Piggyvest, formerly known as Piggybank, is a popular digital savings and investment platform in Nigeria. With its catchy name and promise of helping users save and invest their money, many people are curious about its legitimacy and approval by the Central Bank of Nigeria (CBN).
In this blog post, we will delve into the details of Piggyvest and answer the burning question: Is Piggyvest legit? Is it approved by CBN? And most importantly, how does Piggyvest work? So, let's dive in and explore this innovative platform that has gained a lot of attention in the Nigerian financial space.
What Are The Features Of Piggyvest?
Piggyvest offers a range of features that make it a popular choice among users in Nigeria. Here are some key features of this innovative digital savings and investment platform:
Saving options: Piggyvest allows users to save money automatically or manually based on their preferred schedule. Users can set daily, weekly, or monthly savings targets and contribute towards them effortlessly.
Investment opportunities: Piggyvest offers various investment options to grow your savings. Users can invest in different investment plans such as Piggyvest Flex Dollar, Piggyvest Stocks, and Piggyvest Real Estate, among others.
Safelock: Safelock is a feature that allows users to lock away funds for a specific period. This feature ensures that you are not tempted to dip into your savings before your set time frame.
Interest rates: Piggyvest offers competitive interest rates on savings and investments. Users can earn up to 10% annual interest on their savings, making it an attractive option for those looking to grow their wealth.
Flexibility and convenience: Piggyvest provides users with the flexibility to withdraw their funds at any time without any charges. The platform also offers easy and convenient ways to fund your account and access your savings.
These are just a few of the many features that Piggyvest offers to help users save and invest their money effectively. Now that we have explored the features, let's move on to the next question: Is Piggyvest approved by CBN?
Is Piggyvest Approved by CBN?
Yes, PiggyVest is approved by the Central Bank of Nigeria (CBN). It is a duly licensed mobile money operator and is also regulated by the Securities and Exchange Commission (SEC) of Nigeria. PiggyVest's funds are insured by the Nigeria Deposit Insurance Corporation (NDIC).
Here are some of the regulatory bodies that PiggyVest is subject to:
Central Bank of Nigeria (CBN)
Securities and Exchange Commission (SEC) of Nigeria
Nigeria Deposit Insurance Corporation (NDIC)
PiggyVest's compliance with these regulations ensures that your funds are safe and that your transactions are secure.
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How Does PiggyVest Work?
Piggyvest operates on a simple and user-friendly platform, making it easy for anyone to start saving and investing their money. Here is a comprehensive overview of how Piggyvest works:
Sign up: To get started with Piggyvest, you need to create an account by downloading the app or visiting the website. The registration process is quick and straightforward, requiring basic information like your name, email address, and phone number.
Set your savings goals: Once you have registered, you can start setting your savings goals. You can choose from various options like saving for a vacation, buying a car, or creating an emergency fund. Piggyvest helps you stay motivated by displaying your progress towards each goal.
Automatic savings: Piggyvest allows you to automate your savings by setting up recurring deposits. You can choose the frequency and amount of your deposits, and Piggyvest will deduct the specified amount from your bank account automatically.
Invest your savings: In addition to savings, Piggyvest offers various investment options to grow your money. You can choose from investment plans like Piggyvest Flex Dollar, Piggyvest Stocks, and Piggyvest Real Estate. These investment options allow you to earn additional returns on top of your savings.
Safelock feature: Piggyvest offers a feature called Safelock, which allows you to lock away your funds for a specific period. This feature ensures that you are not tempted to withdraw your savings before the set time frame, helping you achieve your savings goals faster.
Earn interest: Piggyvest offers competitive interest rates on your savings. You can earn up to 10% annual interest on your savings, helping your money grow over time.
Withdrawals: Piggyvest provides you with the flexibility to withdraw your funds at any time without any charges. You can easily request a withdrawal through the app or website, and your funds will be transferred to your linked bank account.
Security measures: Piggyvest prioritizes the security of your funds and personal information.
They use industry-standard security measures and partner with reputable financial institutions to ensure the safety of your money.
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FAQS
How does PiggyVest work?
PiggyVest is an automated micro-savings and micro-investment platform that allows users to save and invest their money towards a specific goal. Users can set up automatic savings plans to save money on a daily, weekly, or monthly basis. They can also choose to invest their money in a variety of different investment products, such as fixed income products, equity products, and real estate products.
How much is the interest on PiggyVest?
The interest rate on PiggyVest varies depending on the savings or investment product that you choose. For example, the PiggyBank savings plan offers an interest rate of up to 10% per annum, while the Target savings plan offers an interest rate of up to 7.5% per annum. The interest rates on investment products are also variable, but they typically range from 7% to 35%.
How trusted is PiggyVest?
PiggyVest is a trusted and secure platform that is regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) of Nigeria. It is also a licensed mobile money operator and its funds are insured by the Nigeria Deposit Insurance Corporation (NDIC). PiggyVest has a clean track record of over 10 years in operation and it has over 2 million users in Nigeria.
When can I withdraw my money from PiggyVest?
You can withdraw your money from PiggyVest at any time, but there are some restrictions that apply. For example, you can only withdraw from your PiggyBank savings plan on free withdrawal days, which are typically once a month. You can also withdraw from your Target savings plan, but you will be charged a penalty if you withdraw your money before the target date. There are no restrictions on withdrawals from your Flex Naira account or your Flex Dollar account.
How much is 10 points on PiggyVest?
10 points on PiggyVest is equivalent to ₦10. You can earn points by referring friends to PiggyVest, completing financial literacy quizzes, and participating in other promotions. Points can be redeemed for cash or used to purchase PiggyVest products.
Conclusion
After exploring the features, legitimacy, and workings of Piggyvest, it is evident that this digital savings and investment platform offers a plethora of benefits to its users in Nigeria. Despite not having formal approval from the Central Bank of Nigeria (CBN), Piggyvest operates within the guidelines and regulations of other regulatory bodies, such as the Securities and Exchange Commission (SEC) and the Nigerian Investment Promotion Commission (NIPC).
It has built a strong reputation and gained the trust of thousands of users through its robust security measures and partnerships with reputable financial institutions. Piggyvest provides users with a range of features, including saving options, investment opportunities, Safelock, competitive interest rates, and flexibility and convenience. The platform is user-friendly, making it easy for anyone to start saving and investing their money. Overall, Piggyvest offers a credible and innovative solution for individuals in Nigeria looking to manage their finances and grow their wealth.