In our article on Ajo, we explored how group savings are a cornerstone of Nigerian culture, enabling people to achieve significant financial goals through community, trust, and mutual accountability. But did you know that you can also save as a group on Piggyvest?
Piggyvest’s Group Target Savings feature allows you to save collaboratively towards a shared goal while keeping your funds in your own secure, private account. This way, you get all the benefits of saving with others and earn up to 12% annual interest without trusting anyone else to hold your money.
This article will break down exactly how you can use Piggyvest to achieve your community goals. We’ll start by explaining precisely what Target Savings is, then explore how Group Targets work. Then, we’ll show you how it stacks up against traditional methods and provide a clear, step-by-step guide to get you and your group started today.
What is Target Savings on Piggyvest?
Piggyvest Target Savings is a goal-oriented, semi-strict wallet on Piggyvest designed to help you save with discipline towards a specific financial target. It’s a powerful tool that lets you set a clear goal and work towards it — whether it’s a personal ambition, like buying a new car, or a collective one you share with a group (like visiting every state in Nigeria).
The wallet is flexible, so you can choose to save manually on your own schedule or automate your contributions daily, weekly, or monthly. With Target Savings, you can also choose to either lock your savings to ensure you don’t break it or leave it open so you can access your cash at any time.
Best of all, it helps your money grow — allowing you and your group to earn competitive interest of up to 12% per annum on your savings.
How does group savings work on Piggyvest?
The magic of group savings on Piggyvest lies in the fact that each member retains control over their own funds. Unlike traditional Ajo, where The magic of group savings on Piggyvest lies in the fact that each member retains control over their own funds. Unlike traditional Ajo, where everyone’s money goes into a shared pot managed by one person, Group Target Savings allows each member to control their own money independently.
Here’s how Group Target Savings works on Piggyvest:
- You create a Target Savings plan for a shared goal (say, “Graduation Expenses”).
- You set the rules — everything from maturity date to target amount.
- You can add members by using an invitation link.
Each person then contributes directly from their own personal Piggyvest account, meaning your money is always yours. That way, your savings can keep going (and you don’t lose a kobo) if members decide to stop saving or fail to reach their goals.
Why should you use Target Savings for your group savings?
FoFor many Nigerians, the power of community is the ultimate motivation. Saving together turns a personal chore into a shared, exciting journey. The accountability that comes from knowing your friends are also putting money away for that special goal can be the push you need to stay on track. This is where Piggyvest’s Group Target Savings truly shines.
The following are the key benefits of using Target Savings as a group:
- Zero trust issues: Since your contributions remain in your secure, individual account, you never have to worry about a group head disappearing with the funds. It completely removes the risk of mismanagement.
- Complete security: Your savings are protected. Piggyvest is fully compliant with Central Bank of Nigeria (CBN) regulations, and all funds are insured by the Nigeria Deposit Insurance Corporation (NDIC).
- Earn while you save: In a traditional Ajo box, your money sits idle and loses value to inflation. On Piggyvest, your group’s savings earn up to 12% interest per annum, helping you reach your goal faster.
- Full transparency with total privacy: For motivation, the feature includes a leaderboard so everyone can track the group’s overall progress. However, access to each member’s individual savings remains completely private. No one can touch your money except you.
- Seamless automation: Forget the stress of chasing people for their contributions. Members can set up automatic daily, weekly or monthly deductions to ensure everyone stays disciplined without manual effort.
In short, you get the motivation of a group challenge with the security of a personal bank account. Now that you know why it’s the best choice, let’s get into how simple it is to set up.
How to save as a group on Piggyvest using Target Savings
Getting your group started on Piggyvest is simple and takes only a few minutes. All you have to do is download the Piggyvest app, sign up, and then fGetting your group started on Piggyvest is simple and takes only a few minutes. All you have to do is download the Piggyvest app, sign up, and then follow the instructions below.
Here’s a step-by-step guide to creating your first Group Target Savings plan:
- Log in to your Piggyvest app and click on “Savings.”
- Click on “Target Savings” and select the plus sign.
- Click “Create a Public Group” or “Create a Private Group” — public groups are open to anyone and private groups require an invitation.
- Give your target a name and select the category.
- Enter the group target amount.
- Choose how often to save, the amount, day and preferred time.
- Click on “Continue” and enter start and end dates.
- Choose the source of funds, confirm the target savings and click on “Create Target.”
Now, you can share the unique link to your Target Savings group with your friends and family. Happy saving!
What’s the difference between Target Savings and Ajo?
WWhile both are built on the principle of communal saving, the execution is worlds apart. Piggyvest takes the timeless spirit of Ajo and upgrades it for the digital age while granting you control and discipline.
Here’s a direct comparison:
| Feature | Piggyvest Group Target Savings | Traditional Ajo/Esusu |
| Fund Security | Funds are held in secure, individual, NDIC-insured accounts with bank-grade encryption. | Funds are typically held as physical cash by a single coordinator, making them vulnerable to theft, loss or mismanagement. |
| Transparency | Features a digital dashboard for real-time tracking of the group’s collective progress. | Relies on manual notebooks, which can lead to errors, disputes and a general lack of clarity. |
| Returns | All participants earn 12% annual interest on their savings, helping their money grow. | Offers no interest, meaning the purchasing power of your savings can decrease over time due to inflation. |
Ultimately, Piggyvest Target Savings respects Ajo’s community spirit while eliminating the risks. You get the accountability and shared motivation of traditional savings circles, upgraded with modern security, transparency and the added benefit of earning interest on your money.
Start saving with your group today
Saving as a group with Piggyvest’s Target Savings gives you the best of both worlds — the discipline and accountability of communal savings, paired with the safety, transparency and returns of a modern financial platform.
Whether you’re saving with family for a vacation, with friends for a shared milestone, or with colleagues for an end-of-year reward, your money stays in your account, earning interest along the way. Download the Piggyvest app and start your Group Target Savings today.
