Warren Buffet once said, “Do not save what is left after spending, but spend what is left after saving.” Many Nigerians would agree with Buffet’s statement. After all, 80% of Nigerians need to save at least 40% of their monthly income to pay for daily expenses. But reality says otherwise.
Some Nigerians barely have enough to spend on basic needs, let alone save. Others struggle to save because of impulse buying, lifestyle inflation, bad debt and black tax.

Describing his battle with saving, Jonathan, a millennial, said:
“While I understand the importance of saving money, I struggle to do it. The ridiculous part? I can rarely account for my expenses.
Money comes into my account, and the next minute, it’s gone. On the few occasions I tried keeping money, I exhausted my savings as soon as minor expenses arose.”
For Jessica, a Lagos-based lawyer who earns ₦300,000 monthly but still complains about getting broke, impulse buying is the problem. In her words:
“I always want to buy something even when I don’t need it, from skincare products and clothes to food and stationery. I believe this is due to my indiscipline. Also, I’m confident that I’ll always get more money whenever I need it.
Nevertheless, my impulse buying habit almost ruined me at some point, as I was always getting broke and owing people. But my situation is a bit better now as I have more income streams. So now, I still shop impulsively, but without thinking about the consequences.”
Dorcas, an undergraduate, desires to build better saving habits but keeps failing.
“Since I realised my tendency to give in to impulse buying, I vowed to become prudent. I even got myself a kolo last month, intending to save ₦2,000 daily. Still, I’m far from my financial goals, as I don’t save as planned. My expenses also always outweigh my budget.”
Piggybank Wallet: The most trusted solution
Somto Ifezue, Joshua Chibueze and Odunayo Eweniyi, who would go on to create Piggybank.ng (now known as PiggyVest), could also relate. The founders, like most young Nigerians, found it increasingly difficult to save.
So, in 2016, when someone tweeted about a kolo (a wooden container) that helped her save ₦1000 daily, they were immediately inspired. This led to the creation of the Piggybank Wallet — a savings account, which also happens to be PiggyVest’s first feature.
How it started How it’s going.
— PiggyVest (@PiggyBankNG) October 7, 2020
Piggybank. Piggyvest. pic.twitter.com/OVWgZZHhHX
Since then, PiggyVest has grown into an online savings and investment app, helping over 3.5 million users save, invest and improve their overall finances.
About their initial plan, Joshua Chibueze said:
“We wanted to build an app that allows people to save consistently over a period of three months.”
This laid the foundation for the Piggybank Wallet, entailing:
- Withdrawal days: Initially, Piggybank had default withdrawal days, outside of which users couldn’t take out their savings without paying a penalty fee (5% of the withdrawal amount). The withdrawal days were March 31st, June 30th, September 30th and December 31st.
This was done to teach users discipline, as they are aware of the financial consequence of withdrawing their savings outside the set periods. Now, users can set their own withdrawal days. And, because of the pandemic, the penalty was reduced to 2.5% of the withdrawal amount.
Piggyvest reduced their breaking fee to 2.5%? Nice !
— Big Fish Gee 🦈 (@GbemmyG) April 11, 2020
- Automated saving: Piggybank Wallet not only allows users to save automatically, but it also gives them the flexibility to control the automation’s frequency — daily, weekly or monthly. For example, you can choose to save ₦1000 every Friday by 5PM or choose the 27th of every month simply by visiting the Autosave setting.
On top of that, users don’t have to worry about their money, as PiggyVest uses the highest level of internet security to prevent fraud attacks.
3. Quick save: While automated savings are great, we can’t always tell when money is going to fall into our lap (and we’ll need to save some of it). That’s what Quick save is for. It allows users manually add funds to their Piggybank wallet at any time, regardless of your Autosave setting.
I’m so proud of myself. Whenever I get alerts the first thing I do is to hit quick save on PiggyVest.
— Jeanne💗 (@_jaiid) February 12, 2021
How the Piggybank Wallet has helped Nigerians save
The Piggybank Wallet has been a lifesaver for many Nigerians. This is why Daniel Okibe, a PiggyVest user since 2018, couldn’t stop raving about it. In his words:
“I have saved my money with Piggybank Wallet on multiple occasions, and it’s never failed me. I particularly love how I can add my earned interest back to the money in my wallet, further increasing my interest for the next month.”
Mary Imasuen, on the other hand, got to build a better savings habit because of the Piggybank wallet.
“Prior to 2019, I was a people pleaser who had no savings or investments. But one day, I decided enough was enough and began seeking ways to become smarter with my spending habits.
In my search, a colleague suggested that I use the Piggybank wallet. I did, and it’s been a fulfilling ride ever since. The autosave feature made me intentional with my spending.
It also disciplined me whenever I tried to withdraw my money ahead of set withdrawal dates. As a result, I developed a better savings culture.”
As for Fisayo Fosudo, a renowned YouTube creator, he was able to save “over ₦15 million” with discipline and the help of the Piggybank wallet.
“After reading The Millionaire Next Door, I took stock of the [financial] mistakes I made and started budgeting. I saw that I was spending a lot on airtime and eating out. So I knew what to cut down on. I then started saving 70% of everything I made.”

Members of the PiggyVest team also love the Piggybank Wallet, with some calling it their favourite PiggyVest feature.
Our Product Marketing Manager, Peace Obinani, had this to say:
“Piggybank Wallet is (and has always been) my favorite saving feature. It has helped me build stashes useful in paying necessary bills like my house rent. I love its ease of use, the interest rate and the breaking fee punishment [Laughs]”
Even Odunayo, the PiggyVest COO, managed to scale through her early career — all thanks to her Piggybank Wallet.
“At the early stages of my career, I had to save at least weekly to complete my rent money. Piggybank wallet made that a breeze. Through the Autosave feature, I was able to save money automatically and consistently without lifting a finger.”
Do you want to build a better saving habit while earning up to 10% per annum?
Follow the steps below to get the best out of the Piggybank Wallet:
- Check your financial records and expenditure for weak spots.
- Highlight the financial goals you’ll love to achieve with your Piggybank Wallet. Ensure your goals match your situation and adjust accordingly.
- Install the PiggyVest app and start using the Piggybank Wallet feature.
- Learn how to budget, so it’s easier to live on the remaining money not locked away in Piggybank.
You, too, can build better saving habits like Mary did and achieve your financial goals like Odunayo. Download PiggyVest and start using the Piggybank feature today!
