All You Need to Know About PiggyVest

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Have you been wondering how PiggyVest works and how you can be a part of it? Then this article is just for you as we will explore all you need to know about PiggyVest.

All You Need to Know About PiggyVest
All You Need to Know About PiggyVest

Saving money can be a real challenge, especially in a place like Nigeria, where inflation and bank interest rates are low.

Many struggle to properly budget and set aside funds for short- and long-term goals.

That’s where Piggyvest comes in. As one of Nigeria’s leading digital savings platforms, Piggyvest has helped thousands of individuals and families better manage their money simply yet effectively.

Since launching in 2016, the company has grown tremendously in popularity due to its innovative goal-based savings products and competitive returns.

In this article, we aim to provide all the essential information needed to understand what Piggyvest is all about.

We’ll explain how it works, explore the different savings plans offered, and highlight the key benefits of using this fintech solution.

We aim to give you a well-rounded overview of Piggyvest and how it can help make savings easier.

At the end of this article, you’ll have a good idea of whether this platform is right for your financial goals and needs and thus be able to make an informed choice.

So let’s begin by exploring the ins and outs of Piggyvest – Nigeria’s most trusted digital savings hub.

History of PiggyVest

PiggyVest is a Nigerian fintech company that was founded in 2016 by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze.

Originally known as “Piggybank. ng,” the company started as a platform to help Nigerians save money through a digital savings platform.

Users could set savings goals and contribute to them periodically, locking their funds away to prevent impulsive spending.

In April 2019, Piggybank. ng rebranded to PiggyVest to reflect its expanded services beyond just savings.

The platform introduced features like investment opportunities, allowing users to invest their savings in various financial instruments such as mutual funds and fixed-income investments.

PiggyVest quickly gained popularity in Nigeria due to its user-friendly interface, innovative features, and the growing adoption of fintech services in the country.

By providing convenient and secure ways for Nigerians to save and invest, PiggyVest addressed a significant need in a market where traditional banking services often fell short.

Over the years, PiggyVest has continued to evolve its platform, adding new features and partnerships to better serve its users.

How PiggyVest Works

Here’s an overview of how PiggyVest works and some of its key features:

PiggyVest allows users to set savings goals and contribute to them regularly.

Users can create different savings plans for various purposes, such as emergencies, vacations, or buying a new gadget.

Funds saved are locked away until a specified withdrawal date to prevent impulsive spending.

They can automate their savings by setting up recurring transfers from their bank accounts to their PiggyVest savings plans.

Users can choose the frequency and amount of these transfers, making it easier to stick to their savings goals.

They have access to SafeLock which is majorly used to lock away funds for a specified period, ranging from 10 to 1,000 days.

During this period, users cannot withdraw the funds, helping them avoid temptation and stay committed to their savings goals.

PiggyVest provides opportunities for users to invest their savings in various financial instruments, including mutual funds and fixed-income investments.

Users can choose from a selection of investment options based on their risk tolerance and investment goals.

PiggyVest enables users to save towards a common goal with friends, family, or colleagues through group savings plans.

Members can contribute to the goal collectively, making it easier to achieve larger financial targets, such as group vacations or celebrations.

PiggyPoints are earned by completing certain actions on the platform, such as saving consistently or referring friends.

Users can redeem PiggyPoints for cash rewards or use them to access exclusive features and benefits.

PiggyVest offers a referral program that rewards users for inviting their friends to join the platform.

When a referred friend signs up and starts saving, both the referrer and the referee receive bonuses, encouraging user growth.

To know more about how to get your referral bonus on piggyvest, click How do I get my referral bonus on piggyvest

Getting Started With PiggyVest

To get started with piggyvest you need to set up your account number and begin banking. To get your Piggyvest account number and begin banking, follow these steps:

Log in to your Piggyvest account using your email address and password. Once logged in, navigate to the “Account” section on the app or website.

Look for the option that says “Account Number” or “Bank Details”. Your Piggyvest account number should be displayed on this page along with other relevant banking information.

You can now use this account number to make deposits, transfers, and other banking transactions through your Piggyvest account.

To know more about how to get your piggyvest account number as well as other related information such as how to transfer money and its benefits then click on How to Get Your PiggyVest Account Number

PiggyVest Investment Process

The Piggyvest investment process begins with the following steps:

Sign up on the PiggyVest website or mobile app by providing your details and creating an account.

Set your investment goals and choose an investment plan that suits your needs. PiggyVest offers various investment options such as fixed-income investments, mutual funds, and agriculture investments.

Deposit funds into your PiggyVest account using your preferred payment method such as bank transfer, debit card, or USSD.

Choose the investment option you want to invest in and specify the amount you want to invest.

Confirm your investment and wait for it to start earning returns. PiggyVest will provide regular updates on the performance of your investments.

Monitor your investments and track your progress toward your financial goals. You can also make additional investments or withdraw funds at any time.

Enjoy the benefits of investing with PiggyVest, such as competitive returns, low fees, and hassle-free investment management.

To know more about piggyvest investment processes and how the investment works then click How Does PiggyVest Investment Works.

How to Withdraw From PiggyVest

Withdrawal requests usually take 1-3 working days. To withdraw from PiggyVest, follow these steps:

  • Log in to your PiggyVest account on the app or website.
  • Click on the “Withdraw” option on the dashboard.
  • Enter the amount you want to withdraw and select your withdrawal method (bank transfer or PiggyVest wallet).
  • If you choose bank transfer, enter your bank account details.
  • Review and confirm your withdrawal request.
  • You will receive a confirmation message once your withdrawal request has been processed.

To know more about how to withdraw from piggyvest and all its related information such as the withdrawal charges then click How to Withdraw from Piggyvest.

Linking Pocket App to PiggyVest

Do you know you can link your pocket app to piggyvest? You can also send, receive, and manage money using the pocket app.

To link your Pocket app to PiggyVest, you can follow these steps:

  • Open the PiggyVest app on your mobile device.
  • Go to the “Investing” section in the app.
  • Scroll down and find the option to link your Pocket app.
  • Click on the link button and follow the on-screen instructions to connect your Pocket app to PiggyVest.
  • Once the linking process is complete, you should be able to view and manage your Pocket investments through the PiggyVest app.

To get more information on how to link your pocket app to piggyvest then click How to link pocket app to piggyvest.

Is PiggyVest Approved by CBN?

Yes, PiggyVest is approved by the Central Bank of Nigeria (CBN) as a financial technology platform that provides savings and investment services to users.

It operates under the regulatory framework set by the CBN and adheres to all relevant financial regulations in Nigeria.

PiggyVest is regulated by the Central Bank of Nigeria (CBN) and operates following the regulatory guidelines set by the CBN for financial technology companies.

This means that PiggyVest is required to comply with all relevant financial regulations, such as anti-money laundering laws, customer protection measures, and data privacy regulations.

By being approved by the CBN, PiggyVest has demonstrated that it meets the necessary standards for providing financial services to consumers in Nigeria.

Users can trust that their funds are secure and that PiggyVest operates transparently and responsibly.

To learn more about the amazing features of CBN’s Approval of piggyvest you can click Is Piggyvest approved by CBN?

How to Use Piggyvest Save and Earn

To use piggyvest to save and earn, follow these steps:

Sign up: First, you need to create an account on Piggyvest by downloading the app or visiting their website. You will need to provide some basic information and set up your account.

Set your savings goal: Once your account is set up, you can set a savings goal. This could be for a specific purchase, a vacation, or just to build up your savings.

Choose your savings plan: Piggyvest offers different savings plans to help you reach your goal. You can choose from options like automated savings, fixed savings, or flexible savings.

Save money: Start saving money towards your goal by setting up automatic transfers from your bank account to your Piggyvest account. You can also manually add money to your account whenever you like.

Earn interest: Piggyvest offers interest on your savings, so the more you save, the more you will earn. This can help you reach your savings goal faster.

Refer friends: Piggyvest has a referral program that allows you to earn money by referring friends to the platform. You can earn bonuses for each friend that signs up and starts saving.

Monitor your progress: Keep track of your savings progress by checking your account regularly. You can see how close you are to reaching your goal and make adjustments as needed.

Withdraw your savings: Once you have reached your savings goal, you can withdraw your money from Piggyvest and use it for whatever you had planned.

To get more details on how to use piggyvest to save and earn then click How to Use Piggyvest Save and Earn.

The Different PiggyVest Savings Plans

Here are some of the key savings plans offered by Piggyvest and their benefits:

Piggybank Savings

With Piggybank Savings, users can set aside funds for specific goals or emergencies by depositing money into their Piggyvest account.

Users can automate their savings by setting recurring deposits on a daily, weekly, or monthly basis, making it easy to build a savings habit over time.

Piggybank Savings offers competitive interest rates on users’ savings, allowing them to earn returns on their deposited funds.

The funds saved in Piggybank are locked and can only be withdrawn on set withdrawal dates, helping users avoid impulsive spending and stay committed to their savings goals.

Piggybank Savings also offers bonus interest to users who save consistently without making withdrawals.

SafeLock

SafeLock is a savings plan that allows users to set aside funds for a specified period, ranging from 10 to 1000 days, during which the funds are locked and cannot be withdrawn.

Users can earn higher interest rates on their savings with SafeLock compared to regular savings accounts, making it an attractive option for users looking to maximize their returns over a fixed period.

SafeLock encourages users to save for longer-term goals or projects by providing incentives for locking their funds for extended periods.

Users have the flexibility to choose the duration of their SafeLock plan and can customize it according to their financial goals and timeline.

Target Savings

Target Savings enables users to save towards specific financial goals, such as buying a car, going on vacation, or starting a business, by setting target amounts and deadlines for each goal.

Users can create multiple savings targets simultaneously and track their progress towards each goal within the Piggyvest platform.

Target Savings offers users the flexibility to contribute funds towards their savings goals at their own pace, allowing them to adjust their contributions based on their financial circumstances.

Piggyvest automatically calculates the required savings contributions based on users’ target amounts and deadlines, making it easy for users to stay on track with their goals.

Target Savings helps users stay motivated and accountable by providing visual progress indicators and notifications as they work towards achieving their savings goals.

Flex Dollar

Flex Dollar is a savings plan that allows users to save in US dollars (USD) and earn interest in USD, providing an opportunity for users to diversify their currency holdings and hedge against currency fluctuations.

Users can deposit funds into their Flex Dollar account and earn interest on their USD savings, with interest rates typically higher than those offered on traditional savings accounts.

Flex Dollar offers users the flexibility to deposit and withdraw funds in USD at any time, making it convenient for users who frequently transact in USD or want to save in a stable foreign currency.

Piggyvest partners with licensed financial institutions to provide USD-denominated savings accounts, ensuring the security and reliability of users’ USD deposits.

Flex Dollar is an ideal savings option for users looking to preserve the value of their savings in a foreign currency or build a USD-denominated emergency fund.

Similar Trading Platforms as PiggyVest

Below are some of the similar trading platforms:

Cowrywise

Cowrywise is a financial technology platform in Nigeria that offers savings and investment products to help users achieve their financial goals.

Similar to Piggyvest, Cowrywise allows users to save towards specific goals, invest in mutual funds, and automate their savings contributions.

Cowrywise offers competitive interest rates and investment returns on users’ savings and investments, providing an opportunity for users to grow their wealth over time.

Risevest

Risevest is an investment platform that allows users to invest in global financial markets, including stocks, bonds, and real estate, for as little as $10.

They offer diversified investment portfolios tailored to users’ risk profiles and financial goals, enabling users to access global investment opportunities and build wealth over the long term.

Risevest provides users with educational resources and investment insights to help them make informed investment decisions and optimize their portfolios.

Wealth. ng

Wealth. ng is an online investment platform that offers a range of investment products, including mutual funds, stocks, and bonds, to Nigerian investors.

They provide users with access to a curated selection of investment opportunities from reputable asset management firms and financial institutions, allowing users to diversify their portfolios and maximize returns.

Wealth. ng offers personalized investment advice and portfolio management services to help users achieve their financial objectives and navigate the complexities of the financial markets.

Bamboo

Bamboo is an investment platform that allows users to invest in US stocks and exchange-traded funds (ETFs) from Nigeria.

They provide users with access to thousands of US stocks and ETFs, enabling them to build diversified investment portfolios and capitalize on growth opportunities in the global market.

Bamboo offers competitive pricing and low transaction fees on trades, making it cost-effective for users to invest in international equities and diversify their investment holdings.

Trove

Trove is an investment platform that allows users to invest in global stocks, cryptocurrencies, and mutual funds from Nigeria.

Similar to Bamboo, Trove provides users with access to a wide range of investment options, including US stocks, Nigerian stocks, Bitcoin, Ethereum, and mutual funds, through a single platform.

Trove offers fractional investing, allowing users to invest in high-priced assets with small amounts of money, making investing more accessible and affordable for a wider range of users.

Key Benefits of Using Piggyvest

Below are the key benefits of using piggyvest:

Convenience: Piggyvest offers a user-friendly platform accessible via web and mobile devices, allowing users to manage their savings and investments anytime, anywhere.

Automation: Users can automate their savings contributions through recurring deposits, making it effortless to build savings habits and achieve their financial goals over time.

Diversification: Piggyvest provides a range of savings and investment options, including traditional savings accounts, fixed-term savings plans, and investment opportunities, enabling users to diversify their portfolios and mitigate risks.

Earn Returns: Piggyvest offers competitive interest rates and investment returns on users’ savings and investments, helping them grow their wealth and achieve their financial objectives faster.

Goal Tracking: Piggyvest allows users to set specific savings goals, track their progress, and receive notifications as they work towards achieving their goals, providing motivation and accountability.

Security: Piggyvest employs robust security measures, such as encryption protocols and authentication mechanisms, to protect users’ funds and personal information, ensuring a safe and secure saving and investing experience.

Is it Safe to use Piggyvest?

Piggyvest employs a multi-layered approach to security to ensure the safety of users’ funds and personal information.

Firstly, they utilize state-of-the-art encryption protocols to secure data transmission and storage, safeguarding sensitive information from unauthorized access.

Additionally, Piggyvest partners with trusted financial institutions for transaction processing, adding another layer of security to users’ financial activities.

Moreover, they implement robust authentication mechanisms, such as two-factor authentication (2FA), to prevent unauthorized access to users’ accounts.

While no system is entirely immune to risks, Piggyvest’s commitment to security and its proactive measures make it a generally safe platform for users to manage their finances.

Is the Piggy Bank Protected by the National Deposit Insurance Corporation (NDIC)?

Piggyvest operates as a financial technology (fintech) platform rather than a traditional deposit-taking institution.

Therefore, deposits made on Piggyvest may not fall under the purview of the National Deposit Insurance Corporation (NDIC), which typically insures deposits in licensed banks and financial institutions against certain risks.

As such, users should be aware that the funds they deposit on Piggyvest may not be covered by NDIC insurance.

Users must review Piggyvest’s terms and conditions to understand the extent of deposit protection provided by the platform.

Is CBN in Charge of Piggyvest?

While the Central Bank of Nigeria (CBN) regulates and supervises traditional banks and deposit-taking institutions in Nigeria, Piggyvest operates as a financial technology (fintech) platform and may not fall directly under the regulatory purview of the CBN.

However, Piggyvest must comply with relevant financial regulations and may be subject to oversight by regulatory bodies other than the CBN.

It’s essential for users to understand the regulatory landscape within which Piggyvest operates and to be aware of the platform’s adherence to regulatory standards.

Is Piggyvest a CAC-Registered Product?

Yes, Piggyvest is registered with the Corporate Affairs Commission (CAC) in Nigeria, indicating that it operates as a legitimate business entity within the country.

This registration underscores Piggyvest’s compliance with regulatory requirements related to business operations and affirms its status as a reputable financial service provider in Nigeria’s fintech ecosystem.

Is the Piggy Bank Registered with the Central Bank of Nigeria (CBN)?

Piggyvest, as a financial technology (fintech) platform, may not be directly registered with the Central Bank of Nigeria (CBN) in the same manner as traditional banks.

However, Piggyvest is subject to regulatory oversight and must comply with relevant financial regulations governing fintech companies in Nigeria.

While Piggyvest may not fall under the direct regulatory purview of the CBN, it is still required to adhere to regulatory standards and best practices to ensure the safety and security of its users’ funds and transactions.

Is NDIC on board with Piggyvest?

Since Piggyvest operates as a fintech platform rather than a traditional deposit-taking institution, deposits made on the platform may not be covered by the deposit insurance provided by the National Deposit Insurance Corporation (NDIC).

Users should carefully review Piggyvest’s terms and conditions to understand the extent of deposit protection provided by the platform and to assess the associated risks.

Is Piggyvest Covered by Insurance?

Piggyvest may offer certain insurance products or partnerships that provide coverage for specific risks or events.

However, the extent of insurance coverage provided by Piggyvest may vary depending on the specific products or services offered and should be carefully reviewed by users.

It’s essential for users to understand the terms and conditions of any insurance coverage provided by Piggyvest and to assess its adequacy in meeting their financial needs and objectives.

Can I Make Money with Piggyvest?

Yes, Piggyvest provides various opportunities for users to save and invest their money, potentially earning returns over time.

Users can take advantage of features such as savings plans, investment options, and referral bonuses to grow their wealth on the platform.

By consistently saving and investing through Piggyvest, users can accumulate funds over time and achieve their financial goals.

However, users need to recognize that all investments carry inherent risks, and they should conduct thorough research.

What is the Highest Interest Rate on Piggyvest?

Piggyvest offers competitive interest rates on its various savings and investment products, with rates subject to change based on market conditions and other factors.

The highest interest rate available on Piggyvest may vary depending on the specific savings or investment product chosen by the user.

Users can explore Piggyvest’s website or app to compare the interest rates offered on different products and select the one that best suits their financial goals and preferences.

Users need to consider the terms and conditions associated with each product, including any applicable fees or restrictions, before making investment decisions.

How Much is 10 Points Worth on Piggyvest?

Piggyvest operates a rewards system where users earn points for engaging in certain activities on the platform, such as saving consistently or referring friends.

The value of these points may vary depending on how they are redeemed, such as for discounts on fees or bonuses on investments.

Users can check Piggyvest’s website or app for information on the current redemption value of points.

Can I Add an Account to my Piggyvest?

Yes, users can link additional bank accounts to their Piggyvest account to facilitate transfers and deposits.

This feature allows users to manage multiple accounts conveniently within the Piggyvest platform.

By adding multiple accounts, users can easily transfer funds between different accounts and access their finances more efficiently.

Users can explore the settings or profile section of the Piggyvest app or website to add or manage linked bank accounts.

How is Pocketapp Activated on a Mobile Device?

To activate Pocketapp on a mobile device, users typically need to download the Piggyvest mobile app from the app store (e.g., Google Play Store for Android or Apple App Store for iOS).

Once installed, users can log in to their Piggyvest account and navigate to the Pocket section within the app.

From there, users can follow the prompts to set up and activate Pocketapp, which enables them to save and invest money directly from their mobile devices.

Pocketapp offers a convenient way for users to automate their savings and investment contributions.

Can I Change my Piggyvest Account Number?

Typically, users cannot change their Piggyvest account number once it has been created. However, users can update their linked bank account information, including adding or removing accounts, through the settings or profile section of the Piggyvest app or website.

By managing linked bank accounts, users can ensure that their funds are deposited and withdrawn from the correct accounts.

Can I Transfer my Money to Another Piggyvest Account?

Piggyvest typically allows users to transfer money between their linked bank accounts and Piggyvest wallets but does not support direct transfers between different Piggyvest user accounts.

Users can withdraw funds from their Piggyvest account to their linked bank account and then transfer the funds to another Piggyvest user if necessary.

By facilitating transfers between linked bank accounts and Piggyvest wallets, users can easily manage their finances.

Is Withdrawing on Piggyvest free?

Piggyvest may charge fees for certain withdrawal transactions, such as instant withdrawals or withdrawals to bank accounts.

However, standard withdrawals to linked bank accounts are typically free, although users should review Piggyvest’s fee schedule for specific details and any applicable charges.

By understanding the fees associated with different withdrawal methods, users can minimize their costs and optimize their financial transactions on the Piggyvest platform.

Users need to consider their withdrawal needs and preferences when selecting the most cost-effective withdrawal method for their circumstances.

Is There a Minimal Withdrawal Amount on Piggyvest?

Piggyvest may impose minimum withdrawal amounts for certain withdrawal methods or transactions.

Users should review Piggyvest’s terms and conditions or contact customer support for information on any minimum withdrawal requirements applicable to their accounts.

By understanding the minimum withdrawal amounts set by Piggyvest, users can plan their withdrawals accordingly.

How Much Does Piggyvest Pay Per Month?

The amount that Piggyvest pays out to users per month can vary depending on several factors, including the user’s savings habits, investment choices, and any bonuses or rewards earned through the platform.

Users can track their earnings and payouts within the Piggyvest app or website to monitor their monthly income from the platform.

By setting savings goals, investing strategically, and taking advantage of bonus opportunities, users can maximize their earnings on Piggyvest and achieve their financial objectives more effectively.

Users need to stay engaged with the platform and regularly review their financial progress.

How Does the Piggyvest Referral Code Work?

The Piggyvest referral code is a unique code assigned to each Piggyvest user that they can share with friends, family, or acquaintances.

When a new user signs up for Piggyvest using a referral code, both the referrer and the new user typically receive a bonus or reward, such as cash or points, depending on the terms of the referral program.

Referral codes are a way for Piggyvest to incentivize user growth and engagement while rewarding existing users for referring new customers to the platform.

By sharing their referral code with others, users can earn rewards and bonuses on Piggyvest.

In Nigeria, how Does Piggyvest Work?

Piggyvest works by providing users with various savings and investment options through its online platform and mobile app.

Users can create an account, set savings goals, and choose from a range of savings plans or investment opportunities to grow their wealth over time. Piggyvest also offers features such as automatic savings, rewards programs, and financial education resources to help users achieve their financial goals effectively.

By utilizing Piggyvest’s platform, users can save and invest their money in a disciplined and structured manner, allowing them to build wealth and secure their financial future.

Overall, Piggyvest aims to make saving and investing easy, accessible, and rewarding for individuals in Nigeria, helping them achieve financial freedom and prosperity.

CHECK THESE:

How to Use Piggyvest Save and Earn

Is Piggyvest Approved By CBN?

How Do I Get My Referral Bonus on Piggyvest

How to Link Pocket App to Piggyvest

How to Withdraw from PiggyVest