7 Excellent Reasons to Use the PiggyVest app

What is PiggyVest

PiggyVest, previously known as Piggybank.ng, is an app that enables you to effortlessly save and invest. It has over 1 million downloads on Google Play and a rating of 4.6 on the App Store. I heard about the app from my brother in the year 2020 and soon after downloaded it on 3 September 2020.

PiggyVest’s parent company, Piggytech Global Limited (RC 1405222), is registered with the Corporate Affairs Commission. It is also a registered cooperative, Piggytech Cooperative Multipurpose Society Limited (registration number 16555). In 2018, it acquired Gold Microfinance bank and its license. In 2021, it acquired Savi.ng, a wealth management app that allowed users to save through features such as automated savings, fixed deposits, joint savings, and pay as you earn (PAYE).

All funds saved on the app are placed with and managed by AIICO Capital Ltd, which is registered with the Securities and Exchange Commission (SEC), Nigeria.

PiggyVest Products

PiggyVest currently has the following six product offerings:

1. Piggybank (core savings). In an earlier post, How to start and sustain a consistent savings habit, I mentioned that there are savings apps that allow you to set up an automated savings plan. PiggyVest is one such app. It allows you to save periodically (i.e., daily, weekly, or monthly), automatically, or manually on your own terms. Thus, ensuring that you can achieve your savings goals more rapidly and cut down on frivolous spending. Interest accrues daily on your balance and is paid on the 1^st of every month.
2. Investify. This product allows you to invest in verified, low-medium risk investment opportunities in areas like agriculture, transportation, real estate. The smallest investment amount is N5,000. This is a great way to earn fixed income which as mentioned in my post, Investing – The Next Phase to Wealth Building, is a type of investment.
3. SafeLock. This allows you to set money aside for a specific period without access to it until maturity. This does away with the temptation of spending your savings. Interest is paid directly into your Flex account which you can instantly access at no cost.
4. Target Savings. With this product, you can realize all your savings goals, personally or as a group. You get to challenge yourself to meet your goals by saving towards a common goal with a group. You can also tailor the rules and length of your target savings. Interest accumulates every day. It is displayed on your target dashboard and is paid at your target’s completion.
5. Flex Naira. This is designed to deal with life’s emergencies. You can build an emergency fund, so you don’t have to borrow or take on added financial burden when a crisis occurs. Transfers and withdrawals are free of charge. With the Labels function in Flex Naira, you can name and categorise your emergency funds.
6. Flex Dollar. Save and grow your income in foreign currencies such as US Dollars. Saving in foreign currencies helps to preserve the value of your money, diversify your savings as well as protect you against risk and volatility.The Flex Dollar funds are invested in dollar fixed-term investments with licensed asset management companies.

PiggyVest’s Interest Rates

• PiggyBank Interest – 10% per annum
• Investify – up to 25% returns for a 6 to 12-month duration
• SafeLock Interest – 6% to 13% per annum, usually paid-up front
• Target Savings Interest – 9% per annum
• Flex Naira Interest – 8% per annum
• Flex Dollar Interest – 7% per annum (in US Dollars)

These are the interest rates quoted on the app as of 18^th August 2021.

My Favourite Product on the PiggyVest App

…And the award for Eli’s favourite PiggyVest product goes to… drumroll… Flex Dollar!!! Standing ovation, please.

Here’s why I love using this product:

• Flex Dollar allows me to save and earn interest in US Dollars. It currently attracts an interest rate of 7% per annum which is calculated daily and paid on the first of every month.
• I use Flex Dollar to hedge against the devaluation of the Naira and high inflation. The inflation rate in Nigeria as of July 2021 was 17.38%.
• I seamlessly purchase Dollars directly on the app.
• The amount saved in Dollars can be converted to Naira on the app.
• Saved funds in dollars can be paid into a dollar-denominated bank account. There is a fee for using this service. The minimum amount to transfer is US$150 and a maximum of US$10,000.
• I can transfer dollars to another PiggyVest user if I so desire. The least transfer amount is US$5 and a maximum of US$1,000.

Fund your Flex Dollar in 5 Easy Steps

Step 1 – Confirm the NGN/USD rate.

Check the current Naira/US Dollars exchange rate quoted on the app. Decide if you want to buy Dollars at the quoted rate. If yes, move on to step 2.

Step 2 – Fund your Flex. 

Transfer the Naira amount you want to exchange for Dollars to your Flex Number. This is like a bank account number. Funds are immediately credited to your Flex account.

Step 3 – Buy USD.

Do a quick calculation to determine the number of Dollars you can buy with your available Naira at the quoted exchange rate. Enter the Dollar amount to be purchased and preview the Dollar purchase.

Step 4 – Select Source of Funding.

Choose the payment method for this transaction. This should be your PiggyFlex Wallet which you have credited from Step 2 above.

Step 5 – Credit My Flex Dollar.

Validate your Dollar purchase by authorising PiggyVest to debit from your selected payment method in Naira and credit your Flex Dollar wallet. Voilà! The dollar amount is instantly reflected in your Flex Dollar wallet. You’re done!

7 Excellent Reasons to use the PiggyVest app

1. It’s a dual savings and investment platform.
2. You get to enjoy automated savings; speedy manual savings top-up and competitive interest rates.
3. It allows you to preserve, grow, and easily monitor your savings.
4. It’s user friendly and easy to navigate.
5. Allows you to transfer and receive funds with ease.
6. Provides a monthly report on return on investment (ROI).
7. Provides security for initiating transfers and withdrawals on your Piggyvest account using a one-time password (OTP) and two-factor authentication (2FA).

How can you save and invest in PiggyVest?

Simple! Create a PiggyVest account.

No worries! It’s quite easy. Click here to start the process.

FYI It’s free to create an account and you get ₦1,000 to start your savings journey. What are you waiting for?!

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Do let me know your thoughts about the PiggyVest app in the comments section. Is this the first time you’re reading about it? Are you already using it? How did you hear about it? What’s your favourite product(s) on the app? Do you have another savings/investment app that you prefer?

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Disclaimer – The opinions expressed on this post about the PiggyVest app are mine alone and are not sponsored by PiggyVest. This post may contain affiliate links and I may earn a small commission when you sign up through the links at no additional cost to you. Thank you.