PiggyVest is legitimate and trustworthy; they are registered with the Federal Government of Nigeria and also operate as a Microfinance Bank that is approved by the Central Bank of Nigeria.
PiggyVest has been in operation since 2016 under the name “PiggyBank,” but changed its name to PiggyVest when it chose to extend its capacity by integrating a more sophisticated investment strategy.
PiggyVest is currently incredibly popular, with tens of thousands of consumers across Nigeria and the rest of the world.
Piggyvest saving and investing options are not limited to Nigerians; if you live outside of Nigeria, you may sign up and participate, but you must also have an active Naira card/bank account.
With PiggyVest, you can rest assured that your spending will be kept to a minimum.
They also enable you to save automatically on a daily, weekly, or monthly basis towards a certain goal OR to lock monies away for a set amount of time.
Is PiggyVest Approved By CBN?
AIICO Capital, a renowned asset management firm in Nigeria that is regulated and licensed by the Securities and Exchange Commission, manages PiggyVest (SEC).
As a result, all saved monies are warehoused and managed by AIICO Capital, ensuring that your savings or investment with PiggyVest is highly safe and guaranteed.
Is PiggyVest Secure?
PiggyVest employs an adequate level of Internet Security. You may be confident that your information is totally safe from fraud thanks to 256-bit SSL security encryption.
Two-factor authentication (2FA) is also enabled by default on all PiggyVest accounts to protect you against fraudulent access and impersonation.
Can Piggyvest Crash?
PiggyVest cannot collapse, but if it does, your assets are safe since PiggyVest does not have access to your funds; all saved monies are warehoused with and managed by AIICO Capital.
PiggyVest also owns and runs the Gold Microfinance Bank, a registered Microfinance bank with the Securities and Exchange Commission (SEC).
Piggytech Cooperative Multipurpose Society Limited is also a registered cooperative (Registration number, 16555).
For those who are doubtful, all of this ensures the protection of your investment in case the worst happens. Regardless, PiggyVest is a genuine product.
Who Owns PiggyVest?
PiggyVest was co-founded by Odunayo Eweniyi. On January 7, 2016, it was founded as “Piggybank.ng” as a savings-only platform, but by April of 2019, it had been renamed as “PiggyVest” and expanded its services to begin giving direct investment options to customers in addition to savings.
Since then, PiggyVest has been assisting people and businesses alike in managing their money with ease and transparency.
There is little question that PiggyVest’s objective of “giving everyone the power to better manage and develop their money” is becoming a reality, especially given the quantity of subscribers in their database.
How PiggyVest Works
PiggyVest is a platform for saving and investing that may be utilized to achieve a financial objective. To begin, follow the instructions below:
- Make a new account or sign in if you currently have one.
- Select the “Quick Save” option.
- Enter the amount you wish to save.
- Except if you wish to save to other PiggyVest Saving Platforms, leave Destination set to PiggyBank.
- Choose a payment method, such as credit card or transfer.
- If you are paying by card, enter your card information, and if you are paying by transfer, transfer to the unique WEMA Bank account that will be supplied.
After successfully depositing funds into your PiggyBank wallet, you may choose to Safelock it for a set length of time (minimum 3 months) or spend it to achieve a specified goal. Better still; put money aside in your Flex Naira or Flex Dollar.
Regardless of the platform you use to save, you may earn up to 13% interest. You can save on a daily, weekly, monthly, or yearly basis, and you can even choose to automate this procedure.
PiggyVest Savings Plans
PiggyVest offers five (5) different ways to save money that you may use to start earning money right away. Everything is focused toward a saving choice that works for you.
PiggyVest savings strategies are as follows:
1) PiggyBank
This is a simple savings plan that allows you to save money on a regular or periodic basis directly from your bank account. You may only withdraw money from your piggybank wallet once every three months.
However, you can withdraw at any moment for a modest price if you so want. PiggyVest allows you to save money automatically or manually from your bank account.
Your balance’s interest rate is calculated daily. Such interest is paid monthly and is accessible on the first of each month.
2) Target Saving
This tool enables you to constantly save toward a financial goal. It may pay for your house rent, education, buying a car, or starting a company.
With a well-planned strategy, you may even ask your loved ones and friends to join you. The money will be released once the project money has matured, as the name suggests.
The goal saving interest rate is calculated daily and paid at the conclusion of the target period.
3) SafeLock
This is a long-term savings plan for those who want to put money aside for a long period. It is not the same as PiggyBank or Target Plans. Consider it your own personalized fixed deposit account.
The good news about Safelock is that it offers a high rate of return on investment. Simply said, the longer it remains, the more profit you make.
The interest rate in SafeLock, which may reach 13% per year, is paid upfront into your PiggyFlex account. You may go to it right away for free at any time.
4) Flex Dollar
This savings plan was developed for PiggyVest customers who desire to save and invest money. The annual interest rate on the flex dollar account is 7%. You may also use your naira account to buy a dollar with this option. You can also transfer funds to a domiciliary account for a modest cost.
5) Flex Naira
This function allows you to store any amount of money while still having the option to withdraw it at any moment.
It works in the same way as a regular savings account, but with a substantially greater interest rate.
Flex naira also offers you with a digital account number, which you use to finance your PiggyVest. You may make 10% every year using Piggyflex.
Conclusion
PiggyVest is an excellent savings and investing tool that should be investigated further. PiggyVest has a savings and investing strategy for you, whether you are new or a seasoned investor.
It can help you develop the habit of conserving money as well as making money. Their savings plans provide up to a 13 percent annual interest rate and up to a 25 percent or higher on investment savings plans. They are legitimate and can be trusted.
Idris Yau is an entrepreneur and a seasoned finance and marketing content writer. He brings you unbiased reviews about products and answers to your finance questions.