Banking and Finance

What is PiggyVest, and How Does it Work?

Ufuoma Harrison Oghwie By Ufuoma Harrison Oghwie 11 Min Read

PiggyVest, previously known as “Piggybank.ng,” has been a game-changer in the financial space since its launch on the 7th of January 2016. As one of Africa’s leading financial technology platforms, it caters to a diverse audience from students to professionals. But what exactly is PiggyVest, and how does it work?

What is PiggyVest, and How Does it Work?

Getting Started with PiggyVest

Starting your financial journey with PiggyVest is straightforward. Simply download the PiggyVest app and create a free account. In this article, I’ll guide you through the various savings and investment options PiggyVest offers and explain how to set up your account on the platform. Let’s get started!

How to Save and Invest with PiggyVest

Managing your finances in Nigeria can be challenging, but PiggyVest simplifies the process. The platform offers five different savings plans and low-risk investment opportunities to help you grow your money. Let’s explore these plans in detail.

1. PiggyBank

How Does PiggyBank Work?

PiggyBank is a savings plan that enables you to save any amount automatically — daily, weekly, or monthly. It’s an excellent way to develop sound financial habits and includes an option to manually add money to ensure you stay on top of your savings game.

How to Use PiggyBank:

  1. Login to the PiggyVest app.
  2. Go to “Savings.”
  3. Click on “PiggyBank” and “Enable AutoSave.”
  4. Navigate to “Settings” and select “AutoSave Settings.”
  5. Set up your preferred AutoSave plan (e.g., save ₦10,000 weekly).
  6. Click on “Continue,” choose your source of funds, preferred time to save, and start date.
  7. Click on “Complete.”

Note: PiggyVest Tip: Regular saving, even if it’s small amounts, can make a big difference over time.

Manually Funding Your PiggyBank:

  1. Click on “Quick Save.”
  2. Enter the amount and source of funds.
  3. Click on “Quick Save.”

2. Safelock

How Does Safelock Work?

Safelock is a fixed savings plan on PiggyVest that allows you to earn up to 12.5% annually. This interest is paid upfront, and you can leave funds in your Safelock wallet for at least ten days.

How to Use Safelock:

  1. Log in to your PiggyVest app.
  2. Go to “Savings.”
  3. Click on ‘Safelock’ and select “Create a Safelock.”
  4. Choose how long you want to lock your funds.
  5. Enter the amount and title of the Safelock.
  6. Choose a payback date and select the source of funds.
  7. Click on “Preview Safelock” and authorize the transaction.
  8. Click on “Create Safelock.”

Note: PiggyVest Tip: Safelock is an excellent option if you have excess funds and need to curb temptation.

3. Target Savings

How Does Target Savings Work?

Target Savings on PiggyVest is the best way to reach your unique savings goals — individually or as a group. It allows you to set a financial target and save consistently towards this goal — all while earning an interest of 9% per annum.

How to Create a Target Savings Plan:

Personal Target:

  1. Log in to your PiggyVest app.
  2. Go to “Savings.”
  3. Click on “Target Savings” and select the plus sign.
  4. Click on “Create a personal target.”
  5. Name your target, select the category, and set the target amount.
  6. Choose your saving frequency, amount, day, and time.
  7. Click on “Continue,” enter start and end dates, and select the source of funds.
  8. Confirm and click on “Create Target.”

Group Target:

  1. Log in to your PiggyVest app.
  2. Go to “Savings.”
  3. Click on “Target Savings” and select the plus sign.
  4. Click on “Create a Public Group” or “Create a Private Group” — whichever you prefer.
  5. Name your target, select the category, and set the group target amount.
  6. Choose your saving frequency, amount, day, and time.
  7. Click on “Continue,” enter start and end dates, and select the source of funds.
  8. Confirm and click on “Create Target.”

4. Flex Naira

How Does Flex Naira Work?

The PiggyVest Flex Naira account is a flexible savings wallet for receiving interest earned on all other wallets. It’s an excellent way to save for life’s emergencies and includes free transfers and withdrawals.

How to Use Flex Naira:

  1. Log in to your PiggyVest app.
  2. Go to “Savings.”
  3. Click on “Flex Naira” and select “Add Money” (ensure you have linked your BVN).
  4. Make a transfer to your Flex Account Number from your bank app.

Creating a Label:

  1. Click on “Try Labels” and select “New Labels.”
  2. Name your label, enter the amount to allocate, and click on “Create Label.”

Note: PiggyVest Tip: Be mindful of your withdrawals to maximize your interest earnings.

5. Flex Dollar

How Does Flex Dollar Work?

Flex Dollar allows you to save in dollars, preserving the value of your savings from within the Piggyvest app. You can earn up to 7% interest annually.

How to Use Flex Dollar:

  1. Login to your Piggyvest app.
  2. Click on “Savings.”
  3. Scroll down to Flex Dollar.
  4. Click on “Buy Dollar” and enter the amount of dollars you want to purchase.
  5. Select your source of funds and authorize the transaction.
  6. Click on “Credit Flex Dollar.”

Converting Dollar Funds to Naira:

  1. Click on “Convert To Naira,” enter the amount, and authorize the transaction.
  2. Click on “Convert to Naira.”

Withdrawing from Flex Dollar:

  1. Select the “pay to bank” option.
  2. Fill in the required information and select “Send request bank transfer.”

6. Investify

How Does Investify Work?

Investify is a PiggyVest feature that allows you to earn more on your savings by investing in pre-vetted, low-to-medium risk, primary and secondary investment opportunities. It’s super safe, and the minimum amount you can invest depends on the opportunity.

How to Use Investify:

  1. Log in to your PiggyVest app.
  2. Go to “Invest” and choose an investment opportunity.
  3. Click on “Invest Now,” type in the number of units you want to buy, and click on “Next Step.”
  4. Confirm your Investment.
  5. Click on “Invest Now.”

Note: PiggyVest Tip: If you’re new to investing, check out our article outlining the five golden rules you need to know.

How to Create a PiggyVest Account

Creating a PiggyVest account is easy and secure:

  1. Head over to the PiggyVest website or download the official app. The free app is available on the App Store and Google Play Store.
  2. Click on the “Create free account” button. You may see this button as “Register” if you use the app.
  3. Provide the required details and click “Create Account.” Ensure you double-check your details before submitting to avoid issues with your free PiggyVest account.
  4. Set up your withdrawal bank. This account must be your own and is where PiggyVest sends your money anytime you choose to withdraw.
  5. Verify your details and activate your PiggyVest account. This process shouldn’t take more than a few seconds.
  6. Pick your preferred savings and investment option. You can check out the previous section of this article to learn more about the plans available on PiggyVest.

See; How to Open Opay Account on Your Mobile Phone

Is PiggyVest Legit?

PiggyVest is legit and has been operating since 2016. Since then, it has helped over 4.5 million customers achieve their financial goals by enabling them to save and invest with ease. In the same period, these customers have received more than 1.2 trillion Naira from the platform — including interest.

Note: PiggyVest Tip: Your funds in PiggyVest are managed by PV Capital Limited – RC No. 1760152 (“PV Capital”). PV Capital is a duly registered Fund/Portfolio Manager with the Securities and Exchange Commission (SEC) of Nigeria, and all its operations comply with applicable regulations.

How Risky is PiggyVest?

Your money and personal data on PiggyVest are safe and secure. The platform uses only the highest levels of Banking Security and is secured by 256 bits SSL security encryption to ensure your information is completely protected.

Note: PiggyVest Tip: Always be cautious of scammers and ensure you ONLY use the official PiggyVest channels for customer support.

PiggyVest Customer Care Details

If you have any issues or questions, you can contact PiggyVest through the following channels:

  • Email: contact@piggyvest.com
  • Twitter: @PiggybankNG
  • Instagram: @PiggybankNG
  • Facebook: PiggyBankNG
  • Contact Number: 0700 933 933 933 or 07009339339

Note: PiggyVest Tip: There are many scammers out there, so ensure you ONLY use these channels if you want to solve a problem with your PiggyVest account.

Conclusion: Why Should You Use PiggyVest?

PiggyVest is easy to use, secure, and the most trusted platform to save and invest money in Nigeria. It’s also licensed and registered with all the required agencies in Nigeria, including the CBN and the Nigeria Deposit Insurance Corporation (NDIC).

With interest rates of up to 15% on savings and 35% on investments, it’s undeniably the best way to better manage and grow your finances.

Note: PiggyVest Tip: Start your financial journey today with PiggyVest and join over 4 million customers who use and trust the platform to achieve their financial goals.

So, are you ready to take control of your finances with PiggyVest? Download the app and get started today.

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