How to save and earn money using PiggyVest – A Nigerian FinTech company

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The use of a “Piggybank” or “Kolo” was how many of us were taught to save and invest. However, with the rise of science and technology, innovations of saving and investment have emerged. One of these is PiggyVest, and in this article, we present a complete guide on how you can use PiggyVest to save and/or invest and make money while you are doing either or both.

The saving and investment culture is part and parcel of any person who thinks about and plans for the future. Even though we look down at some of the older methods such as Kolo and Esusu (which involves a contribution or pooling of funds periodically for the benefit of each member at a time, as they take turns to receive the gathered funds) as primitive and laughable, they exemplified financial discipline, which plays a key role if a person is to be successful.

Moreover, savings and investments are not mutually exclusive. Even though savings and investments are not the same thing, one cannot be separated from the other. This is because you can invest what you saved and again save the proceeds of what you had invested, and the cycle continues.

Fast forward to this day of information technology, communication, computers and the internet, diverse and innovative ways to save and invest have popped up, which have changed the way we save and invest. You do not need to go to the bank to make physical deposits or to withdraw money. There are now online banking and other investment opportunities that don’t require you to be physically present to access the services offered by financial technology (FinTech) companies.

These include mobile and computer applications developed to help you save and invest your money. These applications are simple to understand and navigate, easy to use and access, most importantly they are legitimate, registered and secured. PiggyVest is a savings and investment app in this category.

What is PiggyVest?

PiggyVest is an online saving and investment platform. It is arguably the most popular and the largest savings and investment app in Nigeria. It was launched in 2016 as, the first online savings and investment app in the West African region.

using piggyvest

However, before PiggyVest began operations as an investment platform in April 2019 when it was officially rebranded, it ran as a savings-only platform from its establishment in January 2016 when it was known as

Added to savings, PiggyVest now offers investment opportunities directly to its users. PiggyVest is affiliated with United Bank of Africa (UBA) and it is owned by Odunayo Eweniyi, who is its co-founder and also the COO.

What does PiggyVest do exactly?

PiggyVest helps users keep and account for their income through the easiest methods. This is to say that monies that could potentially have been mismanaged or misspent due to financial indiscipline or misappropriation on the part of an individual can be kept with PiggyVest and requested for at set times.

Simply put, if you are planning on saving a specific amount of money for a particular purpose, and you are not certain you can manage it properly if you were to keep it yourself, PiggyVest can help you do just that, while you earn interest on your money at the same time.

PiggyVest can help you in peculiar scenarios, which are sometimes common with those saving and others that might be unique to you alone.

 How to sign-up and register on PiggyVest

Step 1: Download the app from Google Play store if you’re using an Android phone or you can visit PiggyVest website: on your PC.

Step 2: Activate the app after download and installation, then click, “Create an Account” to set up a new PiggyVest account or click, “Login” to access an already existing account (your phone number or email and password is required here).

Step 3: When creating a new account, basic information such as your full name, email address and phone number will be required. You’ll also need to create a password. This will be used by you to log in subsequently.

If you were referred by someone, their referral code will be needed also. The process of registration can be completed within five minutes.

Do I need to supply my BVN?

Yes. To begin the process of saving or investing or both, your Bank Verification Number (BVN) will be requested. If you bypass this, the transfer of money to and from your account will be suspended until you verify your BVN.

To verify your BVN

Step 1: Click “My Account.” This button is located at the lower end of the page.

Step 2: Locate and click “My BVN Settings”.

Step 3: Add your 11-digit BVN and validate it.

Step 4: PiggyVest will call the phone number linked to the BVN supplied. An automated responder will call out a 5-digit code to you. Take note of this code and enter it into the space provided for it.

Step 5: Type in your PiggyVest password into the space provided for it and click, “Save BVN.”

This completes the verification stage for your BVN. A message of congratulations will be displayed for confirmation.

Now that you understand what PiggyVest is about and how to open a PiggyVest account, the next question would be, what next?

At this point, you have to decide what you want to do with your PiggyVest account. Do you want to save or invest or both?

Saving would mean that you want to keep an amount of money in your account daily, weekly or even monthly, and not spend it for a designated period.

This can either be a short, medium or long time, after which you can withdraw it to use for any reason e.g. to buy something or pay some fees. Interest will be accrued on money saved in your PiggyVest over a considerable duration and depending on the saving option you choose.

Investing means you want to put your money into one of the investment schemes that have been provided by PiggyVest. With this, a larger fixed interest rate will be paid back to you when it is time to withdraw it.

This will depend on which investment option you choose and how much you decide to invest.

With PiggyVest you can do both (Save and Invest) at a time if you so desire. It is important to note though that before you can invest you must have saved some money in your PiggyVest.

So, this brings us to the next question – How do I save on PiggyVest?

 Saving on PiggyVest

When you’re done creating your new PiggyVest account or after logging into your existing account, the next step you would want to take is to save.

using piggyvest

How do I begin to save?

Note that when you save on PiggyVest, the amount of money you want to save will have to be debited from your bank account. You will not need to go to any PiggyVest branch to manually save money.

With this in mind, you will have to connect your bank account details to your PiggyVest account. This can be done manually (Quick Save), which means you will manually send the amount you want to save to your PiggyVest account at any time of the day. You can also do this automatically (AutoSave), which is to set an amount to be debited from your account regularly, at a particular day or time. Other options are also included.

This is the process on how to save.

Step 1: Tap “Build your savings” on the dashboard

Step 2: Tap the “Let’s Proceed” button

Note that you will have to input your Debit/ATM card details to proceed further.

When you have gotten to this stage, you will be required to choose a saving plan.

A saving plan is a saving pattern in PiggyVest. This will determine how your money will be deducted, what interests it will yield and also when it can be withdrawn.

Let’s know more about the saving plans:

Saving plans on PiggyVest

One major advantage of using PiggyVest is the flexibility with which it operates. The saving features are quite flexible to fit your saving pattern; these patterns are categorised as QuickSave, AutoSave, SafeLock and Target Saving.

1. Quick Save

This feature is a synonymous concept to the “Kolo” that we grew up knowing. Here, you can save money manually. This means that you manually punch in how much you want to save from your account. PiggyVest Quick Save allows you to save money from as low as N50 at any time and as many times as you want daily.

How do I save Using Quick Save?

Step 1: Tap or click to open the Quick Save menu

Step 2: Punch in the amount of money you would like to save from your bank account

Step 3: Choose a source from which the funds would be deducted (e.g. bank card)

Step 4: Choose the location you prefer the money to be saved (PiggyBank or PiggyVest account).

2. PiggyVest AutoSave

The AutoSave feature enables users to set up an automatic deduction of a certain amount of money from their bank account at any time e.g. daily, weekly, monthly or manually, that is, at any time. The AutoSave option gives a reward of 10% of a user’s yearly saving.

How do I save using AutoSave

Step 1: Tap “My Account” on the app

Step 2: Navigate to AutoSave Settings

This is where the amount to save and the frequency of your AutoSave plan can be set. You will have to specify the amount you wish to be deducted from your bank, the period and the precise time you want it deducted.

Interestingly, the “AutoSave Limit” feature sets the maximum limit of money, which your PiggyVest AutoSave savings cannot go beyond. That is to say, once you’ve reached the set amount in your PiggyBank account, money won’t be deducted from your bank account any longer, at the preset dates — except you alter the AutoSave limit.

This saving feature can be turned on or deactivated whenever you want.

3. SafeLock

This stringent saving feature allows you to set aside a fixed amount of money over a defined period. You cannot have access to the money set aside until the set time to withdraw it.

The SafeLock feature is best for dedicated purposes i.e. bills that must be paid e.g. fees, shop rent, house rent etc. Added to this PiggyVest offers a reward of 13% interest yearly on whatever amount you save.

How do I save using SafeLock?

Step 1: Navigate to the “Lock funds away” area on the dashboard and tap “Create a SafeLock”

Step 2: Specify the amount you wish to lock, and the duration, and the date when it should be paid back.

Step 3:  Ascribe a name or title to your SafeLock e.g. rent

Step 4: You can preview your SafeLock details. Then click the “Tap to SafeLock” button.

Note that the longer your money stays in your SafeLock, the higher the interest you will receive. Also, the interest on your SafeLock funds is paid into your PiggyFlex account upfront.

Also, you cannot withdraw any amount locked before the due date.

4. Target Saving

This feature is available to those who have a saving target to purchase or pay for something, or desire to save with a group. For instance, you desire to save up to purchase a laptop or a car, maybe you are going on a trip with family or friends, or planning for a ceremony for a colleague alongside other colleagues, etc. PiggyVest Target saving will help you out with this.

Here also, you are liable to receive a yearly 10% interest on whatsoever you save. This is paid daily to your PiggyFlex account.

How do I save using Target Saving?

Step 1: Choose “Save towards a goal”

Step 2: Select the “+” symbol at the lower area of the display to begin saving personally or with a group

Note that with target saving users can decide to discontinue at any time, and this will not attract any penalty. However, the monies will be diverted to your core PiggyBank savings account from which you can only withdraw on the set withdrawal days.

From this, the answers on how to save and the process of using the saving plans have been provided. Now, let’s proceed to find out how to invest.

Investment on PiggyVest – Investify

Investify, a new feature added to PiggyVest, gives users the option to make primary or secondary investments in agriculture, production and industries right from the app.

using piggyvest

Investing using PiggyVest is quite straightforward. You will do well to read up the information provided on the investment opportunity as you tap each option.

The interest rate on investments through Investify is up to 25 per cent. The investment opportunities here have been weighed and certified as low and medium risk. All investments using PiggyVest are insured.

You can invest with as low as N5000.

How do I Invest using PiggyVest?

Step 1: Tap “Invest”

Step 2: Click “Explore” to look up and educate yourself of different investment opportunities, their minimum investment amount and their returns

Step 3: Choose your investment option and select how you want to buy e.g. per unit, per share etc.

Step 4: Make your choice and invest

All you need to know regarding your returns on investment on any investment opportunity is found under the Invest option.

Now that we understand how PiggyVest works and how to use it, let us consider other questions you may have regarding the application.

What is PiggyBank?

PiggyBank is the core saving plan of PiggyVest.

It is one of the Saving plans or wallets on PiggyVest, just like Target Savings, Safelock, and Investify.

With PiggyBank, you can put money away regularly for the sole purpose of savings, and withdraw it just once every three months.

You can also set it such that money from your bank account can be automatically deducted and paid into your PiggyBank wallet without you having to do so manually.

You earn an 8% interest on funds in your PiggyBank wallet, per annum.

What is Flex Naira?

The Flex Naira account is another savings wallet to which interests accrued on all other PiggyVest wallets are paid.

You earn an 8% interest per year on money in your Flex account. However, this is only possible if your monthly withdrawals do not exceed 4 times.

If withdrawals from your Flex account exceed 4 times a month, you will lose all the interest you have earned on your Flex savings for that month.

Plus, using your Flex, funds can be sent to your PiggyBank, Target, Safelock, Flex Dollar or Investify.

Additionally, you can also withdraw money from your PiggyBank savings on your free withdrawal days.

You are only allowed to withdraw from your Flex account once every 10 hours.

What is Flex Dollar?

Flex Dollar is a PiggyVest wallet that allows you to save, invest, and transfer money in Dollars.

You can fund your Flex Dollar account with a minimum of $1. You can use your Flex Naira account or bank card to fund this wallet.

You earn a monthly interest of 7% on your Flex Dollar account.

You can choose your withdrawals from your Flex Dollar account to be either in Naira or Dollars. Naira withdrawals calculations will be at the bank rate of the parallel market. Dollar withdrawals will be sent to your domiciliary bank account.

Why should I use PiggyVest instead of regular banking?

There are several reasons you may want to consider choosing PiggyVest for the purpose of saving rather than regular banks. A few are

  1. More discipline in saving: Your Zenith Bank, UBA, Access Bank, First Bank, FCMB and the likes offer you access to your money without restriction. That’s good. One may say, I have a savings account, but truly, how many times have you ended up spending money you intended to save in your account for a purpose. Saving in a regular bank might not turn out good when you need to be disciplined in spending and saving. PiggyVest aids your financial discipline.
  2. Higher and guaranteed interest rate: PiggyVest helps you achieve financial freedom by enabling you to save responsibly as well as to invest on the go. You earn 6% – 15.5% interests on savings and over 25% return on investments. Moreover, your bank pays you a maximum of 4% interest, while you will still be charged for ATM maintenance fee and other bank charges, leaving little or nothing for you as interest. PiggyVest gives you interest with no charge plus other bonuses
  3. No hidden or conditional charges: Unlike regular banking, money saved in PiggyVest is not charged. For example, there are no maintenance fees, stamp duty charge etc. Some banks may also make deductions from your account that you may not be aware of or even understand. PiggyVest gives you freedom from this.
  4. Dedicated savings: It is easier to save for a specific purpose because options are readily available. In regular banking, all your money goes into the same place such as regular daily feeding plus savings et al. PiggyVest, however, enables you to make proper separations without going through the temptation of tapping into saving money for an unexpected cause.
  5. It requires no initial monthly or daily deposit to open an account: PiggyVest does not require you to make any form of a deposit to begin using it. Several banks will demand a minimum balance to open and keep your account running.

Without all this, how does PiggyVest make money?

The savings made on PiggyVest are invested in treasury bills and bonds, which are traditionally safer assets. PiggyVest is not into peer-to-peer lending, they do not loan money back to people.

They also invest in various viable areas of the economy, areas such as production, oil and agriculture, which are basic for livelihood irrespective of the economic situation. This aids their stability as a FinTech company.

What are Piggy Points?

One of the ways PiggyVest rewards its customers for saving consistently is to award Piggy Points. Piggy Points are gained by saving more in your PiggyBank wallet or Target wallet with the use of Autosave, Quicksave or Quick top-up.

Points are earned when not less than NGN2000 is saved via your debit card to ONLY your Target or PiggyBank wallet. For Target savings, a 90 duration and above is required.

How do I get Piggy Points?

Piggy Points are gained thus:

  1. NGN2,000 – NGN4,999 = 1 point
  2. NGN5,000 – NGN9,999 = 2 points
  3. NGN10,000 – NGN49,999 = 10 points
  4. NGN50,000 – NGN99,999 = 25 points
  5. NGN100,000 and above = 55 points

What can my Piggy Points be used for?

Piggy Points can be converted into money in your Flex account. One Piggy Point is equivalent to 10 naira 

Is there a limit to what I can save or invest in PiggyVest?

On PiggyVest you have the choice to save or invest between:

  • NGN50 – NGN50,000 per day
  • NGN800 – NGN200,000 per week, or
  • NGN3,000 – NGN2,000,000 per month

How do I withdraw from PiggyVest?

You can gain access to your savings and monies on PiggyVest at any time. However, because it is a savings platform, there are a few restrictions put in place to help curb careless spending.

For instance, you are only allowed to make withdrawals without a charge once in a quarter of the year; that is one free withdrawal every three months.

The free withdrawal dates have been set by PiggyVest. You can set your own convenient withdrawal dates if you so desire.

When are PiggyVest free withdrawal dates?

PiggyVest fixed free withdrawal dates are:

  • 31st March
  • 30th June
  • 30th September
  • 31st December

If these dates are not convenient, you can choose your own dates from your dashboard.

Note: If you decide to set your own free withdrawal date, the next available free withdrawal date will be exactly 3 months from the last one.

Can I withdraw outside the free withdrawal dates?

Does it sound like you may not have access to your money except on the free withdrawal dates?

You can gain access to your money anytime. So, yes you can withdraw outside the free withdrawal dates. Only, you won’t be able to withdraw for free.

Any withdrawal made outside the specified free withdrawal dates attracts a 2.5% penalty fee of the withdrawal amount.

I read about referrals. How do referrals work in PiggyVest?

When someone tells you about PiggyVest and influences you to be part of it, he or she has referred you. To refer someone, you have to send them your referral link.

When someone signs up to PiggyVest using your referral link, you and the person whom you have referred earn N1000 each, and this is paid into your SafeLock.

10 days after your referred user is marked valid, your referral bonus gets transferred to your Flex account. However, as a new user, your bonus will be paid into your SafeLock and then matures to your Flex account 10 days after you have been marked as a valid user.

Who is a valid user of PiggyVest?

To be considered as a valid user, a new user must:

  1. Link their BVN
  2. Fund their Flex Naira wallet with at least #100 via a direct bank transfer to their flex account number
  3. Fund any other two wallets with at least #1000 each. This could be Piggybank, Safelock, or Target savings wallet.

Once all of these have been done, referral bonuses will be unlocked and sent to your flex account at the maturity date.

How to check my referrals?

To check the status of people you referred, follow these simple steps below:

Step 1: Log in to your PiggyVest dashboard

Step 2: Select Account

Step 3: Click on earn N1000 per invite

Step 4: Click on each name to see if they’re valid. 

What is the “Delete Promo Safelock” button for?

If at any point in time or for any reason you no longer want the referral bonus, you can click on this button and the bonus will be deleted from both the referrer and the referred users’ account.

Is PiggyVest Safe? How safe is PiggyVest?

PiggyVest is quite safe for use as all financial information is encrypted and stored to PCI DSS Level 1 compliant standards.

PCI DSS Level 1 compliance is a set of rules set by credit card companies and audited by an independent third party.

It is the highest possible rating for payment security in the electronic payment processing industry. Additionally, all transmission to their banking partners and on their website is via an encrypted 256 bit HTTPS SSL connection.

So, you can rest assured that your funds are safe with PiggyVest.

Does PiggyVest have a physical office?

PiggyVest does have a physical office. Despite the shift in banking culture to online transactions, many people still wouldn’t trust a bank that operates solely online.

Also, some complaints might require a visit to their offices for resolution. So, there’s a physical office in Lagos state.

Address:  Tesmot House, 3 AbdulrahmanOkene Close, off LigaliAyorinde, Victoria Island, Lagos.

Contact Number: 0700 933 933 933


Are my card details safe with PiggyVest?

Your security is a major priority, so PiggyVest works with a PCI DSS-compliant payment processor, Paystack, to handle your card details.

Your card details are extremely safe and are warehoused where they can never be compromised.

Is my money secure?

Absolutely! PiggyVest operates in partnership with 2 Microfinance banks and uses their licenses.

However, in early 2018, PiggyVest was finally registered after acquiring Gold Microfinance bank and its license.

All saved funds are warehoused with and managed by AIICO Capital, the leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC).

Is PiggyVest covered by NDIC?

NDIC is the Nigeria Deposit Insurance Company, which is designed as a risk minimiser. It guarantees the payment of deposits up to the maximum limit under its statue in the event of failure of an insured financial institution.

PiggyVest is insured by the NDIC to ensure you don’t lose your money in case the system goes down.

PiggyVest vs Competitors

Over the years, FinTech companies have grown in number. Thus, there are those whose offerings are similar to those of PiggyVest while offering slightly different services and products. Below, we examine PiggyVest main competitors.


Cowrywise, though similar, has a wider range of savings plans, which include:

  1. The Periodic Saving Plan, which is targeted at regular fixed earners,
  2. The Life Goals saving plan allows you to plan and commit to long-term goals.
  3. Save as you Earn is designed for users who don’t earn a regular income – erratic streams of income.
  4. Fixed Savings is for people who have money they won’t be needing for a while. It could be for three, six months, a year or even more.
  5. Halal Savings is a plan that follows the Islamic banking system – zero interest banking – in accordance with the principles of Islam.
  6. Saving Circles is for people who want to save as a group.

The interest rates on Cowrywise is at least 10%, just as PiggyVest. However, they say the interest could rise up to 15%, depending on the duration of money saved. But, there is no clear defined length or a period between 10% and 15% interest rates.


SmartSaver is considered one of PiggyVest’s biggest rivals.

Though the saving plans are not as clear cut as PiggyVest and Cowrywise, its plan pattern is similar i.e. simple saving or save for a later period withdrawal.

Interest on savings in Smartsaver is lower at 8% per annum. However, the interest is paid per quarter at a rate of 2% per quarter.


SumoTrust offers users saving and investment options, and between 10%-15% interest on savings yearly.

Customers can save as low as NGN100 per day and set InstantSave withdrawal periods.

The Fix Saving feature allows you to lock away funds until needed. This feature has a minimum time limit of a year before withdrawals can be made.

Users on Sumotrust also enjoy free access to the entrepreneur platform business academy “Motute.”

On Motute, you can learn different skills in Nigeria. You can also link up with like minds with whom you can collaborate and work with.

You can also make earnings by referrals: referring family and friends to register on the platform.

Among FinTech Apps and companies in Nigeria this mould, PiggyVest is considered the most flexible and easy to use, offering the most considerate interest rate on savings.

Latest news on PiggyVest

Nigerian Fintech service provider PiggyVest announced new virtual accounts for customers after Financial operator Providus Bank deactivated its support for the service.

In a short announcement via its Twitter page, Providus Bank had said:

This announcement came after the Central Bank of Nigeria (CBN) instructed banks and financial service providers in the country to close accounts of people trading cryptocurrency.

According to BBC News Pidgin, the directive was from an FBI warning about fraudsters using cryptocurrencies to bring in money illegally from western countries.

In a thread, PiggyVest answered some questions that customers may be having regarding the new virtual accounts. One of the questions is: “How do I get my new account number?”

To do this, simply login to your Piggyvest account > Tap on the “New Virtual Account Numbers” banner > Create A New Account Number. A new Flex account number will be instantly generated on your account.

Meanwhile, there has been an uproar concerning the deactivation of Providus Virtual Accounts. Apparently, they do not only provide this service for PiggyWest but other Fintechs in Nigeria including Monnify.


Saving can be simple or complex depending on your outlook. It is also considered by many as important as the air we breathe, to assist us to navigate the unforeseeable and/or to tide us during our retirement. Whether in the short, medium or the long term, our humanly desires, needs and even responsibilities are insatiable. Hence, there is a need to save. Planned or unexpected we ought to do what should be done.

Over 200,000 people have benefitted from PiggyVest in its first three years of its operations. This complete guide to using PiggyVest is to show how you can also benefit from this FinTech application.

Feel free to go through and share your thoughts with us below.

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