Overview
PiggyVest is Nigeria’s largest online savings and investment platform, operating for over 9 years as a digital financial service provider. Founded in 2016 as Piggybank.ng and later rebranded to PiggyVest, the platform focuses on helping Nigerians build disciplined saving habits through automated savings features and competitive interest rates.
The platform serves individuals seeking structured savings solutions, young professionals building emergency funds, students saving for education, and anyone looking to earn higher returns than traditional banks offer. PiggyVest targets millennials and Gen-Z users who prefer digital-first financial services. The app provides various savings products including SafeLock (fixed deposits), Flex Savings (flexible withdrawals), Target Savings (goal-based), and investment opportunities in agriculture, real estate, and transportation sectors with returns up to 35% annually.
Key Features
Automated Savings
Automatic daily, weekly, or monthly savings deductions
SafeLock
Fixed deposit savings with 7% - 20% annual interest rates
FlexSavings
Flexible savings with instant withdrawal capabilities
Target Savings
Goal-oriented savings with milestone tracking
Investify
Investment opportunities in agriculture, real estate, and transport
Pros & Cons
Advantages
- High interest rates (7% - 20% annually)
- Automated savings encourage discipline
- Multiple savings plans for different goals
- SEC-regulated investment partnerships
- User-friendly mobile interface
Limitations
- Poor customer service response time
- Withdrawal delays and technical issues
- Limited investment options availability
- Account access problems reported
- No physical branch support
Security Features
SEC Partnership: Collaborates with AIICO Capital, licensed fund manager regulated by Securities & Exchange Commission
Corporate Registration: Registered as Piggytech Global Limited with Corporate Affairs Commission
Bank-Level Encryption: 256-bit SSL encryption for all data transmission and storage
Two-Factor Authentication: SMS OTP verification for account access and transactions
Fund Segregation: Customer funds held in separate accounts with partner commercial banks
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Account Registration | Free | No charges for signing up and account creation |
| Savings Account Maintenance | Free | No monthly or annual maintenance fees |
| Automated Savings | Free | No charges for setting up automatic savings |
| SafeLock Deposit | Free | No fees for fixed deposit placements |
| Flex Savings | Free | No charges for flexible savings deposits |
Getting Started
Detailed Ratings
Final Verdict
PiggyVest excels as a savings platform with attractive interest rates (7% – 20%) and automated features that encourage disciplined saving habits. The variety of savings plans caters to different financial goals effectively. However, customer service issues and withdrawal delays create significant user frustration. While excellent for building savings discipline, users should be prepared for potential technical challenges and slower customer support responses when issues arise.