Even while many banks in sub-Saharan Africa have increased their services and clientele, a significant section of the population is still untapped.
Smart businesspeople, like PiggyVest's COO and co-founder Odun Eweniyi, are attempting to solve this problem by capitalizing on major banks' complacency as well as the availability of cutting-edge digital technology and mobile solutions.
PiggyVest, a website that facilitates saving and investing for the typical Nigerian, has over 3.7 million subscribers. PiggyVest, according to COO and co-founder Odun Eweniyi, enables individuals to automate their savings in order to fulfill major goals like financing a desire to continue their education or establishing a company.
In this interview, she discusses the motivation for her and her co-founders' decision to build a platform that democratizes investing and saving in order to better prepare Nigeria's younger generations for the future.
I don't believe that digital technologies should simply be created to address issues that the unbanked confront. There are some categories of individuals who are referred to as "included," but who aren't actually included since they don't have the access or digital literacy that they need to.
For those who could seem to be included but don't know or have as much as others, I believe it's crucial to find a solution.
With smartphones, we now target young people. Because they already had bank accounts and some financial knowledge, this mobile demographic was for us the low-hanging fruit.
Our goods might be simply customized and adjusted to suit what customers are currently utilizing. Additionally, as cell phones become more affordable and the market grows, more young people will have access to a tool they may use to save for the future.
How does PiggyVest differ from other fintech out there?
PiggyVest, a single online savings and investing software that presently assists over 3 million users in reaching their financial objectives by enabling them to save and invest with simplicity, is one of the platforms in this category.
Since its launch in 2016, Piggyvest has been committed to providing top-notch customer support and assisting users in managing their funds in an easy and open manner.
Piggyvest, an app with over a million downloads on the Google Play Store, offers a variety of savings plans that are specifically designed to match the demands of its users.
Based on its many savings options, Piggyvest provides various rates. On its Piggybank and Target savings plans, the firm provides an annual interest rate of 8%, while on its Safelock plan, it guarantees an annual return rate of up to 13%.
Some users’ reviews
The software has a sharp aesthetic, and the user interface is straightforward and simple to use. The truth will always emerge through user experience, regardless of what an app or corporation promises about its goods or services.
It's interesting to note that the Piggyvest app has received over 40,000 user reviews despite having over 1 million downloads on Google Play Store. Here are some of their comments on their experience:
Even while Praise Yusufu would want the interest rate on the platform to be raised, she has had a seamless experience using the app over the last two years. "This software has me really happy. Since I started using it in 2020, I haven't turned back. I've given it to a lot of my relatives and friends, and so far there have been no problems.
Just as it makes transactions simpler, I would prefer if the interest rate was higher than what is now offered. I enjoy the app overall, and I can certainly see myself using it for a while," she remarked.
The savings option and interest rate on the app excite Precious Sobamiwa. She shared her knowledge by saying, "I use this app to save; it's fantastic. When you save often, there are no monthly bank fees and you get interest and coins.
This tool has been a huge help to me in developing and maintaining a saving culture. You may now save money thanks to a new function. The finest thing is it. However, the investment is constantly sold out! I'd love to invest, so please check into it.
Louis Mbawuike, a different user, said: "The app and functionality are extremely nice. The speedy updates maintain the top-notch app operation. I believe the app is missing a certain function. Transfers to any bank account in the nation should be possible via the app using the flex wallet. Give us additional alternatives for investing as well.
Overall, your application is incredibly reliable and functional. Also, please provide a function that enables users to conceal account balances from the lock screen or settings.
The inability to save money was the one thing that bothered Ngozi Anaka about the app. "The effort was rewarding. It's a great app for saving money. However, since the investment choice is usually out of stock, I was never able to attempt it.
Additionally, when I attempted to save dollars twice, I was unsuccessful. Now that dollars are accessible, however, they come at a greater price.
In general, I like your site, but sometimes it irritates me because I couldn't access money when I needed it and couldn't invest. Continue your wonderful job.
"The app makes saving straightforward in an uncomplicated method," claims Ayokunle Olafusi. "There are also so many motivating elements to assist the same target.
Savings interest rates are just over zero, but they're still good enough to encourage saving. Savings are automatically deducted from one's bank account thanks to automation. The investment options that are sometimes offered are likewise all excellent. The invention is good.
Every invention is beautiful because it resolves a problem. Piggyvest is clearly fulfilling its role as a saving and investing software by making it easier for users to save and invest.
None of the Piggyvest users had any difficulties in leaving the platform, which gives it a clear advantage over other applications that have been evaluated on our site.
The business would nonetheless need to handle the security issues brought up by a few of the consumers.