Nigeria: PiggyVest digitalizes piggy saving

By : Adoni Conrad Quenum

Date : lundi, 09 octobre 2023 15:44

Africa has historically been the continent with one of the lowest banking penetration rates. Those rates have been growing over the past few years but, with the introduction of digital alternatives, the rise is poised to be faster. 

PiggyVest is a fintech solution developed by a Lagos-based startup founded in 2016. It enables individuals and businesses to save towards goals like launching a business, buying a car, or furthering education. It was founded by five passionate entrepreneurs, who succeeded in raising around $1.2 million in funding to accelerate its growth. 

"When we started, there were 22 banks in Nigeria. So there was quite a lot of option and yet, young people were storing their savings in wooden boxes under their beds. This showed us that people might have access to financial services but they weren’t developed to serve their needs," explained Odunayo Eweniyi, co-founder and chief operations officer of PiggyVest 

To access the various services offered by the solution, users need to download its mobile app –Android or iOS version– and register for an account. Among other things, PiggyVest offers several ways to save, such as goal-oriented savings, savings in foreign currencies such as the dollar (flex dollar), or fixed savings, which involves blocking funds for a set period without having access to them until maturity. Its savings plans remunerate users with 5 to 15% interest. 

"With PiggyVest, users can save as much as they want as frequently or infrequently as they want, be it every day, every week, or every month. [...] We offer quarterly free withdrawal days when users can take money out if they need to without any cost. Should a user want to withdraw their money early or outside of these days, they will be charged a fee to discourage them from doing so," indicated Odunayo Eweniyi. PiggyVest claims over 4 million users. In 2021, its users saved over $480 million.

Adoni Conrad Quenum


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