Finance apps

Is Piggyvest Legit? Is Piggyvest Approved By CBN? How Does Piggyvest Work?

Is Piggyvest Legit? Is Piggyvest Approved By CBN? How Does Piggyvest Work?

PiggyVest is a financial app and an online platform that simplifies savings and investments for Nigerians of all ages. 

It provides an absolute stress-free, easy and secure way to save money and earn interest on your savings. 

PiggyVest offers various products such as Safelock, Target Savings, and Investify, which allow you to set financial goals and invest your money accordingly. 

It was first launched as “Piggybank.ng ” in January 2016 and has since risen to fame to become one of the best online “Savings & Investment ” apps in West Africa today. 

Despite this great achievement and impacts, some individuals still asks “Is Piggyvest legit, Is piggyvest approved by CBN?, on the other hand, some set of people are asking “how does piggyvest works’ ‘. So in this article, answers to each mentioned question have been provided, all that is required of you is to carefully read till the end.

Without further Ado, let’s delve into exploring Is piggyvest legit? is piggyvest approved by cbn? how does piggyvest work?.

Is Piggyvest Legit? Is Piggyvest Approved By CBN? How Does Piggyvest Work?
Is Piggyvest Legit? Is Piggyvest Approved By CBN? How Does Piggyvest Work?

Answers to each question can be found right below:

Is PiggyVest Legit, Is It Safe To Use Or Scam?

Piggyvest is a financial app that has gained popularity in Nigeria and even become one of the leading savings and investment apps in Africa.

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From my research, I found out that piggyvest has received positive reviews from customers on platforms like Trustpilot, the Apple App Store, and Play Store. 

Customers have praised the platform for its security, flexibility, and effectiveness in helping them grow their savings.

The platform is automated, which means users don’t have to worry about the actual task of saving. 

They can simply set up their accounts and start saving effortlessly.

Piggyvest has been operating for over 7 years and has gained a solid reputation for its financial management services. It is recognized as one of Nigeria’s most commonly used and well-liked savings and investment platforms.

Piggyvest has a physical office where users can make direct inquiries or contact the company, which adds to its credibility.

How Does Piggyvest Work?

Piggyvest is an online savings and investment platform that works by providing users with an easy and convenient way to save money and earn interest on their savings.

Here’s a more detailed explanation of how Piggyvest works:

Set Financial Goals: Note that before setting set goals, you must have had a piggyvest account. 

Once the account is created, you can set your financial goals. 

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Piggyvest offers different savings options such as Flex Savings, Target Savings, and Safelock. You can easily choose the option that aligns with your goals.

Flex Savings: This allows users to save money regularly at their own pace. They can set the frequency of their savings (daily, weekly, or monthly) and the amount they want to save.

Target Savings: With the piggyvest target savings, users can set specific savings goals for things like rent, buying a car, or going on a vacation. 

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They can set the target amount and the timeframe to achieve it.

Safelock: This feature allows users to lock away funds for a specified period of time. It acts as a fixed deposit account where users can earn higher interest rates on their savings.

Automated Savings: Piggyvest provides an automated savings feature where users can schedule automatic deductions from their bank accounts to their Piggyvest savings account. 

This makes it easy and convenient to save money regularly without manually transferring funds.

Earn Interest: Piggyvest offers competitive interest rates on savings. Users can earn up to 13% interest on their savings, depending on the savings option they choose. 

The interest is calculated daily and paid into the user’s Piggyvest account monthly.

Investment Opportunities: Piggyvest also provides investment options for users who want to grow their money further. They offer investment products like Investify and PiggyFlex, which allow users to invest in different asset classes such as agriculture, real estate, and transportation.

Withdrawals: Users can withdraw their savings from their Piggyvest account at any time. 

Is PiggyVest approved by CBN?

Yes, you have no reason to panic. Piggyvest is a CBN approved financial app. This gives a deep assurance into its legitimacy.

FAQs On Is Piggyvest Legit, Is Piggybest Approved By CBN, How Does Piggyvest Works

Here are some frequently asked questions you may want to know:

Is it safe to invest in PiggyVest? 

Yes, it is generally considered safe to invest in Piggyvest. 

They use bank-grade security protocols to ensure secure transactions, and they are registered with the Security and Exchange Commission (SEC) in Nigeria, which adds extra credibility and oversight.

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Was PiggyVest hacked?

 There have been no reported instances of Piggyvest being hacked. 

What are the disadvantages of PiggyVest? While Piggyvest offers many benefits, it’s important to consider some potential disadvantages:

Limited Withdrawal Options: Piggyvest has withdrawal restrictions depending on the savings option chosen. 

Some options like Safelock have a lock-in period, meaning you cannot access the funds until the specified time elapses.

Limited Investment Options: While Piggyvest offers investment opportunities, the range of investment options may be relatively limited compared to other investment platforms. 

This may not be ideal for users seeking a wide variety of investment choices.

Potential Inflation Risk: Inflation can erode the purchasing power of savings over time. 

Although Piggyvest offers interest on savings, it may not always keep up with the inflation rate, resulting in a decrease in real value.

How do I save money on PiggyVest Safelock? 

To save money using Piggyvest Safelock, follow these steps:

Log in to your Piggyvest account or create a new account if you don’t have one.

Once logged in, navigate to the “Safelock” section of the platform.

Choose the amount you want to save and select the duration for which you want to lock the funds. Safelock offers lock-in periods of 10, 30, 60, or 90 days.

Confirm your selection and proceed to lock the funds. Once locked, the funds cannot be accessed until the lock-in period expires.

Sit back and watch your savings grow. Piggyvest offers competitive interest rates on Safelock savings, and the interest is calculated daily and paid at the end of the lock-in period.

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