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Security At PiggyVest

Six and a half years ago, PiggyVest launched to democratise access to micro-savings and micro-investments in Nigeria. But more than that, we asked many people to start a financial journey with us.

We know that trusting us with your money is a big responsibility, which we take very seriously. But you’re in great company: more than 4 million users (and counting!) trust us to save and invest securely.

Our team is constantly updating our security measures to further improve our world-class security systems, and here are a few of the ways we keep you and your money safe:

Withdrawals

No one can withdraw from your account except you.

You need to enter your password and security question or OTP to withdraw. It is critical that you do not share your password, security answer or OTP with anyone.

PiggyVest will never ask you for these details via any channels.

Account Updates

You are the only person authorized to make changes to your account.

Critical information on your PiggyVest account, like your phone number, email address and withdrawal bank account, can only be changed by reaching out to us via any of our verified support channels — phone or email.

You will have to pass validation checks to make any account changes.

All About OTPs

One-time passwords (OTP) are unique passwords that we provide to you that can only be used once, as the name suggests. They are valid for one transaction only.

You will need to enter OTPs to complete withdrawals, transfers and setting up your security question on PiggyVest.

In the past, we sent OTPs to email addresses only, but now we send OTPs to your designated phone number.

Account Flags

Account flags protect your account from suspicious activity. Once we detect a deviation from regular use, we protect your PiggyVest account with a temporal flag.

This is a precautionary measure to safeguard your account against suspected fraudulent activities.

To lift a temporal flag, you are asked to send an email to finance@piggyvest.com. A team member from our Financial Operations team will carry out all necessary validation checks. Once cleared, the flag is lifted.

Flags are critical to prevent suspicious activity.

BVNs, and why we ask for them

Your Bank Verification Number (BVN) is your unique identity across the Nigerian Banking space. We need your BVN to validate your identity and further protect you against identity or money theft.

BVNs allow us to verify your name, phone number and date of birth. We do not get access to anything else. Verifying your BVN adds an extra layer of security to your funds and your transactions with PiggyVest.

Verifying your identity also unlocks more features on your PiggyVest account.

Debit Cards

For safety, you cannot use the same debit card on two different accounts.

We understand that you have different things to save for; we created Target Savings for this purpose.

The Target Savings feature on the app allows you to save towards as many goals as you’d like. There is no limit on the number of goals you can create.

Data Security

Your money and personal data are safe and secure. We use only the highest levels of Banking Security, secured by 256 bits SSL security encryption, to ensure that your information is completely protected and secure. Our payment processors, Paystack and Flutterwave, are PCI DSS compliant (globally certified), and they encrypt your card data.

How else do we protect your account?

Hidden Balances: You can hide the balance on your dashboard. To do this, click “Account” and then toggle the button that says “Show Dashboard account balances.”
Auto Logout: You can set up auto-logout on the login page, which ensures you are automatically logged out after 5 minutes of inactivity on the app.
Fingerprint/Face ID login: You can enable this option to further prevent unauthorised access to your account.

What else can you do?

Never share your PiggyVest or email account password with anyone.
We strongly recommend enabling Two Factor Authentication on your email accounts to keep you extra secure. This way, you’ll be notified if there’s any suspicious attempt.
Never use public or shared computers (e.g. cyber cafés) to log into your PiggyVest and email accounts
Never use public wifi access to log into your PiggyVest or email accounts.