Piggyvest is a tech company that allows people to save their money manually, automatically and also earn from it and not only that they also include investing; you can invest in many ventures such as agriculture, vocation, real estate and other.
it is a safe haven for those who don’t have time but want to put their money into use and people that spend lavishly; with a set up on Piggyvest your money will be deducted automatically from your bank according to what you set.
It was founded in 2016 as piggybank but was later rebranded as piggyvest in 2019 and since then it has been growing both in user and money save. According to them they save about 1 billion naira per month.
But is Piggyvest safe or legit?
This question and other question you might have about piggyvest will be answered fully in this article
Is Piggyvest Safe?
Haa, that a big question, I remember last year 2021, I put my money into one of this investment scheme with a hope that it will increase but hell no my money was swallowed and the owner of the platform ran away, never to be hear from him.
This article is not a featured article, we assure you that we will hit thing as it is.
Piggyvest right now is safe if you put your money there either to save or invest you will surely get your ROI and capital back, but we can’t guarantee that it will continue to be safe remember what happen to Chaka and Bamboo that were reduced to nothing by the federal government.
You need to tread carefully when saving money or investing online especially if you are in Nigeria.
If this is abroad you have little to worry about, but Nigeria tech ecosystem is just coming up there will be a lot of ups and down, government will sanction and ban many of them.
It will not be good if you and your money is used as scape goat
With that been said the reason we consider piggyvest safe and legit is because of the following
Register with CAC (Corporate Affairs Commission)
Piggyvest is register with CAC as microfinance bank which means it is under the watch of federal government, if anything misses you will surely hear form central bank.
They’ve been doing this since 2016
Piggyvest has been in existence since 2016 unlike, which is a feat, if they are scam they would have wound up since.
Piggyvest was known as piggy bank in 2016 and they deal only with saving, it was not until late 2019 that they include investment in their service and they are now microfinance.
People have cash out from it
On the issue of legitimacy, there are a lot of people who have make money with the platform, so if you invest or save money with them you will surely get your capital and interest back
Location
Though piggy vest is an online company they have a location you can go to if any issue arise and their location deatil is as follow
Testmot House, 3 Abdulrahman Okene close off ligali Ayorinde st, Victoria Island Lagos.
AIIO
Many people believe that the money you save is mange by piggyvest but they are wrong, it is mange by top America insurance company called AIIO (America international insurance company limited).
Which means that your money is in professional hands, no way you will lose it and do you know what this company is register with SEC (Securities Exchange Commission in Nigeria)
It is endorsed by CBN
As you know every bank in Nigeria is under CBN, they regulate them and keep them on their toes. Since piggyvest is a microfinance bank it is directly under the watch dog of CBN, you have nothing to fear.
It is register with NDIC
Piggyvest take all the registration n serous perhaps because of the fear of agency or because they want to come clean, they are register with Nigeria deposit insurance commission.
How money is going and coming into piggyvest government agency in Nigeria knows about it.
Is piggyvest secure?
Secure in the sense that “can my data be bridge” no, I don’t think so, your data is save, if you check their website you will see that they have a SSL security encryption in place and also there is two factor authentication to prevent scammer form entering your account.
The only way your data can be bridge is if the platform got hacked and that is noting to fret about, even Facebook sometime get hacked
Who own piggyvest?
Piggvest is a corporation, it is own by many people but the current CEO is Oduanayo Eweniyi and he is also one of the cofounder.
Piggyvest was founded when they (cofounders) observed that Nigerians find it hard to save money and when emergency situation that demand money crop up they will have no money to meet it
So they set out to solve this problem by creating piggybank in January 2016 that will automatically withdraw money from bank of the user according to the amount and frequency he or she set.
It was late 2019 that they include investment option and change to microfinance.
Can piggyvest crash one day?
Every online or tech company can crash easily that is the disadvantage that come with online business but with the level of securities put in place and their good management structure it will be difficult for piggyvest to crash and if it does your data and money will still be save
Remember I tell you that your fund is managed by AIIO if anything happen to piggyvest they will get your data from AIIO and pay you your capital back.
How piggyvest works?
Piggyvest is a saving, investing and earning platform.
You can safe and earn interest from the money saved which can be as high as 13% interest rate and you can also invest with the ROI been about 20%.
You can also earn by referring people to the platform.
Piggyvest as a saving platform
There has five saving plans in piggyvest and they are
Piggybank
In piggybank plan you are allowed to save money. Your saving can be automatically such that money will be deducted from your bank according to the specify amount or manually using ATM card.
Once you save money in this plan you can only make withdraw once in there month but if emergency situation that demand money occur you can withdraw but 5% of the money will be deducted.
The interest rate on your money is 8% and will be paid every month.
Target saving
Target saving is another plan on piggyvest where you continue to save to meet a target e.g. house, car, tuition fee and others.
You can also invite your friends and family to deposit into the target fund like crowdfunding.
The interest rate on this plan is 8% and it is paid after reaching your target.
Safelock
Safelock is for those that want to save money for a long period of time at least a year, it mimic the fixed deposit of bank. The interest rate on safe lock is 13% per annum and is readily available to withdraw.
Flex dollar
We all know the rate at which naira continue to drop in financial market, which means inflation is eating naira, what you save today is not in par with tomorrow money.
That is why piggyvest bring flexdolar where you can save in naira and invest in dollar and you will also get your interest.
The interest rate on flex dollar is 7% and you can withdraw to your domiciliary account with a small fee.
Flex naira
Flex naira is like a normal saving account where you can save your money and withdraw at any time but this one comes with a great interest rate of 10%.
Piggyvest investment plan
One of the best thing about piggyvest is that it is not limited to only saving you can also invest in ventures like real-estate, agriculture, transportation and many more.
You don’t need to do anything all the due diligence will be done by piggy vest just click the venture you love to invest in and it will show the interest rate which can be as high as 25%
Piggyvest interest rate
Below is the summary of piggyvest interest rate for deferent saving plan
Piggybank —– 8% per annum
Safelock ——- 13% interest rate
Target —— 8% interest rate per annum
Flex dollar —— 7% interest rate
Flex ——- 8% interest rate per annum
Investment interest rate can be as high as 20%
How to make money on Piggyvest
Below are the ways you can make money on piggyvest
Interest on saving
You can make a lot of money from your saving, the amount of interest on each saving plans is between 7 to 13%.
Earn through investment
If you want more from piggyvest than saving you can opt in for investment in venture like real estate and agriculture, your interest rate depend on the venture and it can be high as 20%
First timer
For a first timer you will earn #1,000 on your first log in but like other online platform you need to deposit at least #100 to activate the bonus
Through piggy point
This is one of the things I like about piggyvest they encourage people to safe. For each saving you will get a point bonus according to the amount you safe. 1point bonus equals #10 and it can be redeemed to cash.
Piggyvest referral bonus
You will get #1000 on every person that sign up through your referral link. The more you refer the more you will earn.
Note
The 1000 will only be available in your flex account once the person you refer make a deposit of at least #100 and spend 10 days on the platform.
Piggyvest vs Nigeria bank
Hmm
Piggyvest has been proven to be the best method for saving money over the year, is it their interest rate or the option to invest or the automated saving that will help reckless spender (including me).
In fact piggyvest is a Nigeria savior when saving is concern.
But, yes there is but, physical banks will always be there. The Satan that you know is better than the angel you don’t know what am insinuating is that do not put all your egg in one basket save some money in physical bank and save some in piggyvest.
Though customer care of physical bank is bad, they are still accessible, it is until you have problem with this Neo bank, then you will know that there is limited way you can contact them.
Piggyvest and other neo bank in Nigeria are still new let give them some time may be they will turn out like physical banks or better, time will tell.
Piggyvest customer care contacts (address, phone number and email)
Like I stated above many people find it difficult to contact piggyvest, below is their address, email and phone number
Address: Testmot house Abdulrahman kene close Victoria Island Lagos, Nigeria
Email: [email protected]
Phone no: +234700933933933
Conclusion
By now you should have made up your mind if piggyvest is safe, legit or not. We still stand by what will stated in the introduction; right now piggyvest is safe there is nothing to be afraid of, but we don’t know what tomorrow will say.
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