Since its inception in 2019, our annual savings challenge, Race to the New Year, has brought thousands of our users together at the end of every year to save and prepare for the financial demands of the new year. This year, the challenge achieved its biggest milestone, making it our largest group target savings challenge ever.
Martha Kingsmike, Senior Product Marketing Associate at Piggyvest, explained, “We understand that December comes with many expenses. This challenge is a practical way to help our users start the new year on a solid financial footing with funds they have saved during the Race to the New Year.” In 2020, for example, participants saved ₦500 daily from November 13th to January 2nd, 2021, with a target of ₦25,000 per member. By the end of the challenge, the group had collectively saved over ₦130 million, with more than 3,000 savers participating.
The Race to the New Year challenge uses Piggyvest’s Target Savings feature, which enables participants to contribute towards a shared savings goal while retaining ownership of their funds. Participants can easily withdraw their share of the savings, with interest, without impacting others in the group. This approach combines the benefits of communal motivation with personal financial control, empowering everyone to achieve their goals.
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Joshua Chibueze, Co-founder and Chief Marketing Officer at Piggyvest, explained that the Target Savings feature is inspired by Nigeria’s communal savings culture, popularly known as ajo. This traditional system involves members of a community pooling money together regularly to achieve their financial goals. “What we’ve done is enhance this culturally familiar concept by adding automation, interest, and increased trust and accountability, which has turned it into a powerful avenue for Nigerians to save towards their goals together,” Chibueze said.
With over 12,000 Piggyvest users joining the challenge this year and millions of naira saved in 90 days, the group has become our biggest target savings challenge to date. Chibueze added that it’s incredibly fulfilling to see Piggyvest remain the platform of choice for individuals who want to save towards their life milestones.
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Tarilah Ifidi, a first-time participant in Piggyvest’s Race to the New Year target savings plan, explained that saving ahead of the new year helps her prepare for the often financially challenging first month. “I’m very big on gifting, and I love giving gifts every new year, so I save specifically for that purpose. Whatever is left serves as a buffer for the month and a resource for investment,” she said.
Yvonne Okpala, another participant in the challenge, expressed her excitement about how helpful the target savings were. “I’m so happy I joined. After all the December expenses, the funds I saved have been such a huge relief,” she said.
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“Knowing that we’re empowering people to achieve their dreams and secure their future motivates us to keep innovating and providing the best tools for financial growth,” Chibueze added. “Hearing from our users, like those who participated in this challenge, reminds us of why we do what we do.”
