PiggyVest has been a part of many financial freedom stories since it was first launched as “Piggybank.ng” on the 7th of January in 2016. Today, it’s one of Africa’s leading financial technology services, catering to everyone — from students to professionals. But how does PiggyVest work?

PiggyVest is an online platform that simplifies savings and investments for Nigerians of all ages. It’s a stress-free and secure way to save money; it also offers interest rates of between 7% and 35%, depending on which option you choose.

To get started, all you have to do is create a free account. In this article, we’ll dive into the savings and investment options on PiggyVest and discuss how you can create an account on the platform. We will also answer some of the most popular questions concerning PiggyVest.

How to save and invest with PiggyVest

Navigating your finances as a Nigerian can be quite tricky, no matter where you work and how much you earn. Thankfully, there’s PiggyVest. The platform allows you to build your savings using five easy plans and even includes low-risk investment opportunities to help you grow your money.

You can save and invest with PiggyVest using any of these six plans:

1. PiggyBank
2. Safelock
3. Target Savings
4. Flex Naira
5. Flex Dollar
6. Investify

Now, let’s explore how these plans work.

1. PiggyBank

PiggyBank is a PiggyVest plan that enables you to save any amount automatically — daily, weekly or monthly. It’s an excellent way to develop sound financial habits and includes an option to manually add money to ensure you stay on top of your savings game.

This plan allows you to earn up to 10% per annum interest. It’s a great option if you’re looking to build your savings or if you want to test out just how amazing the PiggyVest platform is.

Here’s how you can use the PiggyBank autosave feature on PiggyVest:

1. Login to the PiggyVest app.
2. Go to “Savings.”
3. Click on “PiggyBank” and “Enable AutoSave.”
4. Then go to “Settings” and select “AutoSave Settings.”
5. Set up your preferred AutoSave plan (for instance if you want to save 10,000 weekly).
6. Then Click on “Continue” and select your source of funds, preferred time to save and when you would like to start.
7. Then click on “Complete.”

You can also manually fund your PiggyBank by following these steps:

1. To save manually, click on “Quick Save.”
2. Enter the amount and source of funds.
3. Then click on “Quick Save.”

It’s that easy!

Now you can save using your PiggyBank wallet alongside millions of other Nigerians.

2. Safelock

Safelock is a fixed savings plan on PiggyVest that allows you to earn up to 12.5% annually. This interest is paid upfront, and you can leave funds in your Safelock wallet for at least ten days.

The exact amount you’ll get as returns depends on the number of days you lock your funds for, and you can leave your money on the platform for as long as you like.

Here’s how to use the Safelock plan on PiggyVest:

1. Log in to your PiggyVest app.
2. Go to “Savings.”
3. Click on ‘Safelock’ and select “Create a Safelock.”
4. Choose how long you want to lock your funds.
5. Enter the amount and title of the Safelock.
6. Then choose a payback date and select the source of funds.
7. Click on “Preview Safelock” and authorize the transaction.
8. Click on “Create Safelock.”

You can also check out our YouTube channel where we guide you through the effortless steps of creating a Safelock.

Of course, you can learn more about how Safelock works by checking out the articles on the PiggyVest blog. Here, you can read all about how to maximise your Safelock interest plans.

Ultimately, this plan is excellent if you have excess funds and need to curb temptation. And just like every plan on PiggyVest, it is completely safe!

3. Target Savings

Target Savings on PiggyVest is the best way to reach your unique savings goals — individually or as a group. It allows you to set a financial target and save consistently towards this goal — all while earning an interest of 8% per annum.

This means that you can save for your rent, vacation, a new gadget and even towards starting your new business with Target savings. And while you save, you can earn more money!

Here’s how to create a Target Savings plan on PiggyVest:

1. Log in to your PiggyVest app.
2. Go to “Savings.”
3. Click on “Target Savings” and select the plus sign.
4. Click on “Create a personal target.”
5. Then give your target a name and select the category.
6. Enter the amount you want to set a target for.
7. Choose how often you want to save, the amount, day and preferred time.
8. Click on “Continue” and enter start and end dates.
9. Choose the source of funds.
10. Confirm the target savings and click on “Create Target.”

Here’s how to create a Group Target plan on PiggyVest:

1. Log in to your PiggyVest app.
2. Go to “Savings.”
3. Click on “Target Savings” and select the plus sign.
4. Click on “Create a Public Group” or “Create a Private Group” — whichever you prefer.
5. Give your target a name and select the category.
6. Enter the group target amount.
7. Choose how often to save, the amount, day and preferred time.
8. Click on “Continue” and enter start and end dates.
9. Choose the source of funds.
10. Confirm the target savings and click on “Create Target.”

It’s pretty straightforward to use, and you can learn more about how the plan works by checking out this article on how to save as a group on PiggyVest.

And here’s a cool YouTube video to show you how to create a Target on PiggyVest if you prefer.

4. Flex Naira

The PiggyVest Flex Naira account is a flexible savings wallet for receiving interest earned on all other wallets. It’s an excellent way to save for life’s emergencies and includes free transfers and withdrawals.

You can also earn interest on your Flex Naira account, but it’s capped at 8% per annum. Additionally, you can only earn this interest if you withdraw at most four times monthly. 

If you withdraw more than four times a month from your Flex Naira account, you lose all your accrued interest on your Flex savings for that month.

Here’s how to use the Flex Naira plan on PiggyVest:

1. Log in to your PiggyVest app.
2. Go to “Savings”
3. Click on “Flex Naira” and select “Add Money” (ensure you have linked your BVN).
4. Make a transfer to your Flex Account Number from your bank app.

Your funds will reflect shortly in your Flex Naira Wallet.

Here’s how to create a label on PiggyVest:

1. Click on “Try Labels” and select “New Labels.”
2. Name your label and enter the amount to allocate.
3. Then create on “Create Label.”

There’s a great video tutorial on YouTube if you need help setting up your Flex Naira wallet.

You can also fund your Piggybank, Target Savings, Safelock, Flex Dollar and Investify plans using funds in your Flex Naira account. You can also withdraw from your PiggyBank savings to your Flex Account on your free withdrawal days.

5. Flex Dollar

Have you always wanted to save and grow your money in foreign currencies? Then Flex Dollar is what you need! But what exactly is it?

The PiggyVest Flex Dollar is an account that allows you to save in dollars. This way, you can preserve the value of your savings from within the Piggyvest app.

It’s super easy to set up, and you can use it to earn up to 7% interest annually.

Here’s how to use Flex Dollar on PiggyVest:

1. Login to your Piggyvest app.
2. Click on “Savings.”
3. Scroll down to Flex Dollar.
4. Click on “Buy Dollar.”
5. Enter how much dollars you want to purchase.
6. Select your source of funds and authorize the transaction.
7. Click on “Credit Flex Dollar.”

Here’s how you can convert your Dollar funds to Naira:

1. Click on “Convert To Naira.”
2. Enter the amount and authorize the transaction.
3. Click on “Convert to Naira.”

Your funds will be credited to your Flex Naira wallet instantly!

Here are the steps to withdraw from your Flex Dollar to your domiciliary or foreign account:

1. Select the “pay to bank” option
2. Fill in the required information
3. Then select “Send request bank transfer”.

And that’s it! Your funds will be credited to your bank account

Want to learn more about how it works? Then check out this explainer on the PiggyVest blog or watch this guide on YouTube where we explain the Flex Dollar feature in detail.

6. Investify

Investify is a PiggyVest feature that allows you to earn more on your savings by investing in pre-vetted, low-to-medium risk, primary and secondary investment opportunities. It’s super safe, and the minimum amount you can invest depends on the opportunity.

You can also earn up to 35% annual interest on Investify.

Here’s how to use Investify on PiggyVest:

1. Log in to your PiggyVest app.
2. Go to “Invest” and choose an investment opportunity.
3. Click on “Invest Now.”
4. Type in the number of units you want to buy and click on “Next Step.”
5. Confirm your Investment.
6. Click on “Invest Now.”

Now sit back while your money does the work.

New to investing? That’s alright! We wrote a great article outlining the five golden rules you need to know.

You can also check out our YouTube channel to learn how to purchase investments with Investify.

How to create a PiggyVest account

PiggyVest is all about security and ease. You can start any of the plans above today by logging into your account and selecting the option on your dashboard. But what if you don’t have an account? That’s okay; creating one is easy!

Here’s how to create a PiggyVest account:

1. Head over to the PiggyVest website or download the official app. The free app is available on the App Store and Google Play Store.
2. Click on the “Create free account” button. You may see this button as “Register” if you use the app.
3. Provide the required details and click “Create Account.” Ensure you double-check your details before submitting to avoid issues with your free PiggyVest account.
4. Set up your withdrawal bank. This account must be your own and is where PiggyVest sends your money anytime you choose to withdraw.
5. Verify your details and activate your PiggyVest account. This process shouldn’t take more than a few seconds.
6. Pick your preferred savings and investment option. You can check out the previous section of this article to learn more about the plans available on PiggyVest.

It’s that easy!

Now you can start saving and investing alongside more than 4 million customers that use and trust the platform.

Is PiggyVest approved by the CBN?

Now that we’ve seen how PiggyVest works and how you can get on the platform, it’s time to answer a few questions. First, is PiggyVest approved by the Central Bank of Nigeria (CBN)?

PiggyVest is approved by the CBN. It operates at the highest level of internet and bank-level security and is fully compliant with the Nigeria Data Protection Regulation (NDPR).

PV Capital manages and warehouses all the funds on the platform (including yours). PV Capital Limited (“Piggyvest”) is a fund manager duly licensed by the Securities and Exchange Commission (SEC) of Nigeria.

Is PiggyVest legit?

Now let’s dive into the platform’s legitimacy. How legit is PiggyVest? Is it a legal, great and trustworthy place to put your money?

PiggyVest is legit and has been operating since 2016. Since then, it has helped over 4 million customers achieve their financial goals by enabling them to save and invest with ease.

In the same period, these customers have received more than nine hundred billion naira from the platform — including interest.

How risky is PiggyVest?

While saving and investing are fantastic concepts, keeping your money safe is also essential. Therefore, we understand why you might be wondering how risky PiggyVest is. So, what’s the answer?

Your money and personal data on PiggyVest are safe and secure. The platform uses only the highest levels of Banking Security and is secured by 256 bits SSL security encryption to ensure your information is completely protected.

PiggyVest also works with PCI DSS-compliant payment processors — Paystack and Flutterwave — to handle your card details.

For extra security, there’s two-factor authentication (2FA), which is an added layer of protection on transfers and withdrawals on your PiggyVest account to ensure only you can access your account.

So, you can rest easy whether you’re saving your last ₦2k or investing a chunk of your salary to build long-term wealth.

Check out this article to learn more about security at PiggyVest.

What are PiggyVest customer care details?

PiggyVest is at Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde, Victoria Island, Lagos. However, you can use several dedicated channels to contact a customer care representative if you have issues.

Here are PiggyVest customer care details:

• Email: contact@piggyvest.com
• Twitter: @PiggybankNG
• Instagram: @PiggybankNG
• Facebook: PiggyBankNG
• Contact Number: 0700 933 933 933 or 07009339339

There are many scammers out there, so ensure you ONLY use these channels if you want to solve a problem with your PiggyVest account.

Conclusion: Why should you use PiggyVest?

PiggyVest is easy to use and the most trusted platform to save and invest money in Nigeria. It’s also licensed and registered with all the required agencies in Nigeria, including the CBN and the Nigeria Deposit Insurance Corporation (NDIC). 

And with interest rates of up to 15% on savings and 25% on investments, it’s undeniably the best way to better manage and grow your finances.