REVIEW: Piggyvest simplifies savings and investment
With the proliferation of fintech apps in Nigeria, saving and investing are no longer the exclusive rights of banks and fund managers. Indeed, the new generation of companies leveraging technology for financial services is taking over these roles from the traditional banks and fund managers through their easy, convenient, and fast mobile applications.
One of the platforms in this category is PiggyVesta single online savings & investment app that is currently helping over 3 million customers achieve their financial goals by helping them save and invest with ease.
Launched in 2016, Piggyvest has continued to deliver excellent service to its customers, helping them manage their finances with simplicity and transparency. With over 1 million downloads on the Google Play Store, Piggyvest has different savings plans tailored to meet the different needs of its customers.
Piggyvest offers different rates based on its different savings plans. The company offers an 8% per annum interest rate on its Piggybank savings plan and 8% on its Target savings, while it promises up to 13% per annum on its Safelock plan.
In the latest update to the app, Piggyvest introduced a new investment plan tagged Investify. According to the company, with as little as N1,000, you can invest on PiggyVest in areas that really appeal to you, like agriculture, real estate, transportation, and even commercial papers, and earn as much as 100% return on your capital. , depending on the investment type/project, investment duration, etc.
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Aesthetically, the app looks cool and the user interface looks simple and easy to navigate. Beyond the looks and regardless of what an app or a company claims regarding its products or services, the reality will always surface with user experience. Interestingly, with over 1 million downloads on Google Play Store, the Piggyvest app has been reviewed by over 40,000 users. Here’s what some of them have to say about their experience:
For Praise Yusufu, who has been using the app over the last two years, the experience has been smooth, even though she would like the interest rate on the platform to be increased. “I’m very pleased with this app. I’ve been using it since 2020 and I’ve never looked back since. I’ve recommended it to so many friends and family and so far, there is no issue. I just wish the interest rate is more than what is given and flex-to-flex transfers enabled back because it makes transactions easier. Overall, I like the app and I definitely see myself using it in the long run,” she said.
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Precious Sobamiwa is delighted with the savings option of the app and the interest rate. Sharing her experience, she said: “I use this app to save, it’s amazing. There are no bank charges monthly and you get interest and coins when you save often. This app has really helped me to start and sustain a saving culture. Now, there’s a new feature that enables you to save money. It’s the best thing. Although, the investment is always sold out!!! Please look into that because I’d love to invest.”
Another user, Louis Mbawuike, said: “The app and features are very good. The prompt updates keep the app functionality at the top. There is a feature I think the app needs. The app should have the option via the flex wallet to be able to make transfers to any bank account within the country. Also provide us more investment options. Overall, you guys have a very solid working application. Also please add a feature that lets hide the balance in each of the accounts from the lockscreen or settings options.”
For Ngozi Anaka, her only issue with the app was not being able to save in dollars. It has been worthwhile. It’s a very nice saving app. Although, I have never been able to try the investment option as it is always sold out. Also, I tried saving in dollars twice but got dollar not available and now that dollar is available, it is at a higher cost. Generally, I am a fan of your platform but not having access to dollars when I needed it and not being able to invest irks me sometimes. Keep up the good work.”
According to Ayokunle Olafusi, “the app makes saving easy in an effortless manner, there are so many encouraging features too to help the same objective. The interest rates on savings are just there but still good enough to encourage saving. The saving process is automated, such that the savings are taken directly from one’s bank account, also the investment opportunities occasionally introduced are all commendable. I like the innovation.
Henry Kemfert, however, has a security issue with the Piggyvest app. According to her, “The app is good and the interest rate is fair. My problem is that the app isn’t secure. It shows in the app to enable fingerprint lock but it has never been activated once. Anyone can just take my phone and open the app and find out the amount I am saving which is supposed to be kind of a secret since it’s my savings. It’s just like someone having access to my local saving box. Please work on the security aspect of the app, it’s very important.”
The beauty of every innovation is for it to solve a problem. As a saving and investment app, Piggyvest is obviously serving its purpose in that its users are able to conveniently save and invest. As a marked edge over other apps that have been reviewed on this platform, none of the Piggyvest users complained about having any difficulty in withdrawing from the platform. However, the company will need to address the security concerns raised by some of the users.