PiggyVest App Review: Legit Savings App in Nigeria
Nigerians can maintain a sound financial habit with the aid of the online savings and asset management platform PiggyVest. This software includes tools to support maintaining a restrained spending pattern, including safe locks, daily autosavings, alluring interest rates, and penalties for missing savings goals.
The largest savings platform in Nigeria is without a doubt PiggyVest. The business claimed to have given Nigerians over N240 billion in 2021.
In addition to saving money, PiggyVest provides an investment function that allows users to put their money into a variety of business projects and earn up to 25% ROI (return on investment) annually.
In other words, PiggyVest provides a solution that is appropriate for you whether you are a self-employed businessperson who makes money on the daily or the monthly basis.
How does PiggyVest work?
PiggyVest functions essentially the same as a standard bank account, with the added capability of having multiple wallets for various uses. Money from your bank account can be automatically saved into a wallet that you design for daily, weekly, or monthly savings at the frequency of your choice.
You can also use a target wallet, which enables you to save money to reach certain goals. If you break your target before the deadline or fail to fulfill it, you will be penalized with a 1% withdrawal fee and lose all of the interest you have already accumulated. Then there are the lock saves, which operate like a standard fixed deposit account in that you lock in a set amount of money and receive an upfront interest payment that you are unable to touch until the account matures.
Because you cannot access your money with an ATM card, unlike traditional bank accounts, PiggyVest helps you develop a disciplined financial habit and curbs impulsive spending.
Is PiggyVest safe and legit?
PiggyVest is legitimate and safe, yes. In Nigeria, the app is trusted by more than 300k individual savers to uphold sound financial practices.
Their official registration number is RC 1405222, PiggyTech Global Limited. They bought a microfinance bank and its license at the beginning of 2018. Additionally, they are a Piggytech Cooperative Multipurpose Society Limited, a registered cooperative with registration number 16555.
The Securities and Exchange Commission-registered and licensed AIICO Capital, Nigeria’s top asset management firm, stores and manages all of the money saved on this platform (SEC).
Your card information is also saved. The information is not kept on their website. To handle your details, they collaborate with Paystack, a well-known PCIDSS-compliant payment processor in Nigeria. With an SSL encrypted connection, the website is even more safe.
What PiggyVest can improve
- The app interface can be a little intimidating for first-time users. The majority of the products have comparable features, so novice users may require advice on which one is best for them.
For instance, inexperienced users may opt for the target wallet, which is essentially identical to the flex wallet but has limitations and consequences for violating targets.
- All of the investments listed on the website and app appear to have sold out, so it appears that the investment feature is no longer available. If there are no investment options, it really isn’t a savings and investment app.
- How PiggyVest uses customer savings is not mentioned or explained anywhere in the app. The company doesn’t specifically disclose to the customers what kind of business it is engaging in, but it is clearly paying interest and using the customers’ money for business purposes. And this has previously been a problem. PiggyVest was accused of losing billions of dollars in customer savings earlier in 2021 when an investment failed, though the company denied any wrongdoing.
Which PiggyVest wallet is best?
Piggybanks, one of the four basic wallet kinds offered by PiggyVest, enable you save on a daily, weekly, monthly, or ad hoc basis. The interest rate on this wallet is 10% annually. You can lock away money in a safe lock wallet and earn 13% P. interest charged up front on your savings. With Target Wallet, you may save money toward a specific goal at your own pace and earn 9% interest per year. If you don’t reach your goal or break it before the due date, you’ll have to pay a 1% processing charge. Your main account, the Flex Naira wallet, allows you to withdraw up to four times for free each month while earning 8% interest. Then there is the Flex Dollar wallet, which allows you to save money in dollars and earn up to 7% annual interest.
The Flex Naira wallet is the top recommendation on PiggyVest. It has all the fundamental elements of other wallets, but unlike the target wallet, there is no 1% penalty for missing goals. Instead, you may concentrate on saving money and increasing your level of interest.
You can use the Flex Dollar wallet to save money in US dollars while protecting yourself from the naira’s depreciation. Your naira debit card can be used to purchase dollars on the platform. The dollars can either be placed immediately into your domiciliary account or changed to naira at the parallel market rate later.
The Flex Dollar wallet can help you save in dollars and also earn 7% p.a. interest on your money if you’re looking to long-term insure against naira depreciation.
What other users are saying about Piggyvest
These evaluations come from Android app users on the Google Play Store.
Yusufu expressed praise by writing, “I’m quite happy with this app.
Since I started using it in 2020, I haven’t turned back.
I’ve referred a lot of my friends and family to it, and so far there hasn’t been anything to worry about. I do like the app, though, and I can see myself using it in the future. I just wish the interest rate was higher than what is offered and that back-to-back flex to flex transfers were enabled.
Awesome!, Precious Sobamiwa wrote. Use this to save; it’s wonderful. When you save frequently, there are no monthly bank fees and you receive interest and coins. I can now start and maintain a saving culture thanks to this app. There is a new feature that allows you to save money right now. The best thing is that. However, the investment is constantly sold out! Please take a look at that project; I’d love to contribute.
According to Geoffrey Chimaobi, “The experience was great, especially when it comes to helping me save, and the working speed of the app in terms of fund transfers, how swift it runs, I think it’s a good one there.” You should try to increase investment on the invest page and remove any that have already sold out so that new investments can take their place. Thanks.”
Can Piggyvest crash?
Because customer funds are insured and invested in low-risk assets, Piggyvest is unlikely to collapse. The app should continue to function as long as the fund managers don’t make unwise investments or steal from customers’ money.
Wealth-tech applications like Piggyvest frequently crash as a result of ineffective management and corruption. Piggyvest doesn’t have numerous branch offices or a large staff like traditional banks, so it can keep costs down. Instead, it makes money by charging customer service fees and investing locked funds with reputable fund managers.
PiggyVest customer care number
The customer service phone number for PiggyVest is 0700 933 933 933.
[email protected] is the company’s customer service email address.
PiggyVest mobile app and APK
Android and iOS devices both support the PiggyVest app. It is available for download from the iOS app store and the Google Play store for Android users.
PiggyVest Head office address
Piggy Vest’s headquarters are at 16 Boyle Street, Onikan, Lagos Island, Lagos, Nigeria.
The website is www.piggyvest.com
You can always use the app or website to access your account at any time by entering your password and email address.
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