on Target
- 8% p.a on Flex
- 7% p.a on Flex Dollar
- Up to 25% p.a on Investify
What are Piggyvest points?
PiggyVest also rewards its consistent saving customers in a point-based system. The points can be further converted into cash. You earn as you save, so the more savings you got the more points you have. However, for Target savings, you only earn points if the duration of the target is above 90 days.
Here is a breakdown of savings to points:
|N2,000 – N4,000||1 point|
|N5,000 – N9,999||2 points|
|N10,000 – N49,999||10 points|
|N50,000 – N99,999||25 points|
|N100,000 – infinity||55 points|
One PiggyVest point is valued at N10. For example, 100 PiggyVest Points will give you 1,000 naira.
Is my investment in Investify safe?
Yes, Piggyvest makes sure that each investment listing comes with its own protection and coverage.
How is interest calculated on SafeLock?
- 10-30 days, 6%
- 31-60 days, 7%
- 61-90 days, 9%
- 91 days- 2 years, 10%
- 2 years and above, 12.5%
What is the minimum amount I can keep on Safelock?
How do I activate/create a Target Savings
- Log in to your dashboard
- Click on the ‘Savings’ sign on the bottom pane of your dashboard.
- Click on the ‘Targets’ option
- Create a Target
Select the Target option you’d like, fill in the required fields and save the Target
You can invite friends to join your Target.
How do I contact PiggyVest?
In case you need to speak with someone in the PiggyVest team for clarifications or complaints, you can dial or email the contact details below. They work 24/7.
Phone: 0700 933 933 933, Email: email@example.com.