I got to know about PiggyVest recently through a friend. At first, I was skeptical about this program. Even though I like the concept. It is all about saving. Especially, in Nigeria that we lack the saving culture. But, I’m the kind of person that does not jump into anything anyhow. So, I went online to get more details about PiggyVest.
PiggyVest formerly Piggybank was founded by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze on the 7th of January 2016 as a savings-only platform. Then in April of 2019 Piggybank.ng rebranded to “PiggyVest” and then began to offer DIRECT investment opportunities to users in addition to savings.
In my opinion, I think the concept and product are simple; savers can deposit as little as N200 a day into their online Piggybank account, and cannot touch their savings, until an agreed withdrawal date [unless they are happy to pay a 5% early withdrawal fee], whilst all the time accruing around 6% interest per annum on automated savings.
Unlike a regular bank’s savings account, where you can access the money at any time, PiggyVest helps its users maintain their savings discipline while building their savings culture, as they save towards something big.
Also, from my findings I discovered that the fund is being controlled by UBA and PiggyVest does not have direct access to the fund. That’s a good one.
It is hard to save in Nigeria especially when you are not earning much. That is what most Nigerians think. However, some Nigerians who earn N50,000 have the responsibility of N100,000 monthly. Many Nigerians live above their means. They need to save a certain amount of money every month but they do not have any means to make savings a reality. They turn to Ajo daily contributions, cooperative society; some Nigerians keep saving boxes at home.
Nigerian banks do not help Nigerians to save. That is why a bank gives you an ATM card to encourage you to withdraw. It is something that is educational. What Piggybank does is to teach Nigerians how to save and the benefits attached to savings. If you earn N50,000, you can save no matter your level of income.
Simple! Save little amounts daily, weekly or monthly automatically from your debit card. It is the same thing as Ajo or our normal daily contribution. In other words, it is basically Ajo that has gone digital. Nice concept.
Please note that PiggyVest is not a network marketing business.