Your financial life is a journey: one that starts with the important steps of saving and investing and then evolves into full-fledged financial security, for you and your loved ones. During our recently concluded OpenHouse event in Abuja, a customer asked a question we believe is super important:
“What happens to my Piggyvest funds if I pass away?”
It’s a tough question. But we have a real answer: if the unexpected happens, your Piggyvest funds don’t disappear. They can be accessed by a legally appointed administrator or a Next of Kin (NOK) listed on your Piggyvest account. However, they’ll need to provide the appropriate legal documentation.
To make this even more secure and transparent, we’re introducing a new feature called Piggyvest Wellness Checks.
What are Wellness Checks?
Piggyvest Wellness Checks are a new safeguard designed to protect your legacy. If your Piggyvest account shows no activity (that means no logins, no new savings, no withdrawals) for a period of 18 months, we’ll do the following:
- We’ll check in: We’ll send you an email to see if everything is okay.
- Reach out to your Next Of Kin: If we don’t get a response from you or see any account activity within four weeks after our initial email, we will then reach out to the NOK you’ve listed on your Piggyvest account.
This new feature is an extension of our commitment to you. We want to safeguard your funds and provide a straightforward process for your nominated Next of Kin to access your account, should the need arise.
What do you need to do?
For Piggyvest Wellness Checks to work effectively and to ensure we can reach the right person, we need your help. It’s crucial that your NOK information is up-to-date on your Piggyvest app. Think of it as a simple but vital step in securing your legacy.
Here’s how to update your Next of Kin details (it takes less than 2 minutes!):
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- Log in to your Piggyvest app.
- Tap on “Account.”
- Select “Next of Kin.”
- Fill in or update the required details accurately.
- Save your changes.
That’s it! You’ve taken a significant step in ensuring your funds are extra secure and your loved ones are looked after.
Who should be your Next of Kin (NOK) on Piggyvest?
Your NOK is the person who, in any unfortunate event of your passing, would be contacted by Piggyvest (after our Wellness Checks process). This individual would also be eligible to access your funds upon providing the necessary legal documentation. Therefore, you should put some thought into who this person should be.
We recommend picking someone who’s trustworthy and willing, for example:
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- Your spouse or partner.
- Your adult child.
- A sibling.
- A parent.
- A close and trusted friend or relative.
Keep in mind: you can always change your NOK information directly in your Piggyvest app.
What legal documents does your NOK need to access your Piggyvest account?
It’s important to know that we don’t automatically grant your NOK access to your Piggyvest account in the unfortunate event of your passing. For the protection of your funds, we are required by law to verify certain documents. However, the exact documents required depend on whether you leave a valid will or not.
Here’s a clear breakdown of the legal documentation that your Next of Kin will need to access your Piggyvest account if a valid will is available:
- A Grant of Probate naming the executor or individual authorised to access the account (in this case, your NOK).
- A valid government-issued ID of your Next of Kin as a means of identification.
- A clear selfie of your NOK holding their government-issued ID.
- Proof of contact address for the NOK (for example, a recent utility bill).
Here’s a list of the legal documentation that your Next of Kin will need to access your Piggyvest account if there is no valid will:
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- A Death Certificate.
- A Letter of Administration issued by a competent court.
To begin the process (whether a will is available or not), your NOK will need to send an email to our team at finance@piggyvest.com. Once all valid documents are received and verified, we will process the request and funds disbursement within 5 to 7 working days.
Our goal is to handle these requests with the sensitivity, security, and efficiency they deserve.
What if you don’t list a Next of Kin on your Piggyvest account?
If your account has no NOK details, the process still relies on the legal documents mentioned above (Letter of Administration or Grant of Probate) provided by your official estate representatives. This is another reason why keeping your NOK details updated is so helpful — it gives us a clear point of contact.
Why does this matter?
No one wants to think about the worst-case scenario, but it’s part of being financially responsible. Our Wellness Checks are one more way we’re looking out for you and the people you care about!
Your security is still our priority
Rest assured, all information (including your NOK details) is protected with the same high-level security measures we use for all your Piggyvest data. Plus, we’ll only contact your Next of Kin under the specific circumstances outlined above.
Got questions? We’re always here to help. You can reach out to our support team via the Piggyvest app, on X (formerly Twitter), through Instagram, or send an email to contact@piggyvest.com. Your peace of mind is our priority, and we’re here to support you every step of the way! 💙
