Piggyvest App Review 2022 Make Money Saving and Investing with Piggyvest

My Piggyvest Review 2022: Make Money Saving and Investing with Piggyvest

If you’ve been looking for a way to save money, make money, and invest your money in Nigeria. Then one of the few reliable options that you have is PiggyVest. In this Piggyvest Review article, I’ll be answering all your questions about the legitimacy of Piggyvest app as a savings and investment app. I’ll also be discussing in detail how you can make money with Piggyvest products and the Piggyvest referral program.

About PiggyVest

Piggyvest is an online saving and investment platform that started out as an innovative online Piggybank.

Over time, they introduced various saving and investment plans and products such as Piggybank Savings, Investify, SafeLock, Target Savings, Flex Naira, Flex Dollars, and others just to help every user to manage their finances better.

According to Piggyvest, they aim to “combine simplicity, discipline, convenience, and flexibility” with their products to help every user manage their finances well and eventually, achieve financial freedom.

History of Piggyvest

You’re probably curious about how Piggyvest started? Here are the details:

Based on my research, Piggyvest was launched as the first online savings app in West Africa on the 7th of January, 2016 as Piggybank.ng.

For three years, Piggybank only offered its users the ability to save online until April 2019 when Piggybank rebranded as Piggyvest and started to offer investment opportunities to her users.

When they started out, many people were skeptical but now Piggyvest is a well-recognized and tried-and-trusted savings platform with over 3 million users.

Founder(s) of Piggyvest

Piggyvest is not the brainchild of only one person. It has three co-founders: Odunayo Eweniyi, Somto Ifezue, and Joshua Chibueze.

Odunayo Eweniyi is both a co-founder and the COO of PiggyVest. On the other hand, Somto Ifezue is a co-founder and the Chief Executive Officer (CEO) of PiggyVest. And Joshua Chibueze is not just a co-founder of Piggyvest, he is also the Chief Marketing Officer (CMO) of Piggyvest.

As far as my research shows, Piggyvest is not their first startup and they tried many failed businesses before PiggyVest became a success.

How Piggyvest Works

PiggyVest has always been about helping people manage their money with ease, discipline, convenience, and flexibility. And that’s what really attracted me to the Piggyvest App at first.

Depending on your needs, Piggyvest can help you:

  • Autosave your money periodically (Daily, weekly or monthly) [Piggybank Savings]
  • Lock your funds away for a month or more [SafeLock]
  • Save your money towards a particular target (holiday, to pay the rent, buy a car) [Target Savings]
  • Save with your friends and family or even people you don’t know [Target Group Savings]
  • Invest your money in pre-vetted, low-risk investment opportunities [Investify].

Piggyvest review products

How Does Piggyvest Make Money

I know that, despite the wonderful array of features that Piggyvest offers. Many people who have suffered in the hands of false investment programs, MLMs, and scams like MMM, so and so investment, etc are afraid and curious about how Piggyvest makes money.

Just like regular commercial banks, Piggyvest invests the pool of funds that you’ve saved in risk-free assets like government bonds, treasury bills, commercial papers, etc. They take part of the interest from that and pay each user part of the interest based on the amount of money they save or invest.

Unlike the banks though, Piggyvest is a Fintech company meaning they don’t have so many overhand costs, that is, costs that regular commercial banks pay for their branch offices and numerous staff. They can earn more because they automate much of their activities online.

Watch this Youtube video where one of Piggyvest’s co-founders, Odunayo answers this question:

Is Piggyvest Legit?

Before you save or invest your money with Piggyvest, you’re probably asking questions like:

  • piggyvest is it legit
  • can piggyvest be trusted
  • how reliable is piggyvest
  • Do you have any personal experience using Piggyvest?
  • Have you withdrawn your money plus interest from Piggyvest?

The answer is Yes. Piggyvest is a secure and legitimate investment platform. I’ve saved and invested a lot of money on that platform without losing any single penny. I’ve withdrawn my money countless times and funded my Piggyvest account many times. And until now, I still use target savings, SafeLocks, and Investments. So, yes, I am very sure that this investment app is genuine.

Is Piggyvest Approved by CBN?

piggyvest approved by cbn

Apart from my personal experience with Piggyvest, there is no doubt that this fintech company is approved by the CBN. If you’re asking questions like: “Is piggyvest approved by cbn?”, “Is piggyvest insured by ndic?”, or “piggyvest is under which bank?”, these are the answers to your questions:

  • PiggyVest is managed by AIICO (American International Insurance Company Limited) which is a leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC). Your funds are kept and managed by AIICO so you really shouldn’t worry about losing your money when saving with Piggyvest.
  • It is registered with NDIC (Nigeria Deposit Insurance Commission).
  • It is also a registered cooperative- Piggytech Cooperative Multipurpose Society Limited (Registration number, 16555)
  • They own and operate a licensed Microfinance bank registered with the Securities and Exchange Commission (SEC) – the Gold Microfinance bank.

Is Piggyvest Secure?

Are you worried about how secure and safe Piggyvest is to use? That’s natural. Let me lay your fears to rest.

Piggyvest uses the highest possible security-rated technology one can get in the electronic payment processing industry. All of their financial information is encrypted and stored to PCIDSS Level 1 compliant standards. They also use encrypted 256-bit HTTPS SSL connections for transmissions between the site and their banking partner. For payment with your card details, Piggyvest works with Paystack, a PCIDSS-compliant payment processor.

You can also use 2FA as an added layer of security on transfers and withdrawals on your Piggyvest account.

Customer Service: Office Address, Number, and Email

Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde, Victoria Island, Lagos.

Contact Number: 0700 933 933 933

Email: [email protected]

Piggyvest Products and How to Earn with them

1. Piggybank™ Savings

Piggybank Savings

With Piggybank savings, you can develop a highly-beneficial saving habit and you don’t have to worry that using Piggybank will take your time because Piggybank has very flexible Autosave options.

Piggyvest Piggybank Autosave

How does Autosave work? You can configure your Piggybank to automatically save any amount of money daily, weekly or monthly from your bank account. Let me give you an example. Let’s say, you get your salary on the 9th of every month, with Piggybank autosave, you can automate saving 20% of your salary every single month.

And if you want to pause or continue Piggybank’s auto-saving, you can do so at any time you choose or please.

Of course, apart from Autosave, you can also use the QuickSave option. With Quicksave, if you missed a few days or weeks of autosaving for whatever reason, you can choose to save the total of all the savings missed immediately.

For example, Jumoke saves N1000 every week from her business profits but she fell sick and needed her profits for self-care for about a month. The next month after she resumed, she earned almost double of what she usually earns and decided to save the N4000 she was unable to save last month when she paused autosaving. In this situation, she can use QuickSave to save that N4000 to her Piggybank immediately.

How Piggybank Savings and Interest works

  • For funds saved in your Piggybank, you get an interest of 8-10% per annum. It may not seem like much but it’s much better than blowing your money on fake money doubling schemes or keeping your money in your account to collect dust.
  • Interest on your Piggybank Savings is accrued daily on your balance and paid monthly (available from the 1st of every month). All you have to do is withdraw it to your Flex Naira Account.
  • Money saved in your Piggybank can only be withdrawn on FREE withdrawal days. Usually, Piggybank’s FREE withdrawal days are: 31st March, 30th June, 30th September, and 31st December. However, you can choose to set your own FREE withdrawal dates (has to be 3 months from your last free withdrawal) on your dashboard.
  • In case of an urgent need of your Piggyvest savings where you have to withdraw outside free withdrawal dates, you will have to pay 2.5% penalty fee of the withdrawal amount. This is a great way to ensure you maintain discipline on your Piggybank savings (that is you don’t take out money except you absolutely need to).
  • After withdrawing, your funds will be sent to your bank account within 3 working hours.
  • However, if you want a much more flexible saving option, then Flex Naira is the best product for you.
  • Please note, that withdrawals from your Piggybank savings to your Flex Naira also count as withdrawals.

2. Piggyvest Flex Naira / Piggyflex

Piggyvest Flex Naira Wallet

Flex Naira is a flexible Piggyvest savings wallet where your interests earned on all other Piggyvest products are paid to. In simpler terms, you use Flex Naira to receive funds and interests from your savings and investments on Piggyvest. You can also use your Flex Naira wallet to fund your Piggybank, Target Savings, Safelock, Flex Dollar, Investify, and your bank account.

How Flex Naira or Piggy flex works

  • From Flex Naira, you can withdraw your money at any time without having to pay any fees for breaking your savings.
  • Your Flex Naira still has an 8% per annum interest-earning paid every month.
  • Although Flex Naira is a more flexible Piggybank savings option, your 8% interest per annum is subject to limiting withdrawals on Flex to 4 times a month. Withdrawing more than 4 times a month forfeits interest for the month. Also, you can only withdraw once every 10 hours from your Flex Naira account.
  • Flex Account Number: Usually, you will also get a dedicated account number with WEMA that you can use to make a bank transfer from your bank to your Piggyvest account. Transfers to that Flex account number will be immediately credited to your Flex Wallet.

3. SafeLock

Piggyvest SafeLock

Although you’re restricted from withdrawing money out of your Piggybank Savings unless absolutely necessary, you can still withdraw your funds anytime you like. That’s not the same story as Piggyvest’s SafeLock product. This is a fixed saving option where you can lock your funds for at least 10 days and earn up to 15.5% per annum on your savings.

How Does Safelock Work?

  • You lock your funds into a safelock for at least 10 days and you cannot access those funds under any condition until those number of days are up.
  • You can use Safelock to make fixed savings for anything. You can have more than one SafeLock and you can even give them different names or purposes.
  • Once the full duration of your SafeLock, for example, 30 days is exhausted and your Safelock has reached maturity, the funds will be immediately released to your Flex Naira Wallet.
  • Interest rate: Interests on safelocks vary based on the duration you set. Details:
  • 10-30 days, the interest is calculated at 6% per annum and prorated for the duration you set.
  • 31-60 days, the interest is calculated at 7% per annum and prorated accordingly
  • 61-90 days, the interest is calculated at 9% per annum and prorated accordingly
  • 91 days- 2 years, the interest is calculated at 10% per annum and prorated accordingly.
  • 2 years and above, the interest is calculated at 12.5% per annum and prorated accordingly.

4. Target Savings

Piggyvest Target Savings

Target Savings is another fun Piggyvest saving product that allows you to save consistently just like your Piggybank but this time, your savings have a specified purpose. For example, you can target save for your rent, vacation, a festival, a family event, or anything.

How Does Target Savings work?

  • You can create a personal target or a Group Savings Challenge with multiple users.
  • If your target savings are not locked, you can break your target savings at any time. However, locked target savings are just like SafeLocks and can only be accessed at maturity.
  • Even if your target savings are not locked, you will be charged a 1% processing fee and lose your accrued interest if you break your target savings before its maturity time.

5. Piggyvest Flex Dollar

Piggyvest Flex Dollar

You know how people are always saying, “Savings in naira is not a good deal”? Well, you can save in dollars with your Piggyvest Flex Dollar Account. With your Flex Dollar account, you can save, invest and transfer funds in dollars.

How Does Piggyvest Flex Dollar work?

  • You can save into your Flex Dollar account from your Flex Naira wallet or your bank card. (Note: You will be charged at your bank exchange rate in naira if you fund your Flex dollar account with a dollar card)
  • You can save as little as $1 in your Flex Dollar.
  • You can earn up to 7% per annum on your Piggyvest Flex Dollar Savings. (Please note, that interest rates change based on market behavior)
  • You can transfer in dollars to any of your friends using Piggyvest.
  • You can withdraw from your Flex Dollar account in naira or dollars. Naira will be withdrawn at the stated parallel market buy rate, according to Piggyvest. Dollars are usually sent to your dollar domiciliary bank account (this is currently paused – [Feb 4, 2022]).
  • As usual, interests on your Flex Dollar are accrued daily but paid monthly.
  • According to Piggyvest, Flex Dollar funds are invested in dollar fixed-term investments with Anchoria Asset Management, a division of VFD group. Anchoria Asset Management is licensed by The Securities and Exchange Commission (SEC), Nigeria.
  • And for now, you can’t send funds to an international card from your Piggyvest Flex Dollar Account.

6. Investify

Piggyvest Investify

Investify is a Piggyvest feature that allows you to earn more on your savings by investing in pre-vetted and low to medium risk investment opportunities. Usually, the investments are insured with varying protection and coverage plans.

How Investify Works

Investify Earned Investment

  • Minimum amount you can invest? As for the minimum amount you can invest, that should vary based on investment but from what I’ve observed from investing many times with Piggyvest, each investment unit is usually N5000.
  • What happens if there is a disaster? Usually, Piggyvest investments are pre-vetted and from personal experience, I’ve always cashed out my Piggyvest investments without any problems. Of course, you can decide to add PiggyVest Extra Protection to your investment for maximum capital safety.
  • Interest: Piggyvest Investify interests can be paid daily, monthly, quarterly OR at the end of the investment period into your Flex Naira account.
  • You can liquidate your investment anytime you want.

7. Piggy Points

Piggyvest app piggypoints

PiggyPoints is Piggyvest’s reward system for consistent users. The more you save in your Piggybank and Target (using either Autosave or Quicksave or Quicktop), the more PiggyPoints you earn.

Don’t worry, your PiggyPoints are not useless. They can be converted to cash in your Flex Naira wallet at a rate of 1 Piggy Point = N10.

How to Earn Piggy Points

  • Save N2000 – N4999 = 1 point
  • Save N5000 – N9999 = 2 points
  • Save N10000 – N49999 = 10 points
  • Save N50000 – N99999 = 25 points
  • Save N100000 and above = 55 points
  • Save target savings for more than 90 days and earn PiggyPoints.

Making Money with Piggyvest Referral Program

Piggyvest referral program

Other than Piggyvest’s savings and investment options, there is only one other way you can make money, that is with the Piggyvest referral program.

Piggyvest referral program is an awesome scheme and idea where you earn N1000 for every individual you refer and every individual you refer also earns N1000.

In simpler words, it is free to register a Piggyvest account but if you use my referral link, you will immediately earn N1000 for getting referred and I will also earn N1000 for referring you.

How Piggyvest Referral Program Works (With a Case Study – Myself)

1. Get registered with my referral link here: https://www.piggyvest.com/?newref=1&ref=2d5dbd4b5d0319 or use my Piggylink ID: moshope as the referral code when registering.

2. When you’re registered, I will get a N1000 SafeLock with the name: Referral Bonus – Your name.

Piggyvest Referral Bonus SafeLocks
Locked Piggyvest Referral Bonus for users who haven’t become valid users

3. However, until you become a ‘valid’ user, that SafeLock will remain a SafeLock that is inaccessible to me so I can’t get the bonus until you actually start using your Piggyvest account.

Unlocked Piggyvest Referral Bonus
Unlocked Piggyvest Referral Bonus for users who have become valid users

4. These are conditions that every referral has to complete to become a valid user of Piggyvest. Therefore, so that you and I can earn, your referral must:

  • Link their BVN and fund their Flex Naira wallet with at least #100 via a direct bank transfer to their flex account number.
  • Fund any other two wallets with at least #1000 each. This could be Piggybank, Safelock, or Target savings wallet.

5. Once these two things have been done, the referral bonus will be unlocked and sent to your Flex Naira account at the maturity date.

How to earn with Piggyvest Referral Program

STEP 1: Your first earning is definitely your Referral Bonus after you register with my referral link.

STEP 2: Once you’re registered, just go to your Piggyvest Dashboard and select “Account”

STEP 3: Then scroll down a little and click ‘Refer & Earn N1,000.00’

STEP 4: Here you’ll get your referral link usually with a pre-filled message and your link like this:

I use PiggyVest to save & invest securely. Sign up with my link and get ₦1,000.00 to start your own savings journey – https://www.piggyvest.com/?newref=1&ref=2d5dbd4b5d0319

STEP 5: At this point, you can choose to copy the link or share the link with the pre-filled message to your Whatsapp, Facebook, Instagram, Twitter, or TikTok users. With every new referral, you get N1000 which is only accessible when your referral becomes a valid user.

Piggyvest Review: Piggyvest App & Website

1. Piggyvest Sign Up/ Registration

Piggyvest Registration or sign up is pretty easy.

STEP 1: Click this link, you’ll be directed to the page in the image below, then click ‘Create a new Account’.

Create a free account

STEP 2: Once you get to the registration page, fill out your details. In the Referrer Phone or Promo Code part, please put: moshope. This way, you can earn N1000 for getting referred and I can earn N1000 for referring you.

Piggyvest Registration with referral code moshope

2. Piggyvest Login and Dashboard

For your Piggyvest login, all you have to do is click Sign in’.

Then add your email and password and you will be sent straight to your dashboard.

Your dashboard looks like this:

Piggyvest Dashboard

3. How to fund my PiggyVest account

Piggyvest review Payment Options

  • You can fund your account with your bank card which should already be linked and saved to Piggyvest since you will be using it a lot for saving and investing.
  • You can fund your account with Piggyvest’s Flex Account Number. The money goes to your Flex Naira wallet and from there you can fund your Piggybank, Target Savings, SafeLock, or Investify.Piggyvest review Piggyflex Account Number

Piggyvest and Abeg Partnership

Piggyvest review: Piggyvest and Abeg Partnership

Other than withdrawing your funds to your bank account, you can now withdraw to your Abeg account and get a 2% bonus capped at N100 for every withdrawal.

According to Piggyvest:

“Abeg is the fastest way to send & receive money in Nigeria today. You will be able to withdraw directly into abeg account from your PiggyVest once you connect it.

Abeg app ensures your withdrawals from PiggyVest are fast and instant. No more late credits from PiggyVest to your bank due to bank network issues.”

To use your Piggyvest and Abeg together, just click the image of ‘Connect your Abeg’ on your dashboard.

Piggyvest App Review FAQS

1. Can Piggyvest Crash?

This is highly unlikely because Piggyvest is an established fintech startup that has existed for over 5 years now. It has long grown past the stage where it could crash or fail. Even if Piggyvest crashed, you shouldn’t have anything to worry about because all saved funds on Piggyvest are managed by AIICO, an asset management company registered and licensed by the Securities and Exchange Commission (SEC) in Nigeria.

2. Why do I have to add my BVN to PiggyVest?

Your BVN is required to validate your identity and kick against identity theft. This ensures another level of safety for your funds and transactions.

It also unlocks other features like transfers from your Flex to another user’s Flex account.

3. Can Piggyvest receive dollars

Yes, Piggyvest can receive dollars from another Piggyvest account. You can also fund your Piggyvest account with dollars.

4. Can Piggyvest work without BVN?

Yes, but you won’t have access to your Flex Account Number until you submit your BVN.

5. Can Piggyvest be used outside Nigeria?

Yes, you can register and sign up for a Piggyvest outside Nigeria. But you can only use the account to save and invest if you have an active naira card or bank account.

In conclusion,

If you live in Nigeria or you have an active Nigerian Naira card or account, saving and investing cannot get easier than it already is with Piggyvest. As an active user of Piggyvest, I’ll encourage you to develop an active saving habit with Piggyvest and earn some interest while saving today. If you haven’t already done so, please read my article on how to create a Reliable Personal Financial Plan with Software and Templates, it will help a lot if you’re looking to learn how to manage your finances better.

If you’re yet to register on Piggyvest, here is my referral link and my referral code is: moshope. Thanks for reading. Register today!


Moshope Ajiboye is a freelance writer, blogger, and small business owner. She is passionate about writing, financial freedom, learning, and becoming a better person. You can find her on Twitter and Instagram with the same handle: @ajiboyemoshope. She also has a Youtube channel called Pursue Better Me.

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