Is Piggyvest Legit, Safe and Approved by CBN?

Piggyvest is one of the savings and investment platforms in Nigeria. The finance platform is combining discipline and flexibility to make you achieve your saving goals easily.

Founded in 2016 as a “savings-only” platform. Then, it’s known as “Piggybank” with website URL as piggybank.ng.

Piggybank.Ng operated for three (3) years from the day of its inception and in April 2019, it was rebranded to “Piggyvest” when it included “Investment” opportunity to it services.

Since then, the finance app has been offering both “savings” and “investment” services to it 4M+ customers. In addition, Piggyvest helps you manage your Finances with simplicity and transparency.

That’s just a short story of Piggyvest. However, in this article, we are going to reveals to you the legitimacy of Piggyvest and whether it’s safe to save and invest your money in the app plus its approval status by the CBN and NDIC in Nigeria.

Less I forget, Odunayo Eweniyi, a Nigerian business executive and activist, is the Co-founder and Chief Operations Officer of PiggyVest, and she is also the co-founder of Feminist Coalition.

Is Piggyvest Legit?

Yes, Piggyvest is still legit in 2024. This savings and investment platform is licenced by the Securities and Exchange Commission (SEC) of Nigeria, making it a legal entity.

Piggyvest is also approved by the apex bank in Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC) to carryout inward and outward transfer to any banks in Nigeria.

In a nutshell, Piggyvest current operations in Nigeria is backed by SEC, CBN and NDIC. Meaning that, the finance app is currently legit and safe to save and invest money.

Is Piggyvest Safe?

Yes, Piggyvest is Safe and Secure. Aside the fact that all inward and outward funds transfers are insured by the NDIC, the platform also integrate top class security to ensure your savings account is secured and safe from hackers.

Hence, when you think of savings and investment platforms that priorities safety, think of Piggyvest. Their dedication to banking system security are one of the best in Nigeria.

Is Piggyvest Approved by CBN?

Yes, Piggyvest is approved by the Central Bank of Nigeria (CBN). The platform was approved in 2016 when it’s incepted as Piggybank.

Piggyvest operate under CBN’s Microfinance Bank (MFB) Licensing and Regulatory. The platform is also being regulated by Security and Exchange Commission (SEC) in Nigeria.

All deposits in your Piggyvest Account are insured by the Nigeria Deposition Insurance Cooperation (NDIC). In addition, the money in your PiggyVest account are also warehoused and managed by PV Capital Limited – RC No. 1760152 (“PV Capital”).

PV Capital is a duly registered Fund/Portfolio Manager with the Securities and Exchange Commission (SEC) of Nigeria, and all its operations are in compliance with applicable regulations.

Disadvantages of Piggyvest

Does Piggyvest have any downside? You may be thinking that since the platform is duly regulated and licensed by the right authorities in Nigeria, there should not be any disadvantages.

Well, Piggyvest does have some downsides that its customers are complaining about. Some of the disadvantages of Piggyvest includes; 2.5% withdrawal penalties, its inflexible withdrawal policies, and a dollar account that can’t receive dollar transfers.

However, speaking of Piggyvest’s advantages, it has a high-interest rates, good transparency, automatic savings feature, and piggy points earning opportunity.

Final words

Piggyvest is a legit, safe, secure and approved savings and investment platform in Nigeria. The platform’s operations are being monitored and regulated by SEC, CBN and NDIC.

Do you find this article helpful and interesting? Join our growing community to get our updates as soon as we publishes them. Cheers!