Saving money is not easy. Once you put money in your bank account, the bank deducts SMS charges, card maintenance fee e.t.c. A normal bank account also makes it very easy to log in to your bank account to buy things even when they are not really necessary.
If you have made up your mind to save money for a purpose or for no reason at all, Piggyvest is what you need.
- What is PiggyVest?
- Features of Piggyvest
- 1. Safelock.
- 2. Target
- 3. Flex Dollar
- 4. Investify
- 5. Trackit
- 6. Piggylink
- 7. Piggyflex Account Number
- Is PiggyVest Genuine?
- Is PiggyVest Registered in Nigeria?
- Does PiggyVest have a Physical Address?
- Who are the People Behind PiggyVest?
- Who Regulates PiggyVest in Nigeria?
- Does PiggyVest have Social Proof?
- How to Register on Piggyvest
- Updating your BVN on PiggyVest
- Updating your Next of Kin Information
What is PiggyVest?
Piggyvest is a website and mobile app that makes saving money interesting. It helps you cultivate the habit of saving money through technological features a normal bank account won’t give you.
Piggyvest was founded in 2016 by three Nigerians; Joshua Chibueze, Odunayo Eweniyi and Somto Ifezue. These three co-founders have been featured on Forbes Magazine’s under 30 C.E.O’s.
Over the years, Piggyvest has transformed from an app used just for saving money to an app that could be used to invest money, Join group savings etc. Just recently, they introduced Flex Dollar, a feature that allows you to buy and save money in dollars.
Features of Piggyvest
Here are some of the exciting features you will find in Piggyvest;
Are you the kind of person that keeps the money for a certain purpose in your bank account, maybe your school fee and before you know it, one problem comes up and you use the money for something else?
The Piggyvest Safelock feature allows you to lock money in the app until the period you need the money.
When you lock your money with Safelock, you won’t have access to the money until the day you fixed to withdraw the money. Piggyvest will also pay you interest immediately you lock your money with the Safelock feature.
For example, if you lock 50,000 Naira for six months on Safelock, Piggyvest will pay you 3,239.60 Naira as 6.5% interest (you can withdraw the interest immediately); you won’t also have access to the 50,000 Naira until the day you fixed to withdraw the money.
The interest rate is more than what any commercial bank in Nigeria will give you for a fixed deposit account.
The Piggyvest Target feature allows you to save a certain amount of money frequently for a certain cause. You can set up a target to save money to pay rents, buy a new gadget etc.
Let’s say your house rent is 150,000 Naira yearly; you can set up a target for Piggyvest to deduct 411 Naira from your account daily for 365 days, 2,885 Naira weekly for 52 weeks or 12,500 Monthly for 12 months.
You can also join public target groups – Target groups are public savings group where anybody can join and save money with other people for a particular reason. There are some public groups where people save money daily to fund their travel aspirations.
3. Flex Dollar
The United States dollar is the most stable currency in the world so having your savings in the world’s most stable currency is a smart move.
The U.S Dollar gains regularly against the Naira. If you buy 100$ at the rate of 363 Naira per dollar, you will spend a total of 36,300 Naira. Perhaps the rate of dollar increases to 400 dollars in the next six months, your 36,300 dollar becomes 40,000 Naira without any extra effort.
You can also transfer the Dollar in the Flex-Dollar account to any dollar-denominated domiciliary account in Nigeria.
As the name implies, this allows you to invest money in Piggyvest. A lot of companies collaborate with Piggyvest to get funds for their businesses, Since Piggyvest is not actually a loan company, they (Piggyvest) open an opportunity for users to invest in these businesses instead.
Some of these companies pay as high as 24% per year for each single lot/share you buy.
The Piggyvest Trackit feature allows you to track your daily spendings. It shows your spending habit on a nice bar chart.
With this feature, you can know how you spend your money monthly. If there are any excesses you need to cut off, you may not find out unless you Trackit 🙂
This is a feature that allows anyone to send money to your Piggyvest account by sharing them a link. When they click on the link, they have to type the amount they want to send to you.
There are various ways your friends and family can send you money through the Piggylink feature; they can send through the supported banks without logging in to online banking, through debit cards, QR codes and GTBank’s USSD code (*737*).
The best part is that they can do this at no extra cost.
7. Piggyflex Account Number
Piggyvest also gives you a dedicated account number. Friends and Family can send you money through this account number by logging into any bank’s online banking platform or mobile app.
This was made possible with a partnership with Providus Bank.
If anybody is sending you money through your Piggyflex account number, they have to select Providus Bank as the receiving bank.
The money will be deposited into your PiggyFlex Account.
While Piggylink and the PiggyFlex account number allow you to receive money from anybody, they both work differently.
Piggylink enables you to receive money into your Piggyvest core savings account while the Piggyflex account number allows you to receive money into your PiggyFlex account.
Is PiggyVest Genuine?
For a company that helps you save money, it is not bad if you ask if your money is safe.
The first step to finding out if a company is genuine is by checking the following facts before transacting with them;
- Is the company registered in the country it operates?
- Does the company have a physical address?
- Who are the people behind the company?
- Is the company regulated by the right regulation bodies?
- Does the company have social proof?
These are the answers to the questions above.
Is PiggyVest Registered in Nigeria?
Piggyvest was registered in Nigeria in 2017 as PiggyTech Global Limited. Although the company began operations in 2016, it was incorporated as PiggyTech Global Limited on April 7, 2019.
Does PiggyVest have a Physical Address?
Having a physical location is important for any business in Nigeria as many Nigerians are not comfortable with online platforms that involve dealing with real money.
PiggyVest is located at Tesmont House, 3 Abdulrahman Okene Close, Off Ligali Ayorinde Street, Victoria Island, Lagos.
Who are the People Behind PiggyVest?
As mentioned earlier, PiggyVest is founded by three Nigerians; Mr Joshua Chibueze, Mrs Odunayo Eweniyi and Mr Somto Ifezue.
Who Regulates PiggyVest in Nigeria?
Being a company that keeps money, Piggyvest is regulated by the Central Bank of Nigeria. The company follows the standards set by the Apex Bank for financial institutions in its category.
Does PiggyVest have Social Proof?
Social proof is a confirmation that people actually use a service and it lets you how satisfied they are with the service. Sometimes, it is good to check for social proof before dealing with a business.
On Twitter, you will see tweets and mentions from real-life people.
If you are convinced with what you have read so far, you can see how to register for Piggyvest in the next paragraph.
Related: How to Withdraw Money from PiggyVest.
How to Register on Piggyvest
Click on Create New Account.
Fill in your name as it is on your bank account. Enter your email address and password.
Click on Create Free Account.
On the next page, you have to fill in your Gender, Year of birth, an estimate of how much you earn monthly, relationship status and employment status. Once you have finished filling, click on proceed.
Enter your Bank account details. This is where Piggyvest will send your money to when you want to withdraw.
Select any of the categories below.
Perhaps you want to start with saving money that you can withdraw any time you want, click on “I want to build my savings”.
If you would prefer to start in any of the investment options available, click on “I want to invest gradually”.
Do you want to start out by locking funds in your Piggyvest account for later, select “I want to lock money for a while”. This is the best option for you if you have a particular amount of money you do not want to spend till a certain period.
If you would like to save towards a particular goal (Piggyvest target), select “I want to save towards a goal”. This option will allow you to save any amount either daily, weekly or monthly for any purpose. This is great for students who need to save money for a certain purpose.
For this tutorial, we considered the first option; “I want to build my savings”.
Click on “I want to build my Savings”, on the next page, enter the amount you want to save in the Piggyvest app and click on “Make your first savings”.
You will be redirected to enter your card details. Piggyvest uses Paystack, another secure company used by many other businesses like Bet9ja, Carbon (Paylater), Dominos etc to process your payment. Your card details are 100% percent safe.
Once you have funded your Piggyvest account with your ATM card, your account setup is now complete.
Now you do not need to enter your card details again any time you want to put money into your Piggyvest account.
Updating your BVN on PiggyVest
It is mandatory that any financial service provider that allows users to save money or send money request for the Bank verification Number of its customers before rendering full service to them. Piggyvest is not exempted from this law since it is regulated by the Central Bank of Nigeria.
To enjoy all the benefits of Piggyvest, you have to enter your BVN number.
You can enter your BVN number on Piggyvest by following the steps below.
Once you are logged into your Piggyvest account, select “My Account/Settings”.
Scroll down to Security and Privacy and select “My BVN settings”
Enter your BVN number in the next page and click on validate BVN.
Updating your Next of Kin Information
The next step to completing your account setup is by entering your Next of Kin details.
This is an essential step. Have you ever wondered what could happen when unfortunate events happen, maybe death?
Piggyvest will try to contact you if your account has not been active for a very long period and you have funds in your account.
Not being active means, you have not logged in for a long period or there have been failed trials to charge your Bank account for the various targets and automatic savings you have enabled.
If all trials to reach you proves abortive, Piggyvest will contact your next of Kin and direct them on how to claim the funds in your account.
Go to the settings page on your Piggyvest account.
Scroll down to General settings and click on “Next of Kin”.
Enter the Name and contact details of your next of kin. Every detail here should be correct. Click on Update Next of Kin to save the settings.
If you followed all the steps in this paragraph, congratulations, you have finished setting up your Piggyvest account.
Piggyvest is undeniably one of the best apps for saving money in Nigeria. A lot of people have used this app without issues, you can confirm this through reviews on their social media accounts and articles on various blogs.
Saving money in a bank account is good but what happens when the urge to spend the money on things that you can live without comes? How about the card maintenance charges, SMS charges, USSD charges (*737*) e.t.c?
Moreover, Piggyvest pays more interest than any bank will pay you for a savings account.
What is stopping you from saving on Piggyvest today? Let’s hear you in the comment section.
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