PiggyVest is a financial technology company based in Nigeria that offers a range of financial services, including a digital savings and investment platform. The platform allows users to save and invest their money in a variety of financial products, including fixed deposits, mutual funds, and Treasury bills. PiggyVest also offers a feature called “SafeLock” which allows users to lock away a portion of their savings for a set period of time, with the goal of helping them build the discipline to save and invest regularly. In addition to its savings and investment platform, PiggyVest also offers a range of financial management tools, such as budgeting and expense tracking, to help users better manage their money.
Is Piggyvest legit?
It is important to do your own research and due diligence when considering using a financial service or investing your money. It may be helpful to consider the following factors when evaluating the legitimacy of a financial service like PiggyVest:
Regulation: Is the company regulated by a reputable financial authority? This can provide some level of assurance that the company is operating legally and transparently.
Reputation: What do other people have to say about the company? Do they have a good reputation in the industry and among their users?
Security: Does the company have measures in place to protect your personal and financial information? Are they transparent about their security protocols?
Fees: Are the fees charged by the company reasonable and transparent?
Piggybank has all these characteristics in place
Who owns piggyvest
PiggyVest is a financial technology company based in Nigeria that was founded by Odunayo Eweniyi, Joshua Chibueze, and Somto Ifezue in 2016. The company is privately owned and operated by its founders and other shareholders. It is not publicly traded on any stock exchange.
How much interest does piggyvest gives
You earn 8% interest per annum on funds in your flex account but you can only make 4 withdrawals in a month. If you withdraw more than 4 times in a month from your flex account, you will lose all the interest you earned that month on your flex savings.
How does piggy vest make money
The company generates revenue through fees and commissions earned on the products and services it offers.
For example, PiggyVest may charge fees for certain services, such as withdrawing funds from an account before a certain period of time or transferring money to a bank account. The company may also earn commissions on the financial products it offers, such as mutual funds or Treasury bills. Additionally, PiggyVest may generate revenue through partnerships and sponsorships with third-party companies.
Take note that the profitability of a financial technology company like PiggyVest may be influenced by a variety of factors, including market conditions, competition, and regulatory environment.
How secure is piggyvest?
The security of its platform and the protection of its users’ personal and financial information is likely a top priority for the company.
However, it is important to note that no company or platform can guarantee absolute security. It is always a good idea to carefully read and understand the terms and conditions of any financial product or service before using it, and to consult with a financial professional if you have any concerns or questions.
However, Piggybank uses the highest level of Internet Security and it is secured by 256 bits SSL security encryption to ensure members information and data are concretely protected. There have been reports of people’s account been hacked but the system is heavily secured.
Here are a few things to consider when evaluating the security of a financial service like PiggyVest:
Regulations: Is the company regulated by a reputable financial authority? This can provide some level of assurance that the company is operating legally and transparently.
Data protection: Does the company have measures in place to protect your personal and financial information? Are they transparent about their security protocols?
Encryption: Does the company use encryption to protect your data when it is transmitted over the internet?
Two-factor authentication: Does the company offer two-factor authentication as an option to help secure your account?
It is always a good idea to be cautious when sharing personal and financial information online, and to use strong, unique passwords and enable two-factor authentication whenever possible.
Is Piggyvest approved by CBN
It is not uncommon for financial technology companies in Nigeria to be regulated by the Central Bank of Nigeria (CBN), which is the country’s central bank and financial regulatory authority. So they have permission to operate their financial services with the acquisition. The Fintech company has been granted an approval in principle, API, by Central Bank of Nigeria (CBN), to operate a Mobile Money Operator, (MMO) to drive a digital payments and inclusion for Micro Entrepreneurs in Nigeria.
AIP, by the Central Bank of Nigeria, CBN, to operate as a Mobile Money Operator, MMO, to drive digital payments and inclusion for micro-entrepreneurs in Nigeria
How to sign up piggyvest
To sign up for PiggyVest, you can follow these steps:
- Go to the PiggyVest website (www.piggyvest.com) and click on the “Sign Up” button.
- Enter your personal information, including your name, email address, and phone number.
- Create a password and agree to the terms and conditions.
- Click on the “Sign Up” button to complete the registration process.
Follow the prompts to set up your account and complete the verification process, which may include providing additional personal and financial information and verifying your identity. BVN is required to get your date of birth and other vital information.
Once your account is set up, you will be able to access the various products and services offered by PiggyVest, such as the digital savings and investment platform.
How does piggyvest works
Sign up: To use the PiggyVest platform, you will need to create an account by providing some personal and financial information and completing the verification process.
Save and invest: Once your account is set up, you can start saving and investing your money through the PiggyVest platform. The company offers a variety of financial products, including fixed deposits, mutual funds, and Treasury bills, which may be suitable for different investment goals and risk tolerances.
Monitor your account: You can view your account balance and transaction history, as well as track your savings and investment progress, through the PiggyVest platform. The company also offers a range of financial management tools, such as budgeting and expense tracking, to help you better manage your money.
Withdraw or transfer funds: When you are ready to access your funds, you can request a withdrawal or transfer them to your bank account through the PiggyVest platform. Some products may have certain restrictions or fees associated with withdrawing or transferring funds, so it is important to carefully read and understand the terms and conditions before using them.
Which bank does Piggyvest uses
According to its website, Piggyvest partners with banks in Nigeria to enable users to open and manage their savings and investment accounts. Some of the banks that Piggyvest works with include; Zenith Bank, GTBank, Access Bank, and Union Bank. However, Piggyvest is not a bank itself, but rather a platform that provides financial services such as savings, investments, and loans to its users.
In addition, PiggyVest owns and operattes the Gold Microfinance bank, a licensed Microfinance bank registered with Securities and Exchange Commission (SEC). They are also a registered Cooperative, which is Piggytech Cooperative Multipurpose Society Limited with registration number 16555
How to withdraw from piggybank
To withdraw money from your Piggyvest account, you will need to follow these steps:
- Log in to your Piggyvest account.
- Click on the “Withdraw” button on the dashboard or go to the “Withdrawals” section of your account.
- Select the amount you want to withdraw and choose the bank account you want to withdraw to.
- Click “Continue” to review the details of your withdrawal request.
If everything looks correct, click “Confirm Withdrawal” to initiate the withdrawal process.
Please note that Piggyvest may have certain restrictions on withdrawals, such as minimum and maximum withdrawal amounts, and may also charge fees for certain types of withdrawals. It is important to review the terms and conditions of your account before initiating a withdrawal to ensure that you understand any applicable fees or restrictions.
How many times can I withdraw
The minimum amount you can withdraw is #3000, there is no maximum limit. You can withdraw all your funds anytime you want. Fixed free withdrawal dates still apply, you can only withdraw once in 24hrs.
Methods of saving money
Some of the different methods of saving money in Piggyvest include:
- Flex Naira: This is a flexible savings account that allows you to set and achieve your savings goals. You can set a target amount, choose a savings plan, and make regular or one-time deposits into your Flex Naira account.
- SafeLock: This is a fixed-term savings plan that allows you to lock away a portion of your money for a set period of time. You can choose a SafeLock plan with a duration of 30, 90, 180, or 360 days, and earn higher interest on your savings compared to a Flex Naira account.
- Target Savings: This is a goal-oriented savings plan that helps you save towards a specific goal, such as buying a car or paying for a vacation. You can set a target amount, choose a savings plan, and make regular or one-time deposits into your Target Savings account.
- Investment Plans: Piggyvest also offers various investment plans that allow you to earn returns on your savings. These include its Flex Dollar investment plan, which allows you to invest in US dollars, and its Piggybank investment plan, which allows you to invest in a diversified portfolio of assets.
Please note that the specific savings and investment options available to you may vary depending on your location and other factors. It is important to review the terms and conditions of your Piggyvest account before making any deposits or investments.
What is the least amount to invest in PiggyVest
Please note that these minimum investment amounts may change over time and may vary depending on your location and other factors. It is important to review the terms and conditions of your Piggyvest account before making any investments to ensure that you understand the minimum investment requirements and any applicable fees or restrictions.
