Loan APP Reviews

PiggyVest Review 2023: Is it Legit or Scam

Are you not tired of walking under the blazing hot sun to the bank every time you require their services, waiting in what seems like an endless queue for hours, only to finally approach the desk to be attended to by a cantankerous accountant who takes forever to process your request?

Well, I am! And just when I was about to go gaga from the rigorous process of visiting the bank, I stumbled upon PiggyVest which has not only been my saving grace but also my hack to financial freedom.

Fortunately, I’m not one to hoard information, especially one this good. So, in this article, I’ll be sharing with you everything you need to know about PiggyVest.


PiggyVest is a secure, legit, and trusted online savings and investment platform that has been licensed and approved by CBN.  PiggyVest has risen to become one of the country’s most popular and used digital banks. It became the first online saving platform in Nigeria and West Africa in 2016 when it made its debut as Piggybank, having one of the best automated saving apps. It was later rebranded to become PiggyVest in 2019.

It is a platform that enables users to perform financial transactions, and save and invest their money with ease. It makes saving possible by combining simplicity, discipline, convenience plus flexibility thereby giving users the power to manage their finances better and achieve financial freedom.

Piggyvest Products And Services Include:

1. Piggybank

Interest rate: 10% p.a.

You get a whopping 10% interest per annum when you save on Piggybank. And the best part is, you can save automatically by indicating a certain amount to be deducted from your account on a daily, monthly, or yearly interval.

For this to be effective, you need to link your debit card to your PiggyVest and authorize PiggyVest to deduct the stated amount of money at the specified time.

This feature is best favorable to monthly income earners. However, you can choose to save manually by turning off the auto-save button. This enables you to save at your own pace.

To do that, click on quick save, type in the amount then select My piggybank as the saving location. You can as well use the QuickSave to save money at any point even while using the autosave.

With Piggybank, you are allowed 4 free withdrawal dates in a year. Any attempt to withdraw outside these dates will attract a fee.

These dates are in default mode but you can adjust them to suit your preferences. At the beginning of each month, you can claim your interest to your Flex Naira account by clicking on your claim interest button. Finally, this feature was designed to help users achieve financial discipline and to save more.

2. Flex Naira

Interest rate: 8% p.a.

Flex Naira account operates like a bank saving account but has a higher interest rate. It is the only bank on PiggyVest that has an account number (WEMA BANK) You earn an interest of 8% per annum on funds in your flex account only if you do not make more than 4 withdrawals in a month. You lose all your accrued interest on your Flex savings for that month if you withdraw more than 4 times. Also, all interests earned on all other PiggyVest wallets are paid to your Flex Naira account.

One advantage Flex Naira has over other saving plans is that it is flexible. It gives you the freedom to withdraw your money at any time, unlike Piggybank. But if you aim at making interest on your Flex Naira account, then you should probably use it as an emergency account, withdrawing from it only when it is necessary. By restricting your withdrawals you will be able to get your monthly interest on your Flex savings.

3. PiggyVest Safelock

PiggyVest Safelock is a fixed deposit type of account that allows users to lock up money for a fixed period ranging from 10 days to over 2 years to avoid spending. Money saved with Safelock cannot be withdrawn until the set time elapses. Interest on this plan is usually paid upfront. Once the time you set is up, the money will be automatically released into your Flex Naira account for use. The minimum amount of money you can lock is ₦1000 and you can have as many safe lock accounts as you wish.

Interest is earned based on your saving duration as listed below.

Safelock Duration Interest Rate

10 – 30 days   6% per annum

31 – 60 days   7% per annum

61 – 90 days   9% per annum

91- 365 days   10% per annum

1 – 2 years   12.5% per annum

Over 2 years   26% – 36% per annum

4. Target Savings

Interest rate = 9% p.a.

PiggyVest target savings involves saving towards a goal. For instance, if you need to buy a new gadget, or a house, need capital for a new business, want to go on vacation, or get your tuition or rent fee ready before time, then target savings is your go-to saving plan. It enables a gradual saving process that helps users plan to spend on luxuries they normally won’t be able to afford on impulse.

Target Savings also has 3 sub-accounts which are: A Personal account where you set up individual saving goals. A public savings account is best used when it involves a large group of people saving up for a project. And the private group target enables you to save along with family, friends, or anyone of your choice.

Steps to start a target saving

  • Give the goal a title
  • Set the reason
  • Enter your target amount and choose the saving frequency

Lastly, PiggyVests’ Target interest rate is 9% p.a. and you get your money with interest after you reach the goal. You can also withdraw once you reach 70% of the set goal and the minimum duration you can set is 30 days.

5. PiggyVest Flex Dollar

Interest rate = 7% p.a.

Flex Dollar is the only PiggyVest feature that allows you to save your money in dollars which is a highly valued currency. It offers a way to safeguard your money against the worsening Naira devaluation. This provides the opportunity to earn more when the value of Naira decreases. Additionally, with PiggyVest Flex Dollar, you can transfer dollars to other users and your domiciliary account without any charges. When you decide to withdraw your funds, you can convert them to Naira and transfer them to your Flex Naira account at no cost. However, if you prefer to transfer directly to a dollar bank account, you’ll be charged some fees. To start saving with PiggyVest Flex Dollar, you need to convert your Naira to dollars using the app’s current exchange rate.

6. PiggyVest Investify

Investment is another service PiggyVest provides for its users. It allows users to invest in low-risk investment opportunities which have been vetted and approved by the company. You can invest in different businesses of your choice be it food and beverage industries, agriculture, transportation, real estate, finance, fixed income assets, and more, with as little as 3000 Naira only, to get up to 25 % return on investment for a duration of about 4 to 18 months. These interests are paid monthly, quarterly, or annually depending on the investment. You can also trade your shares or liquidate your investment at any time.

Although the investments available on PiggyVest are offered by third parties, PiggyVest scrutinizes them thoroughly before approving them and it also provides an extra layer of capital protection. Therefore, it is crucial to carefully read and understand the details of each investment before investing as every investment opportunity has different insurance coverage. However, the downside with PiggyVest Invest is that there is barely any investment available as all investments on the platform are usually sold out. This could be a result of not having enough investment opportunities to cater to the ever-growing users of the platform.

Interest Rate

The platform pays you interest when you save money with them. You will receive interest or other earnings on the funds in your PiggyVest Account as long as it is by the rates, timelines, and other terms as specified for each product on the Website. The interest rate falls between 7% to 36% depending on the saving plan.

Customer Care

If you have major concerns about PiggyVest services or you want to get detailed information from a PiggyVest representative, feel free to contact their customer care using the details below.

Customer care email: contact@PiggyVest.com

Customer care phone number:  0700 933 933 933

Referral Code

PiggyVest offers a promo bonus of 1000 Naira for both new and existing users. To qualify, new users must:

Sign up using a referral link,

Verify their account with BVN,

Fund their Flex wallet with at least 100 Naira, and

Fund two other savings accounts with at least 1000 Naira each.

The bonus will be received instantly in the Safelock account and will mature into the Flex wallet in 10 days. Existing users can refer friends and earn a referral bonus as well. To obtain the referral promo code, go to Account > Refer & Earn N1000 in the app then copy the link.

How Much Does PiggyVest Pay Monthly?

The amount that PiggyVest pays monthly varies depending on the specific investment options and savings plans chosen by the user. Factors such as duration, interest rate, selected saving features, and performance of the investment vehicle involved determine how much interest you will be getting every month.

Is It Safe to Invest in Piggyvest?

Yes! It is deemed safe to save and invest money on this platform as it is duly registered as PiggyTech Global Limited with the registration number RC 1405222. Which means they can be held accountable and sanctioned for any misappropriation of public funds.

In 2018, they acquired a Microfinance bank along with its license. Additionally, they hold registration as a cooperative under the name Piggytech Cooperative Multipurpose Society Limited, with the registration number 16555. These further cement that it is a legal establishment that can be trusted.

All funds saved on this platform are securely managed and warehoused by AIICO Capital, which is a renowned asset management company in Nigeria that is registered and licensed by the Securities and Exchange Commission (SEC). Apt security measures have been taken to ensure that users’ accounts remain protected against hackers and malware providing further assurance of their credibility.

Furthermore, your card details are handled with utmost security. They are not stored on the platform’s website. To ensure the protection of your information, they have established a partnership with Paystack, a leading Nigerian payment processor that complies with the Payment Card Industry Data Security Standard (PCIDSS). And has the highest possible rating one can get in the electronic payment processing industry. This extra layer of security is further enhanced by the platform’s implementation of an SSL-encrypted connection.

It is therefore appealing to know that the platform’s registration, acquisition of a Microfinance bank, cooperative status, collaboration with AIICO Capital, and partnership with Paystack demonstrate their commitment to maintaining a secure and reliable environment for saving and investing.


PiggyVest is a highly reliable online savings and investment platform in Nigeria. With a wide range of products and services, secure management of funds, excellent customer support, and referral bonuses, provides a convenient and trustworthy solution for individuals seeking to save and invest in their financial goals. So, what are you waiting for? Start your journey today and pave the way for a prosperous tomorrow with PiggyVest.

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