PiggyVest review: Is PiggyVest approved by CBN

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Piggyvest review

PiggyVest, the app that helps you save and invest for the future, is a fast growing Fintech company in Nigeria offering various financial services. With the uncertainties surrounding web-based financial institutions, you’ll surely want to know more about the app before trusting it with your money and personal details. 

For instance,

Is PiggyVest legit? 

Is PiggyVest verified by CBN

How do you make money on PiggyVest?

This in-depth PiggyVest review will answer all these questions and show you how to use the app to save, invest, and make money.

Is PiggyVest verified by CBN

piggyvest-gold microfinance bank details on the CBN website

PiggyVest is verified by CBN as a microfinance bank through the acquisition of Gold Microfinance Bank and its license in 2018. It is also a registered cooperative – Piggytech Cooperative Multipurpose Society Limited with registration number 16555.

Is PiggyVest Legit?

PiggyVest is a legit and trusted online platform with over 1 million active users. It is the fourth most innovative company in Africa according to FastCompany’s 2020 ranking. The company is duly registered with several regulatory bodies in Nigeria.

How do you make money on PiggyVest

You make money on PiggyVest through their referral program that credits a user and their referee N1,000 each. We have a complete guide on how to make money on PiggyVest through referrals.

You can also make money on PiggyVest from the interests you earn when you save and invest and from the Piggy Points you get each time you save.

Is PiggyVest under NDIC?

PiggyVest is insured under NDIC. The Fintech company confirmed this in a tweet

What Is PiggyVest?

Piggyvest review

Founded in 2016 under the name Piggybank.ng, PiggyVest has grown into an online investment and savings platform, allowing Nigerian residents to manage and grow their finances.

The National Bureau of Statistics reports that 40% of Nigerians live below the country’s poverty line. That is, 83 million Nigerians do not earn N137,430 ($335.48) yearly or N11,452.5 per month. Put simply, the chief reason people don’t save is that they don’t have enough. 

However, middle-class Nigerians also find it difficult to commit to a savings plan. Several personal responsibilities and increasing food and production costs in the country act against saving plans. 

Attempting to save requires discipline and commitment, which is where PiggyVest comes in.

PiggyVest provides a simple, convenient, and flexible approach to saving and achieving financial freedom while promoting discipline.

As a freelancer, individual or small business owner, you can manage your funds on the app while earning interest in your savings and investments. You can curb excess spending through the SAFE LOCK feature that lets you lock away funds for a set period.

Who owns PiggyVest?

Photo credit: Piggyvest

The owners of PiggyVest include Ayo Akinola, Joshua Chibueze, Nonso Eagle, Odunayo Eweniyi, and Somto Ifezue. Its lead investors include Leadpath Nigeria and VilCap Investments, with Ventures Platform and Village Capital joining recently.

Is my money safe with PiggyVest?

Your money is safe with PiggyVest as it is not saved in an individual’s account. Rather, every money saved on the platform is kept and managed by AIICO Capital, a leading Nigerian asset management company. AIICO Capital is licensed and registered as a capital market operator with the Securities and Exchange Commission (SEC).

Additionally, your card details and BVN information are safe as these details are not stored on the website. PiggyVest complies with the Payment Card Industry Data Security Standard (PCI DSS) through its partnership with Paystack, a foremost payment processor in Nigeria. The site tops it with top-level SSL encryption.

How does PiggyVest work in Nigeria?

PiggyVest allows its users in Nigeria to save money at their convenience. You have the power to choose how much to save, when and how to save.

For example, you can save as low as N50 to a cap of N25,000 daily, N1,000 – N100,000 weekly, and N3,000 – N500,000 monthly. The autosave feature allows you to put your savings on autopilot by automatically deducting a specific amount from your bank account within a set period. This ensures your saving circle continues even when you forget and reduces the stress of saving it manually.

How many products does PiggyVest have?

PiggyVest offers two main products, savings and investment. The savings part offers five savings options: Piggybank, Safelock, Targets, Flex Naira, and Flex Dollar. The investment option only offers Investify at the moment.

Piggybank

This is PiggyVest’s primary online savings feature. Here, you may save any amount of money from your bank account at any moment. Additionally, there is an Autosave option that automatically deducts funds from your account on a daily, weekly, or monthly basis (depending on the user’s choice). This feature accumulates annual interest at a rate of 10%.

Safelock

This enables you to put money away for a certain length of time. You are not permitted to access the money until it matures. You won’t be able to use this money until it has reached maturity. Choosing to Safelock a specific sum of money locks the cash in your account until the date and time you choose. 

This PiggyVest feature comes in handy if you need to set aside money for a certain reason in the future. Fees for education or a vehicle, for example. To make things even better, the interest rate of 6% to 15% is paid up front when you use Safelock.

Targets

Targets, as the name suggests, aids you in saving money for certain expenses such as rent or school tuition. It also promotes group savings, where each member has a daily payment frequency and how much each group expects to have at the maturity date of the savings plan. Having this option makes saving for a shared goal easier since it connects individuals with similar saving goals. The annual percentage rate of interest is 10%.

Flex Naira

The Flex Naira is a flexible savings wallet that stores all the interest earned from other products on the app. It comes with a virtual account number from Wema Bank that allows sending of money to other piggyvest users and receiving money both from users and regular bank accounts. You can use the Flex Naira available balance to fund your Piggybank, Safelock, Flex Dollar and Target. 

However, you’re given only one withdrawal every ten hours, up to a maximum of four times monthly. If you go past the limit, you immediately lose  your accumulated interest on Flex savings. The interest rate on this feature is 10% per year.

Flex Dollar

Flex Dollar gives you the freedom to save, invest, and transfer your dollars as you see fit. Interest rates are determined in this case by market behavior. Your Flex Dollar account may be financed with as low as $1 using either your Flex Naira wallet or your bank card.

How do investments work on PiggyVest?

investify by piggyvest

PiggyVest’s investing section is called Investify. Investments in approved primary and secondary investment options allow you to earn more on your money. This platform’s investment opportunities are all covered by separate insurance policies.

Their Investify interest rates may go as high as 25%. Your Investify interest is paid daily, monthly, quarterly, or at the conclusion of your investment term into your PiggyFlex account.

1. Open an account

2. Go to your PiggyVest Dashboard and click on Investify.

3. Take a look at the investment options and decide which one you want to put your money into.

Note: N3000 is the minimum investment amount for most opportunities on investify.

Investing in real estate or agriculture or transportation or fixed income is among the options available to you. It’s as easy as choosing something to invest in and starting to earn money on it. The interest rate % will be shown plainly on the screen. When you click on a product, the unit price and anticipated return will be shown, along with the amount you may invest per unit.

PiggyVest interest rate

Interest rates on PiggyVest may vary at any moment, depending on the state of the market.

The following are PiggyVest’s various interest rates:

10% per annum on Piggybank

Up to 15.5% per annum on SafeLock

10% per annum on Target

10% per annum on Flex

6% per annum on Flex Dollar

Up to 25% on Investify

How does PiggyVest referral program work?

Photo credit: Droidvilla

PiggyVest offers a referral program that rewards current users for bringing new people into the platform. But it doesn’t end there; the platform also rewards the new user for signing up with a referral code and verifying their account. Our comprehensive guide on how to make money using PiggyVest shows you how to make at least 30k monthly on the platform.

What are Piggy Points and how to earn them?

The piggy point system is another method to make money on the platform. PiggyVest introduced the piggy points to encourage its users to save frequently. The system rewards you with points when you save a minimum of N2,000 into your Piggybank, Targets, or Safelock

This is how the points system works

N2000 – N4999 = 1 point

N5000 – N9999 = 2 points

N10000 – N49999 = 10 points

N50000 – N99999 = 25 points

N100000 and above = 55 points

These points can be converted into cash credited in your flex account and a point is worth N10.

How to register for a PiggyVest saving account

create a piggyvest account

PiggyVest registration is easy and straightforward. Follow the process below to register and verify your PiggyVest saving account.

Go to the PiggyVest homepage and click on the ‘create free account’ button.

Fill in the required details including your full name (as it is on your account number or BVN to avoid issues in the app), email address, phone number, and preferred password. 

If you want to take advantage of the N1,000 referral bonus, you can add our referral code ‘#earnnow”. Our guide to making money with PiggyVest includes a referral code to use.

The “how did you hear about us” spot is optional, so you can choose any of the options.

Click on the ‘CREATE ACCOUNT” button once you’re done.

Go to your mailbox and open the mail from PiggyVest. Click the link in the message to verify your email.

Log in to your dashboard and scroll down to the “to do” section. There are several tasks you should complete to verify and gain access to all the features of the app.

These include:

  1. Add your BVN
  2. Tell us more about you
  3. Securely add a valid credit card
  4. Redeem your N1,000 bonus

Add your BVN

PiggyVest requires your BVN to help validate your identity and protect you from identity fraud. The platform doesn’t store your BVN but uses it to provide a second-tier safety level for your transactions and funds.

connect bvn to piggyvest

Fill in the BVN number and click on verify. If the details are correct, it’ll confirm your identity

Tell us more about you

Fill in your basic information including year of birth, gender, income range, status, yearly earnings and employment status. The step helps complete your profile on the app.

Securely add a debit or credit card

add new card to piggyvest

Fill in your card details to enable transactions between your bank account and the app. Again, the app itself doesn’t store your card details. Everything is run and managed by Paystack, a highly-reputable company that works with major banks, organisations and top card providers including MasterCard, Verve, and Visa. So your details are safe.

Redeem your N1,000 referral bonus

If you signed up with a referral code, you need to make some deposits into the app to unlock it. The funds you deposit into the app are still yours and you can withdraw them, including the bonus, any time you wish.

To redeem your bonus, you have to:

Transfer at least N100 into your flex wallet using your virtual account number

Save N1,000 in at least two PiggyVest’s core savings products. You can choose to save N1,000 in your Piggybank and N1,000 in SafeLock.

You have to leave the funds in both wallets till they pay the bonus (after 10 days)

To see what you’ve saved and how much money you’ve made, go to the dashboard and click on saving. 

Once you’ve completed the above steps, your account will be activated. You now have full control over the settings for your account.

You have the option of starting to save every day, every week, or every month. 

How to withdraw from PiggyVest

After you’ve filled out your bank information in your withdrawal settings, go to your dashboard’s “withdraw” option, input the amount you wish to withdraw, and your money will be sent to your designated bank account within the specified period (not more than 3 working hours).

The minimum withdrawal amount on PiggyVest is N3000. Depending on your choices, you may withdraw your money from Piggybank at any moment.

But you cannot withdraw money that have been safelocked until they have matured.

If you don’t choose a withdrawal date, Piggyvest will use the default settings, which limit you to one withdrawal every three months.

You may only withdraw once per day; any further withdrawals should be done after 24 hours.

If you withdraw outside the withdrawal days, you will be charged a 5% penalty fee.

To withdraw your referral earnings, check our comprehensive guide on how to make money with PiggyVest.

PiggyVest Review

PiggyVest has thousands of reviews on several platforms including TrustPilot, The GooglePlay store and the Apple Store. Here are some recent reviews left by current users of the app.

“My contact with this platform is very young but my experiences on several occasions have been Awesome. Every attempt yielded same result without an iota of doubt. I will undoubtedly recommend PiggyVest to anyone seeking a reliable platform to save, earn interest and yet have immediate access to funds when required. Keep the good work up 💪” – Maryam Amartey

It took me months to give a review, because I wouldn’t like to give a bad review, cos when I want to download an app, I check the reviews and if there are many bad reviews I just move but for me personally, this app has helped me saved, something that wouldn’t have been possible cos I would have squandered it.. It helped me saved lots of money with interest, and also no hassles with my withdrawals.. This is a confirm saving app, thanks piggyvest👍👍” Esther Olabiyi

“This app has helped me in so many ways to save money. I use the piggybank and flexnaira options actively and it has helped me especially in emergency cases when am broke… Thank you for making financial savings easy Piggyvest.” Iyanud

Piggyvest Review: Is PiggyVest a good option for saving and investing?

As Nigeria’s first digital savings app, PiggyVest is a good option for saving and investing.
It has grown from strength to strength since then, and today provides a variety of options for individuals to save, invest, and make money without having to worry about their funds being secure.

This savings and investing business has some of the highest interest rates on the market, and its ability to save, invest, and receive income in dollars makes it an excellent choice.

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