PiggyVest: Mastering Your Money in Nigeria (Not a Loan App)

PiggyVest, formerly known as piggybank.ng, is a leading Nigerian fintech platform focused on helping you achieve your financial goals.

While many might mistake it for a loan app, PiggyVest is primarily a savings and investment platform.

It empowers you to build a healthy savings habit, invest your money for growth, and manage your finances effectively.

Understanding Loan Agencies in Nigeria

Before diving into PiggyVest’s offerings, it’s important to understand the Nigerian loan landscape. There are two main categories of loan agencies:

Banks: Traditional banks offer a variety of loan products, but the application process can be lengthy and require significant documentation.

Microfinance Institutions (MFIs): MFIs cater to individuals and small businesses, often with less stringent requirements but potentially higher interest rates.

PiggyVest: Your Financial Partner

PiggyVest goes beyond these traditional models by providing a user-friendly platform for:

Savings: Create different savings goals (short-term, long-term) and enjoy competitive interest rates.

Investments: Explore a variety of investment options like PiggyFlex (a flexible savings and investment account) and AVoided Costs (automatically saves the difference between budgeted and actual spending).

Who Can Use PiggyVest?

PiggyVest is open to Nigerian residents with a valid BVN (Bank Verification Number).

Fees and Interest Rates

PiggyVest prides itself on transparent and competitive fees. Savings accounts typically have no charges, while investment products may have minimal management fees. There are no loan products offered, so interest rates on loans are not applicable.

Repayment?

Since PiggyVest focuses on savings and investments, there are no repayment terms or conditions. You control your funds and can withdraw them as needed (depending on the chosen product).

Customer Service at Your Fingertips

PiggyVest offers a dedicated customer support team reachable via email and phone. They are available to answer your questions and guide you through the platform’s features.

Applying for a PiggyVest Account

The application process is quick and convenient. Simply download the PiggyVest app or visit their website, provide your details, and you’ll be ready to start saving and investing.

How to Repay Funds on PiggyVest (Even Though There Are No Loans!)

There might be some confusion here. PiggyVest doesn’t offer loans, so there’s no need for repayments. However, if you’ve invested in a product with a lock-in period (limited withdrawal window), you’ll need to wait until the period ends to access your funds.

FAQs

Is PiggyVest safe and secure?

PiggyVest utilizes industry-standard security measures to protect your financial information. They are also licensed by the Central Bank of Nigeria (CBN).

Can I get a loan on PiggyVest?

No, PiggyVest doesn’t offer loan products. It focuses on helping you save and invest your money.

Are there any fees associated with using PiggyVest?

Most savings accounts have no fees. Investment products might have minimal management fees. It’s always best to check the specific product details before investing.

How do I withdraw money from PiggyVest?

The withdrawal process depends on the product you choose. Some savings accounts allow for instant withdrawals, while others may have a waiting period. Investment products might have lock-in periods before you can access your funds