Yes! You read right; Dollar savings are finally here!
Our mission here at Piggyvest is to give you the power to better manage your finances with ease. One of the key elements in wealth management is preserving (and growing) the value of your savings. In simple terms, this means not losing value on your savings.
For example, if John had N150,000 in 1999, it was worth $6,852. The same N150,000 in 2009 was worth $1034 — $877, and in 2019 is now worth $416. That’s 1547.1% loss in value.
If John had saved his N150,000 in 1999 in dollars ($6,852) back then, he would have over N2M (N360/$1) right now.
The U.S. dollar remains one of the strongest currencies in the world and is the most traded currency in the foreign exchange market. In recent years, the U.S. economy has been expanding, making the US Dollar one of the most favorable currencies.
Dollar Savings in Nigeria is not the cheapest or the most accessible, from hidden fees to high minimum opening balances and tiered interest rates, the average Nigerian can not access or afford it.
Hello Flex Dollar!
Flex Dollar allows you save in dollars so you can beat currency devaluation and inflation rates. What this means for you is that you’re able to preserve the value of your savings from within the Piggyvest app. With Flex Dollar, you can convert your naira to dollars instantly from your Flex (naira) wallet or your bank card.
Flex Dollar funds are invested in dollar fixed term investments with Anchoria Asset Management, a division of VFD group. Anchoria Asset Management is licensed by The Securities and Exchange Commission (SEC), Nigeria. Their investment products focus on capital preservation while providing income and asset class diversification.
Getting started with Flex Dollar is as easy as 1,2,3
- Tap/click “Flex Dollar” Card
2. Select the amount of dollars you would like to purchase (you can start with as little as $1)
3. Select a funding source (Naira debit card or Flex Naira account), and complete the transaction.
What is the Interest Rate on Flex Dollar?
You earn up to 7% per annum on your Piggyvest Flex Dollar account. Interest rates are determined by the market behaviour at any given time. Interests are accrued daily, but paid monthly (compounded).
Can I save using my international card or a dollar denominated card?
For now, you can only save using a Naira denominated card.
How do I withdraw from my Flex Dollar account?
You can withdraw in Naira or Dollars. Withdrawing in Naira will be at the stated parallel market buy rate. When withdrawing in Dollars, the funds are sent to your Dollar-denominated Domiciliary bank account. Payment into Domiciliary accounts attract a small processing fee. You can transfer to another Piggyvest user for free.
If you have more questions, please check out our FAQs section!