Isn’t it great to be able to earn as you save or to have guaranteed investing options with no risk?
You can attain either or both of these benefits by using savings and investing applications. In this article, I’m going to compare the two most popular Nigerian investing apps, Piggyvest and Risevest.
Piggyvest Investment App
Piggyvest continues the services originally provided by PiggyBank, the first platform that offered the traditional savings box’s functionality.
This tool allows customers to set their savings pace—daily, weekly, or monthly.
The platform is widely recognized as a pioneer in Nigeria’s mobile banking space. It launched on January 7, 2016, and initially offered only savings services.
Risevest Investment App
Risevest, launched in 2019, is one of Nigeria’s fastest-growing fintech apps. It was created to provide an alternative investment platform with guaranteed returns for users.
It started by helping Nigerians invest in U.S. stock markets. Risevest is a fintech platform developed by Risevest Technologies Limited, allowing users to save, transact, and earn via investing.
Although its fees can be high, its partnerships ensure users enjoy secure, high-return opportunities. It also allows Nigerians to open domiciliary accounts and invest their Naira in U.S. dollars.
Pros and Cons of Piggyvest vs Risevest
Pros of Piggyvest
- Flexible savings accounts allow unlimited free withdrawals.
- You can automate or manually control your savings.
- Savings with a goal allows for group or communal savings.
- Investify offers higher ROI than other in-app plans.
- Free transfers to other PiggyVest users.
Cons of Piggyvest
- Exceeding four withdrawals a year causes loss of accrued interest.
- Investify options often sell out quickly.
Pros of Risevest
- Offers global wealth-building opportunities to Africans.
- Invest in secure, long-term U.S. dollar-denominated assets.
- Diversified portfolio across multiple asset classes.
- Provides a hedge against Nigeria’s inflation and economic volatility.
Cons of Risevest
- Less modern fintech operations compared to newer apps.
- High management and transaction fees.
How to Earn on Piggyvest and Risevest
PiggyVest offers up to 13% interest annually when you save consistently.
On Risevest, you earn a 3% referral commission on every dollar your referral invests during their first year.
How Legit is Piggyvest vs Risevest?
Piggyvest uses top-level banking security, including 256-bit SSL encryption, to protect user data and funds.
Risevest is a web-based investment platform offering U.S. stock access. It is a legitimate choice for Nigerians seeking to invest in dollars securely.
Conclusion: Piggyvest vs Risevest, Which is Best?
Both platforms are reliable and serve different financial goals. PiggyVest is great for salary earners, freelancers, students, and anyone looking to build consistent savings habits.
It provides low-risk investing by vetting opportunities before listing them to users.
Risevest, on the other hand, is ideal for those looking to protect and grow their wealth against inflation with high-yield dollar assets.
The future is digital. Whether you choose Piggyvest or Risevest, what matters is that you start today.
