How PiggyVest Helped Me Save: A Real User’s Perspective
By Oghale Egbabor
If you’re like me, you’ve probably heard about PiggyVest from friends, family, or even random social media posts. It’s one of those platforms that seems to pop up everywhere, especially when people are talking about saving money or investing in Nigeria. But is it really worth the hype? Let me break it down for you, without embellishment.
What is PiggyVest?
PiggyVest, formerly known as PiggyBank, is an online savings and investment platform that has been operating in Nigeria for over eight years. With nearly 5 million registered users, it’s one of the biggest players in the Nigerian fintech space. The idea is simple: it helps you save and invest money in a disciplined way. Unlike your regular bank account, you can’t just withdraw your money anytime you feel like buying burger or a new pair of sneakers. This is both its strength and, for some people, its weakness.
My Experience with PiggyVest
I started using PiggyVest in 2020, during the lockdown. You know how it was—money was tight, and I needed to find a way to manage my finances better. A friend recommended it, and I thought, “Why not?” I downloaded the app, signed up, and started with their most basic feature: the Piggybank Savings. This feature allows you to save money automatically or manually, and you can set withdrawal dates to avoid the temptation of spending impulsively.
At first, I was skeptical. I mean, we’ve all heard stories of online platforms disappearing with people’s money. But PiggyVest seemed legit. They’re registered with the Corporate Affairs Commission (CAC) and approved by the Central Bank of Nigeria (CBN), which gave me some peace of mind. Plus, they’ve been around for years, so they’re not some fly-by-night operation.
The Good Stuff
Discipline Meets Flexibility
One thing I love about PiggyVest is how it forces you to be disciplined. For example, with the SafeLock feature, you can lock away a portion of your money for a fixed period and earn interest on it. It’s like a fixed deposit, but without the stress of going to a bank. I’ve used this feature to save for big expenses, like my sister’s wedding. The interest rates are decent too—better than what most Nigerian banks offer.
Investment Opportunities
PiggyVest doesn’t just stop at savings; they also offer investment options through their Investify feature. You can invest in things like agriculture, real estate, and small businesses, with returns as high as 25% per annum. I’ve tried this a couple of times, and while the returns are not always guaranteed (because, let’s face it, investments come with risks), it’s a great way to grow your money if you’re willing to take a chance.
User-Friendly App
The app is clean, easy to navigate, and doesn’t bombard you with unnecessary ads. Everything is straightforward, from setting up your savings plan to tracking your progress. Plus, they send you reminders and updates, which is helpful if you’re the forgetful type.
No ATM Card Temptation
Unlike regular bank accounts, you can’t access your PiggyVest funds with an ATM card. This might sound inconvenient, but it’s actually a blessing in disguise. It prevents impulsive spending, which is something I struggled with before I started using the platform.
The Not-So-Good Stuff
Withdrawal Charges
Here’s the thing: if you withdraw your money outside the free withdrawal dates, you’ll be charged a 5% penalty. While this is meant to discourage impulsive withdrawals, it can be frustrating if you’re in a tight spot and need your money urgently. I’ve been there, and trust me, it’s not fun.
Limited Investment Options
While the investment opportunities are a nice touch, they’re not as diverse as I’d like. Most of the options are in agriculture and real estate, which are great, but what if you’re interested in tech startups or other industries? I feel like there’s room for improvement here.
Trust Issues
Let’s be real: Nigeria has a history of financial scams, and it’s hard to trust any platform completely. While PiggyVest has proven itself to be legit so far, there’s always that lingering fear of “What if?” I mean, Providus Bank once deactivated PiggyVest’s virtual account numbers, and that caused a lot of panic among users. Although the issue was resolved, it’s incidents like this that make people wary.
Is PiggyVest Safe?
This is the million-naira question. From my experience, I’d say yes, PiggyVest is safe. They use bank-level security to protect your data and funds, and they’re transparent about their operations. However, like with any financial platform, there’s always a risk. My advice? Don’t put all your eggs in one basket. Use PiggyVest as part of your overall financial strategy, not the whole thing.
Who Should Use PiggyVest?
If you’re someone who struggles with saving money or wants to start investing but doesn’t know where to begin, PiggyVest is a great option. It’s especially useful for young Nigerians who are trying to build a financial cushion in a country where the economy can be unpredictable. However, if you’re the type who needs instant access to your money at all times, this might not be the platform for you.
PiggyVest has been a paradigm shift for me. It’s helped me cultivate better financial habits and achieve goals I probably wouldn’t have been able to without it. Having said that, it’s not perfect. The withdrawal charges can be annoying, and the investment options could be more diverse. But overall, it’s a solid platform that I’d recommend to anyone looking to take control of their finances.
So, what do you think? Have you used PiggyVest before, or are you considering it? Let’s talk about it—I’d love to hear your thoughts!