Are you looking for online investment opportunities in Nigeria and came across PiggyVest? This PiggyVest review will help you understand what PiggyVest is all about and how to invest in it.
Piggyvest gives you the opportunity to effectively manage your money by saving and making money at the same time. Piggyvest offers good interest rates, which is a big difference from banks that offer very low to no interest on your savings. Piggyvest does not charge extra fees. We’ve seen traditional banks deduct card maintenance fees and alert fees.
PiggyVest was launched as a savings platform for Nigerians to help Nigerians develop a good saving practice. The owners are Joshua Chibueze, Somto Ifezue, and Odunayo Eleniyi. Its original name was Piggybank, which was later changed and is currently known as PiggyVest.
In this post, we will be doing a PiggyVest review to learn all about PiggyVest as an investment platform.
About Piggyvest: What is PiggyVest?
Piggyvest is an online investment platform that allows you to save and invest. While traditional banks pay you little or nothing on your savings account, PiggyVest can pay you as much as 15% interest on your savings with them.
You have the option to either save a small amount of money (Daily/Weekly or Monthly), towards a particular goal, or you can lock away funds for a certain period.
This will help you manage your finances more effectively and reach financial freedom.
A Piggyvest account can be opened either from their website or their mobile app. You can download the Andriod app on the Google Play store and iOS apps on the App Store. Once you sign up with PiggyVest, you will be shown your PiggyVest dashboard. The PiggyVest dashboard is where you control your investment portfolio from.
Who Owns PiggyVest? Is Piggyvest owned by a bank?
PiggyVest is not owned by any traditional Nigerian bank like Zenith or FirstBank. It is owned by 3 young enterprising Nigerians by the name – Joshua Chibueze, Somto Ifezue, and Odunayo Eleniyi.
As at the time of writing this post, the PiggyVest has over 2 million customers that trust and use their platform.
Is Piggyvest legit and Safe?
Yes, Piggyvest is legit and has so far proven to also be safe to use and invest in Nigeria. Your personal information and money are protected. To ensure your data is secure and protected, it uses the highest level of Banking Security to encrypt its data. This kind of banking level encryption is the 256 bits SSL encryption that protects any data communicated within the platform.
It operates with bank-level security and is registered and licensed by the regulatory government bodies in Nigeria.
Is my BVN Safe With PiggyVest?
Piggyvest will ensure that your BVN remains safe.
Your BVN is required by this platform to validate your identity and protect against identity theft. PiggyVest is also required by regulatory bodies to request its customers’ BVN. This makes your account even more secure contrary to popular belief that entering our BVN makes our personal accounts porous to scammers.
How to make money with PiggyVest
This platform can help you make money from the interest you earn from investing or saving. Another way to make money from this platform is through referrals. For every referral you make to this platform, you can earn N1000.
What is PiggyVest Interest Rate?
Users of Piggyvest can earn 10% to 15% interest annually on their savings plans. The platform offers investment plans that can earn as much as 25% interest.
How many products does PiggyVest have?
Piggyvest is both savings and an investment platform and has some packages for both savings and investments. They include:
- Piggybank Savings Wallet
- Flex Naira
- Flex Dollar
- Target Savings
1. Piggyvest Savings Wallet
This PiggyVest savings wallet is the main feature of Piggyvest. It is you who decides how much to be saving in your wallet.
You can automatically save to your Piggyvest Savings Wallet using the autosave option. This helps you to save money on automation by deducting the specified amount from your local bank without much effort from you – it’s all set-n-forget.
You also get to decide how often the automated deduction should occur against your bank. You can set it to daily, weekly, or monthly.
You can save any amount at any given time with the quick save option
You can also withdraw your money from Piggy Vest 4 times a year. You have the option to choose your preferred withdrawal day or you can use the default withdrawal days.
A 2.5% penalty fee will be charged for withdrawals made outside of the set withdrawal day..
SafeLock allows you to set aside money for a specific period.
It can as well be used as a subsidiary account. To save money in your Safelock account, you can either transfer from your bank using your card or you can transfer from the funds you already have on your Piggyvest wallet.
Safelock funds have an annual interest rate of 15.5% and you can hold it for up to 1000 days.
3. Flex Naira
Flex Naira accounts are where earned interest on all Piggy vest accounts (wallet), is paid to.
Flex Naira is a kind of savings naira that can earn you interest of up to 10%.
You can only withdraw from this account no more than four times. To avoid losing all of the monthly interest earned.
Flex Naira accounts can be used to fund any other wallets.
4. Flex Dollar
Flex Dollar is a wallet that you can use to save, invest, and transfer dollars.
You can fund your Flex Dollar accounts using your debit card or Flex Naira wallet with as low as $1.
The interest rate on Flex Dollar Accounts is 6% per year.
When withdrawing your money from Flex Dollar, you can either withdraw in Dollars to your domiciliary account or in Naira to your savings account.
5. Target Savings
Target Savings allows you to save towards a specific goal.
You can save towards a personal goal or join a group savings challenge alongside other Piggyvest users.
You can save money on rent, vacations, and even household items.
Target Savings also offers 10% annual interest
Piggyvest allows users to invest in low-medium-risk investment opportunities that have been verified.
Every investment opportunity on this platform comes with its own insurance coverage.
Investify’s interest rates can reach up to 25% Interest earned on Investify is paid to your PiggyFlex account every day, monthly, or at the end of your investment period.
Read Also: 15 Awesome Online Business That Pays Daily
PiggyVest Investment Review: How to invest your money with PiggyVest
Follow these steps to invest with PiggyVest
Step 1: Create an account
Step 2: Click on Investify to open your PiggyVest Account Dashboard.
Step 3: Look at the investment options and choose the one you like.
PS: N3000 is the minimum amount that you can invest in most investment opportunities on Investify.
How To withdraw from Safelock on PiggyVest?
Yes, you can withdraw your money from Safelock on PiggyVest. You can lock money up until a specific withdrawal date using the Safelock feature. This date can be set by you. Once the withdrawal date has passed. You will receive your money to your Flex account, where you can withdraw it for free.
How To Cancel Your PiggyVest Account?
You may stop using this company’s services by closing your account and cancelling the terms you have with them at any time by contacting the company at email@example.com or 0700 933 933 933.
Is PiggyVest A Good option for Investing and/or Saving?
Piggyvest was Nigeria’s first digital savings app.
Since then, it has grown in strength and now offers many ways for people to save money, invest and make money without worrying about their safety.
This savings and investment company has some of the highest interest rates on the market. It also offers a feature that allows you to save, invest, and earn interest dollars.
What is PiggyVest Dollar Rate?
Piggyvest dollar rate as at October 2021 is 565 Naira. You must know that PiggyVest dollar rate follows the Nigerian black market rate. You can check the current rate yourself by logging in to your PiggyVest account and clicking on Flex Dollar under Save. Make an effort to deposit and you will see the current PiggyVest dollar rate at which to deposit on their platform. This could prove to be one of the easiest ways to purchase dollar rather than going to Aboki’s since you can withdraw directly into your domiciliary account.
PS: As at the time of updating this article, withdrawing your Flex dollar to your domiciliary account has been temporarily suspended.
PiggyVest App Download
PiggyVest has mobile apps for both Android and iOS devices. To download PiggyVest app for Android devices, click here or search for “PiggyVest” on Google Playstore. For iOS devices, you can download the mobile app by clicking here or searching for “PiggyVest” on Apple store.
PiggyVest has so far proved to be a solid online investment platform and savings platform in Nigeria. It is not owned or operated by any traditional Nigerian bank as already explained in this PiggyVest review.
Wanna see other investment platforms? You can check out these 14 Online Investmnt Platforms in Nigeria.