Is Piggyvest Approved By CBN?


PiggyVest initially launched in 2016 as Piggybanking. Is a Nigerian fintech startup that has significantly transformed how Nigerians save and invest their money. With a strong commitment to security, user-friendly features, and a wide range of financial services. PiggyVest is paving the way for financial inclusion in Nigeria and potentially across Africa. But, is PiggyVest approved by CBN? Read more to find out.

Is Piggyvest Approved By CBN?

Is PiggyVest Approved By CBN?

Of course, yes. PiggyVest has been officially approved by the Central Bank of Nigeria (CBN). It operates as a Microfinance Bank (MFB), which is regulated by the CBN. And its funds are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Founded by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze. The platform was created to cater to the needs of individuals looking for a reliable, convenient, and transparent way to save money incrementally and invest easily.

Over the years, PiggyVest has evolved from a simple savings platform to a comprehensive financial management tool that offers a wide range of services designed to empower users to manage their finances more effectively.

Core Features and Services of PiggyVest

  1. Savings: At its core, PiggyVest allows users to save money through various plans tailored to different saving goals. This includes the traditional Piggybank for daily, weekly, or monthly savings, Target Savings for specific goals, and the SafeLock feature, which allows users to lock away funds for a fixed period to earn higher interest rates.
  2. Investments: PiggyVest also offers investment opportunities through its Investify platform, where users can invest in low, medium, and high-risk opportunities with varying returns. These investments span across agriculture, real estate, transportation, and other sectors, providing users with a variety of portfolios.
  3. Financial Discipline: The platform promotes financial discipline by encouraging users to save regularly through automated savings plans and penalizing early withdrawals, thus fostering a savings culture.
  4. Security and Regulation: Security is paramount for PiggyVest. This app uses state-of-the-art security measures to protect user funds and personal information. Additionally, PiggyVest operates as a Microfinance Bank (MFB) regulated by the Central Bank of Nigeria (CBN), and its operations are insured by the Nigeria Deposit Insurance Corporation (NDIC), providing an extra layer of safety for its users’ investments.

By providing a platform that merges savings and investment, PiggyVest has excellent financial management, making it accessible to the average Nigerian. Its innovative approach to financial management has earned PiggyVest numerous awards and recognitions within the African tech ecosystem.

How Does Piggyvest Work?

PiggyVest is more than just a savings and investment platform; it is a tool that empowers Nigerians to take control of their finances. After opening an account with Piggyvest, you can begin better managing your money by investing and saving it with ease using the Piggyvest web app or app on your journey to financial independence.

Piggyvest offers a variety of investing and savings solutions to meet a range of needs. You have the option to save on a daily, weekly, or monthly basis, and you can also choose that a specific amount is saved on Piggy Vest each time you purchase your account. PiggyVest gives you the chance to save for a specific goal like a vacation, or an automobile.

Another option is group savings, where you ask others to contribute to a certain financial objective. With the app’s Safelock feature, you may also lock money. Through its Investify tool, Piggyvest also provides you with access to low-risk investing possibilities where you can increase the size of your portfolio and diversify it.

Small sums of guaranteed fixed-income investments and other investment alternatives are also available for you to invest in. You can use the mobile app or the website to open an account with Piggyvest. The app is available for both Android and iOS users.

Which Products Does Piggyvest Offer

As of my last update in April 2023, PiggyVest offers several core products designed to cater to different financial needs, including savings, investments, and more. Here are the products that offered by PiggyVest:


This is the primary savings feature that allows users to save money automatically or manually, with the flexibility to set daily, weekly, or monthly savings plans. It is designed for users to save towards their personal goals with discipline.


This acts like a fixed deposit or a treasury bill, allowing users to lock away funds for a set period without access, thereby earning higher interest rates over the lock period. It serves as a sub-account as well, allowing you to move money from your debit card and Piggyvest wallet. N1000 is the smallest sum that can be stored in SafeLock.

It offers an annual interest rate of up to 15.5% and is available for funds held in Safelock. The lifespan of money in Safelock ranges from 10 to 1000 days.

Target Savings

Target Savings is designed for users with specific savings goals in mind, such as saving for rent, a car, vacation, etc. It allows users to save towards multiple goals with friends and family if desired.

Flex Naira

This is a flexible savings account where interest is earned daily, and funds can be moved in and out freely. It serves as an emergency fund or a wallet from which users can fund other savings or investment products on PiggyVest. Any interest on all other Piggy vest accounts or wallets is remitted into a Flex Naira account.

In addition to being a flexible savings wallet, the Flex Naira account has the potential to earn 10% interest. You may not, however, take more than four withdrawals from this account. to preserve the entire amount of interest accrued for the month.

Flex Dollar

This product allows users to save and invest in US dollars, protecting their savings from the inflation and devaluation of the local currency. It’s a way for users to diversify their savings and investments. You can save, invest, and transfer money in dollars using the Piggy Vest wallet called Flex Dollar.

You also can use as little as $1 to fund your Flex Dollar account using your bank card or your Flex Naira wallet. A Flex Dollar Account has a 6% annual interest rate. You have the option to withdraw money in dollars or Naira from your Flex Dollar wallet. Dollar funds withdrawal can be sent to a domiciliary bank account.


With Investify, users can invest in pre-vetted, low-medium-risk primary and secondary investment opportunities. This platform offers a variety of options, including agriculture, real estate, and more, providing users with diversified investment portfolios.

NOTE: These products are designed to encompass a wide range of financial needs, from saving and investing in local currency to taking advantage of opportunities in more stable currencies like the US dollar.

Is Piggyvest a Reliable Way to Save and Invest?

The first digital savings app in Nigeria was called Piggyvest. Since then, it has become more and more powerful. Providing a variety of options for people to invest, save, and make money without having to worry about their money’s security.

This savings and investing company is a terrific alternative since it allows people to save, invest, and receive interest in dollars. It also offers some of the finest interest rates on the market.


What Kind of Bank is PiggyVest?

PiggyVest works as an application with a variety of savings and investment alternatives. In addition, the organization provides services to assist both people and corporations in saving and making investments. In addition to other services, it provides target savings, flex naira, safe lock, and investment services.

Which Country Uses PiggyVest?

PiggyVest is exclusively functional only within Nigeria and accessible to users with bank accounts located in Nigeria. You are not prohibited from obtaining services under the laws of the applicable jurisdiction. You may only use the Services if you agree to enter into a legally binding contract with PiggyVest.

Is PiggyVest Legit?

Yes, PiggyVest is legit. It is a savings platform and it’s a legitimate organization. Since it has been granted a license by the Nigerian Securities and Exchange Commission.

How Much Is the Breaking Fee on Piggyvest?

Breaking Fee: 2.5%

You can take out money whenever you wish. But in addition, to maintain discipline and prevent irresponsible withdrawals, taking out money beyond your designated withdrawal day will result in a 2.5% breaking fee deducted from the amount.