Orlando Harmon
PiggyVest is a platform that allows users to save and invest their money. It is licensed and registered with the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). The NDIC is an independent agency of the Federal Government of Nigeria that protects personal data and provides deposit insurance. This means that if a financial institution fails, its customers are guaranteed to receive their deposits of up to a certain amount. With interest rates of up to 20% on savings and 35% on investments, PiggyVest is a trusted platform for Nigerians to manage and grow their finances.
| Characteristics | Values |
|---|---|
| Is Piggy Bank insured by NDIC? | Yes, Piggy Bank is insured by the Nigeria Deposit Insurance Corporation (NDIC) |
| Maximum deposit insurance coverage | N5 million per customer |
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What You'll Learn
- PiggyVest is a licensed and registered platform in Nigeria
- PiggyVest offers interest rates of up to 20% on savings
- PiggyVest allows users to save in foreign currencies
- PiggyVest is a trustworthy platform with over 4 million customers
- PiggyVest is insured by the Nigeria Deposit Insurance Corporation (NDIC)
PiggyVest is a licensed and registered platform in Nigeria
In early 2018, PiggyVest acquired Gold Microfinance Bank and its license. All funds saved on the platform are now warehoused with and managed by AIICO Capital, a leading Nigerian asset management company registered and licensed by the Securities and Exchange Commission (SEC). This further reinforces the legitimacy and security of funds on the PiggyVest platform.
The platform's previous iteration, Piggybank.ng, operated in partnership with two Microfinance banks, utilising their licenses. This partnership model ensured that Piggybank.ng could provide its users with a secure and licensed framework for their savings and investments.
It is important to note that the Nigeria Deposit Insurance Corporation (NDIC) is an independent agency of the Federal Government of Nigeria responsible for protecting personal data and ensuring the safety of deposits in financial institutions. While it is unclear whether PiggyVest is directly insured by the NDIC, its acquisition of Gold Microfinance Bank's license and its partnership with AIICO Capital suggest adherence to regulatory frameworks that prioritise the protection of user funds.
Overall, PiggyVest's registration, licensing, and strategic partnerships demonstrate its commitment to operating within the regulatory framework of Nigeria. This provides users with confidence in the security and legitimacy of the platform for their savings and investment needs.
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PiggyVest offers interest rates of up to 20% on savings
PiggyVest is a platform that helps over 5 million customers achieve their financial goals by helping them save and invest with ease. It offers interest rates of up to 20% on savings, with some plans offering rates as high as 22%. The interest rates offered by PiggyVest are dynamic and influenced by the Central Bank of Nigeria's (CBN) Monetary Policy Rate (MPR) changes.
PiggyVest offers a variety of savings and investment options, including PiggyBank, SafeLock, and HouseMoney™. PiggyBank offers an interest rate of 18% per annum, with interest accrued daily and paid monthly. SafeLock is a fixed savings plan that offers a safe way to put aside money that you don't need immediately. It offers interest rates of up to 22% per annum, with the interest paid upfront when you lock your funds. HouseMoney™ offers an interest rate of 14% per annum, with interest paid monthly, and allows for flexible withdrawals.
To get started with PiggyVest, you can download the app, sign up, and pick your preferred savings and investment option. It is important to set clear goals and choose the product that best supports your needs. For example, SafeLock is suitable for those saving for a big project, while HouseMoney™ is designed for rent savings.
PiggyVest also offers features such as automatic saving plans, compound interest, and the ability to save in foreign currencies. It uses the highest level of internet security and is secured by 256-bit SSL security encryption to protect user information from fraud.
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PiggyVest allows users to save in foreign currencies
PiggyVest is an online platform that simplifies savings and investments for Nigerians of all ages. It offers a secure way to save and invest money, with interest rates ranging from 7% to 35%, depending on the chosen savings plan.
One of the key features of PiggyVest is its flexibility in allowing users to save in foreign currencies. The Flex Dollar feature is specifically designed for this purpose. With Flex Dollar, users can maintain their funds in US dollars, protecting the value of their savings from currency fluctuations. This option is particularly attractive for those looking to save in a stable currency and beat inflation. Additionally, users can earn a competitive interest rate of up to 7% per annum on their dollar savings, further enhancing the appeal of this feature.
To utilise the Flex Dollar feature, users first need to download the PiggyVest app and create an account. Once logged in, users can navigate to the Flex Dollar option and specify the amount of dollars they wish to purchase. They can then select the source of funds and authorise the transaction. The purchased dollars will be credited to the user's Flex Naira wallet, which can be easily converted back to Naira if needed.
For those who prefer to maintain their savings in foreign currency, PiggyVest also facilitates withdrawals to foreign or domiciliary accounts. Users can follow a straightforward process to transfer their Flex Dollar funds to their preferred account, providing convenience and flexibility in managing their foreign currency savings.
Overall, the ability to save in foreign currencies, particularly through the Flex Dollar feature, is a significant advantage of using PiggyVest. It empowers users to diversify their savings, protect their purchasing power, and potentially earn higher returns compared to local currency savings accounts.
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PiggyVest is a trustworthy platform with over 4 million customers
PiggyVest is a financial technology company that provides online savings and investment services. The company was founded in 2016 and is based in Lagos, Nigeria. It has organically grown to over 4 million registered users and helped them save over $1 billion in total. The company plans to continue to democratize financial services, with a focus on encouraging micro-investments and entry into insurance.
PiggyVest offers savings plans including automated, goal-oriented, fixed-duration, and flexible options, along with investment opportunities in foreign currencies. It helps its customers achieve their financial goals by helping them save and invest with ease. One can earn 12%-22% when saving with any of the PiggyVest plans. The platform also allows users to save towards multiple goals on their own or with a group.
PiggyVest uses the highest level of internet security and is secured by 256-bit SSL security encryption to ensure that its users' information is completely protected from fraud. The company has also surpassed N2 trillion in payouts as economic challenges reshaped savings in 2024.
PiggyVest has raised a total of $4.15 million in funding from investors, including Acuity Ventures, Hustle Fund, and angel investors such as Paystack CTO Ezra Olubi and Flutterwave CEO Olugbenga Agboola. The funding has helped the company expand its operations and continue to provide reliable services to its customers.
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PiggyVest is insured by the Nigeria Deposit Insurance Corporation (NDIC)
PiggyVest is a trusted platform that allows Nigerians to save and invest their money. It is a legitimate company that has been operating since 2016 and is licensed and registered with all the required agencies in Nigeria, including the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).
The NDIC is an independent agency of the Federal Government of Nigeria that is committed to ensuring the protection of personal data and privacy. The NDIC also provides deposit insurance, which guarantees that depositors will receive their deposits back up to a certain amount if a financial institution fails. This insurance coverage has recently been increased from N500,000 to N5 million per customer, providing even greater security for those who use PiggyVest to save and invest their money.
PiggyVest offers a range of features to help users manage and grow their finances, including the ability to lock funds, set savings goals, and earn interest rates of up to 20% on savings and 35% on investments. The platform also offers the Flex Dollar feature, which allows users to save in dollars and preserve the value of their savings.
With over 4 million customers, PiggyVest is a popular and trusted choice for Nigerians looking to manage and grow their money. The company's registration with the NDIC provides an additional layer of security and peace of mind for its users, knowing that their deposits are protected by the government.
Overall, PiggyVest's insurance by the NDIC is a testament to the platform's legitimacy and commitment to protecting its users' finances and personal information. This level of security and trust makes PiggyVest a reliable option for those seeking to save and invest their money in Nigeria.
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Frequently asked questions
Yes, Piggy Bank is insured by the NDIC.
The NDIC is the Nigeria Deposit Insurance Corporation. It is an independent agency of the Federal Government of Nigeria that is committed to ensuring the protection of personal data.
Piggy Bank is a platform that allows users to save and invest money. It offers various features such as Flex Naira, which allows users to add money to their Flex Account, and Flex Dollar, which allows users to save in dollars.
Yes, Piggy Bank has been operating since 2016 and is licensed and registered with all the required agencies in Nigeria, including the CBN and the NDIC. It is also trusted by more than 4 million customers.
