If you’re using PiggyVest or thinking about it, you may have asked: Is PiggyVest approved by the NDIC? That’s a smart question. Nigerians are becoming more careful about where they put their money, especially online.
This blog post explains if PiggyVest is insured by the Nigeria Deposit Insurance Corporation (NDIC), what NDIC covers, and how PiggyVest protects your savings. You’ll also find official links and helpful resources to verify information yourself.
Key Takeaways – Is PiggyVest Approved by NDIC?
- PiggyVest is not directly insured by NDIC, as it is not a licensed bank.
- User savings are stored in NDIC-insured partner banks like VFD Microfinance Bank and Providus Bank.
- Investments on PiggyVest are not insured by NDIC and carry financial risk.
- PiggyVest is registered with the Corporate Affairs Commission (CAC) and partners with CBN-regulated institutions.
- Trust accounts are used to separate user funds from operational finances.
- You can verify PiggyVest’s structure and policies through the PiggyVest FAQs.
- Always confirm partner institutions on official NDIC lists:
PiggyVest is safe for savings but not risk-free for investments. Always review their FAQs and official partner details before committing large funds.
What is NDIC?
NDIC is a government agency that protects depositors in Nigeria. It insures funds in licensed banks and provides coverage in case a bank fails.
NDIC’s full responsibilities include:
- Insuring deposits in licensed financial institutions
- Managing failed banks
- Promoting public confidence in the banking system
To check if a bank or institution is insured, visit the official NDIC list of insured institutions.
What Institutions Does NDIC Cover?
NDIC insures only institutions that have been licensed by the Central Bank of Nigeria (CBN). These include:
- Commercial banks
- Microfinance banks
- Mortgage banks
- Mobile money operators
You can verify each category here:
Fintech companies like PiggyVest are not on this list because they don’t hold banking licenses.
What is PiggyVest?
PiggyVest is a Nigerian fintech app that helps users save and invest. You can:
- Save money automatically or manually
- Lock savings for better interest
- Invest in pre-vetted asset classes
- Move funds between plans like Piggybank and Flex Naira
To learn how to move funds from one PiggyVest plan to another, check this guide: How to move money from Piggybank to Flex Naira.
PiggyVest is widely used and has a strong reputation. For an honest review, read: PiggyVest reviews.
Is PiggyVest Approved by NDIC?
No, PiggyVest is not directly insured or approved by NDIC.
PiggyVest is not a licensed bank. Therefore, it does not qualify for direct NDIC coverage.
However, it partners with institutions that are NDIC-insured, such as:
- Providus Bank (a commercial bank)
- VFD MFB (a licensed microfinance bank)
You can confirm VFD MFB’s coverage by visiting the NDIC list of microfinance banks.
To learn if PiggyVest is approved by the CBN, check: Is PiggyVest approved by CBN?
How PiggyVest Keeps Your Money Safe
PiggyVest uses a three-layer model to protect your money:
1. Partnering with Insured Banks
PiggyVest holds user funds in partner banks that are licensed and insured by NDIC. This provides indirect protection.
2. Trust Accounts
Your funds are kept in trust accounts. These accounts are:
- Separate from PiggyVest’s business funds
- Protected from company debts
- Held with licensed custodians
3. Data Security
PiggyVest uses:
- Bank-level encryption
- Secure cloud storage
- Two-factor authentication (2FA)
- Internal fraud monitoring tools
Regulatory Approvals PiggyVest Has
PiggyVest is registered with:
- Corporate Affairs Commission (CAC)
- Uses CBN-licensed partners for banking functions
- Collaborates with SEC-registered investment partners
PiggyVest itself does not offer banking services, so it does not require a direct banking license.
If you’re exploring similar fintech options, visit: Apps that pay in Naira
What Happens If PiggyVest Shuts Down?
If PiggyVest closes:
- Your savings remain safe in NDIC-insured banks
- Your investments are subject to risk and may or may not be recovered
- Funds in trust accounts should be returned to users
This protection exists because the money is held by licensed, regulated partners, not directly by PiggyVest.
What About Other Fintech Apps?
Most Nigerian fintech apps are not directly insured by NDIC. Here’s how some compare:
| App Name | NDIC-Approved? | Protection Method |
|---|---|---|
| PiggyVest | No | NDIC-insured partner banks |
| Cowrywise | No | Uses SEC-licensed trustees |
| Bamboo | No | Partners with regulated U.S. brokers |
| Risevest | No | U.S.-based custodians |
Is It Safe to Use PiggyVest?
Yes — with caution.
Safe For:
- Savings
- Budgeting
- Setting goals
- Fixed-term savings
Use Caution For:
- Investments (risk varies)
- Long-term large deposits (not fully insured)
- Unverified financial advice
PiggyVest is one of the most reliable fintech platforms in Nigeria today, but understanding its limits is key.
Safety Tips When Using PiggyVest
- Use 2FA on your account
- Only invest what you can afford to risk
- Keep funds in savings, not just in investment plans
- Track official updates from NDIC and CBN
- Verify NDIC-insured partners here
Key Takeaways
- PiggyVest is not directly insured by NDIC
- Your savings are stored in NDIC-insured partner banks
- Investments are not covered by NDIC and involve risk
- PiggyVest is registered with CAC and follows regulations using trusted partners
- You can verify NDIC-covered institutions from NDIC’s official website
FAQs
1. Is PiggyVest approved by CBN?
No, but it uses CBN-licensed banks. See details
2. Is my money safe on PiggyVest?
Yes, savings are held with NDIC-insured banks.
3. What if PiggyVest shuts down?
Your funds in partner bank accounts remain safe. Investments may be at risk.
4. Can I lose my money in PiggyVest?
Yes, on investments. Savings are more secure.
5. What is NDIC’s insurance limit?
₦500,000 per depositor per bank.
6. Is PiggyVest licensed by NDIC?
No. Only licensed banks qualify. Check NDIC list
7. Is Flex Naira insured?
Yes, indirectly — it’s stored in a bank account with an insured institution.
8. Can I transfer money between PiggyVest plans?
Yes. Here’s a step-by-step: Move money from Piggybank to Flex Naira
9. Are there similar apps to PiggyVest?
Yes. Explore more apps that pay in Naira
10. Where can I read real user reviews of PiggyVest?
See detailed PiggyVest reviews
Final Words
PiggyVest is not NDIC-approved, but your savings are still indirectly protected through its NDIC-insured partners. It’s a trustworthy app for savings, but always be cautious with investments.
To stay safe:
- Stick with savings if you’re risk-averse
- Use only trusted channels and devices
- Learn how platforms protect your money
Saving is smart. Saving safely is smarter.
