Piggyvest Review: All You Need To Know About Piggyvest

Piggyvest is one of the largest savings and investment online platforms in Africa. But is piggyvest legit? Can this website be trusted with our money? How secure is piggyvest? In this piggyvest review, we shall be uncovering all truths about piggyvest including some key features on the app. 

We shall also be providing answers to some of the most asked questions about piggyvest. So therefore, if you have been skeptical about the piggyvest platform, I encourage you to sit tight and carefully read through this article to find the answers you seek.

It is very important to note that Piggyvest started out as a savings platform under the brand name “piggybank“. However, after launching their investment feature sometime in 2016, they rebranded their name from ” piggybank” to “piggyvest“. You can make use of the table of content feature below to help you easily navigate through this article.

What Is Piggyvest?

Piggyvest is an online savings and investment platform. Initially, the goal of piggyvest was to create a soothing online bank where people can securely save their money without unnecessary fees or charges (as compared to actual banks).

Piggyvest was initially known as piggybank. Their initial name correlates with their previous goal which was to help the masses save their money securely. However, in 2016, piggybank introduced investment features in their platform which enabled their users to invest their money into some listed businesses on their platform.

This new investment feature prompted the team to change the brand name of the company from ‘piggybank’ to ‘piggyvest’. Today, piggyvest has over a million users worldwide and over forty thousand positive reviews on Google play store.

Is Piggyvest Legit Or Scam?

Piggyvest is a legit and secure savings platform. There are many practical proofs that prove the genuine intentions of piggyvest. First and foremost on Google Play Store, piggyvest has over a million downloads and over forty-one thousand reviews.

Piggyvest has an average of 4.1 out of 5 star reviews on Google play store indicating that the majority of its users are satisfied with this platform. Also, Piggyvest has also been approved by the central bank of Nigeria (CBN) and has been licensed to operate as an MFB (Micro Finance Bank).

A list of government bodies under which piggyvest has been registered and licensed for full operation include: Central Bank Of Nigeria (CBN), Nigeria Deposit Insurance Commission (NDIC), Corporate Affairs Commission (CAC). From all indications, piggyvest is clearly a legit savings platform and not a scam as many individuals assume.

How To Sign Up For Piggyvest

To sign up and create an account with piggyvest, simply follow the guidelines below:

• Click Here to visit the official piggyvest website.
• On the new page, click on ‘create free account’.

• This will lead you to the registration form where you should input your details including your full name (the same name used in your bank account), an active gmail account, your phone number and setting a password.
• You can copy and paste ” 9de646fa761022 ” in the referrer phone box/promo code.
• Select the medium through which you first heard about piggyvest, in this case select ‘online blog’.
• Finally click on ‘CREATE ACCOUNT‘.

Your account will be created automatically and you will be redirected to your member dashboard. For better experience with piggyvest, after successfully creating an account as shown above, download the official piggyvest app from Google play store or apple store to enjoy the full features and functionalities of the app.

Piggyvest Inner Features Explained

Without a proper step by step explanation, it is quite very easy to get confused in the piggyvest platform especially if you are still a beginner. Below is a detailed explanation of all the important features in piggyvest:

Piggybank Feature

The piggybank feature is a savings feature that encourages discipline in saving. When a user deposits money into the piggybank feature, he or she will not have access to the money except on four automatically selected days when they can withdraw their money with an added 10% (up to 10%) interest as a bonus.

Assuming you deposit N10,000 into the piggybank feature, you will not have access to the money except for four days. During these Four days, you can choose to withdraw your money with profit or better still leave it for another savings period.

Flex Naira Feature

The flex naira feature works just like a normal bank account. When you deposit money into piggyvest, it automatically moves to your flex naira account. Your flex naira account basically holds details concerning deposits and withdrawals from piggyvest.

It is from your flex naira account balance that you can move money into other features. After creating your account and validating your details with your bank verification number (BVN) a unique account number will be given to you (mostly from Wema bank). Whenever you deposit money into the account, it automatically reflects in your flex naira dashboard.

The interest rate in flex naira is about 8% per annum (as at the time of writing this article).

Safelock Feature

The safelock feature is no doubt one of the best features on the piggyvest platform. Are you someone who is fond of spending money due to temptations? Then this safelock feature is for you. The safelock feature enables you to lock up money for a certain period of time.

Individuals who put their money into piggyvest safelock will not have access to the money until the time period elapses. Assuming you deposit N10,000 into the safelock feature and set the duration of time to lock up the money to 100 days, you will no longer have access to your deposit until the 100 days elapses.

This feature is very important especially to individuals who have projects to complete in a future date and are scared of squandering the money unnecessarily. The key difference between the safelock feature and the piggybank feature is that on the piggybank bank, piggyvest auto generates your withdrawal date by themselves. However, In the safelock feature you set your withdrawal date by yourself.

Target Feature

The piggyvest target feature helps interested users reach a specific financial goal. Is your house rent due and you are finding it difficult to raise the money? Then you obviously need to be using the target feature. 

Create the target amount you wish to save up and piggyvest target feature will aid you in reaching your financial goal. The target feature also comes with a 9% interest per annum.

Flex Dollar Feature

The flex dollar feature is yet another super interesting feature on piggyvest. This feature enables you to own foreign currency (the United States Dollar to be precise). The flex dollar feature is no doubt one of the features that helped boost the popularity of piggyvest.

The most interesting fact about this feature is the ability to buy dollars at a very cheap rate as compared to other sources. As at the time of writing this article, the official black market rate for a dollar in Nigeria is about N730. However, on piggyvest, a dollar sells for N701.64! Additionally, you get to earn up to 7% yearly interest on the flex dollar feature.

These are the most important features of the piggyvest app. Depending on the type of savings plan you intend to carry out, any of the above features will most definitely serve the purpose.

Recommended: Bamboo Investment App Review: The Whole Truth

How To Deposit Money On Piggyvest

To be able to deposit money in your piggyvest account, you must have linked your Bank verification number (BVN) or National Identity Number (NIN) to your piggyvest account. When that is done follow the steps below:

• Login to your piggyvest account
• Click in the menu tab labelled “Account“.
• Copy your piggyvest account number.
• Proceed to your banking application and make the transfer to that account number. The bank to select is Wema Bank.
• Immediately the transfer is completed, the money will be reflected in your piggyvest account.

Piggyvest Interest Rate

Piggyvest has an average interest rate of 9.4% per annum. This figure is obtained from the average interest rate across all the features offered by piggyvest. Individually they include: Flex Naira ( up to 8% interest per annum), Piggybank (up to 10% interest per annum), Safelock (up to 13% interest per annum), Target (up to 9% per annum), Flex Dollar (up to 7% per annum).

Piggyvest Advantages And Disadvantages

No application or website is 100% perfect! They all have their equal shares of ups and downs. The same principle also applies to Piggyvest. Below are the pros and cons of Piggyvest.

Pros:

👍 Offers great saving tools and services.

👍 Licensed and fully backed up by the Central Bank of Nigeria.

👍 Very easy and straight to the point sign up process.

👍 Unarguably the best online savings platform in West Africa.

👍 Ability to save in other currencies apart from your own currency.

👍 High interest rates across individual services and features on piggyvest to encourage saving habits.

Cons:

👎 It might be difficult to withdraw your money from certain features like ‘safelock’ in times of emergency.

👎 Sometimes individuals experience difficulty in depositing to their piggyvest account via bank cards (visa card, MasterCard).

Frequently Asked Questions

Can You Make Money On Piggyvest?

Yes you can make money on Piggyvest. Piggyvest provides various means through which you can earn money on their platform. The most popular way to earn money on piggyvest is through their interest rates. 

Virtually all features offered in piggyvest come with mouthwatering interest rates. You can also promote piggyvest and earn N1000 upon every new user you bring to their platform.

How Much Interest Does Piggyvest Give Monthly

About 0.8% interest monthly. The average interest rate in piggyvest across all its services is about 9.4% per year (12 months). Therefore, the approximate interest earned every month is about 0.8% every month.

How Much Can I Invest In Piggyvest 

You can invest as much and as little as you want. The size of your investment on piggyvest depends on the amount of money you are willing to invest. But it is more advisable to invest reasonable sums of money in order to receive reasonable returns of investment or interests.

How Trustworthy Is Piggyvest?

Piggyvest is very trustworthy. Piggyvest has been approved by the central bank of Nigeria and has also been licensed to act as a microfinance bank. In addition to this, piggyvest has been registered under the CAC and NDIC (Nigeria Deposit Insurance Commission) of Nigeria.

Is Piggyvest Approved By CBN?

Yes, piggyvest has been approved by CBN (central bank of Nigeria). Hence piggyvest is legal and its activities are regulated by the central bank of Nigeria.

Conclusion

Piggyvest is indeed a legit online savings and investment platform. It is one of the very few platforms that have been licensed and approved by CBN. Personally, I will rate piggyvest 4.5 out of 5. Piggyvest indeed lives up to its reputation.