Piggyvest formerly known as as Piggybank is an online bank whose main objective is to save money for Nigerians and even non-Nigerians. It operates with a mobile app that allows users to send funds and save funds within the platform.
Piggyvest started operations in 2016 as Piggybank before rebranding to Piggyvest. The platform is licensed by the federal government of Nigeria as a microfinance bank just like Carbon, Kuda and Fairmoney.
Signing up is very easy with a whopping N1,000 bonus once you fund your account any amount, even 100 naira.
Enough of introduction, now let’s dive into the main topic which is the problems of Piggyvest.
I definitely recommend Piggyvest 100% as I use them too, however I need to write an honest review which includes the prons on cons.
Some of the difficulties experienced with Piggyvest are:
1. Currency Limitations: Piggyvest operates mainly in Nigerian Naira (NGN), limiting its accessibility to users from other countries.
Although you can convert your Naira to US Dollars and save, still, Naira being the only primary currency is very limiting.
So, this is really frustrating for individuals who make online payments for services outside Nigeria or even for people residing outside Nigeria who might prefer platforms that support multiple currencies and offer cross-border transactions. However with the current banking reforms being implemented in Nigeria, i believe piggyvest would soon have a more broader transaction options
2. Lock-in Periods: Piggyvest has a very long time lock-in period which so many people might not see fit.
Although you as a customer has the right to choose the period you want your money to be locked, but smaller lock periods have a smaller interest rate, and so, many people tend to set their lock periods for a long time without thinking about emergencies.
As I mentioned above, this long lock period is a great disadvantage in times of emergency. So, If a customer faces a financial crisis or requires immediate access to his savings, the lock-in periods may cause frustration and inconvenience.
Although some money in Safe Lock could be withdrawn in times of emergency, but under a strict penalty.
3. Customer Support Issues: Most especially weekends, piggyvest support is usually slow. Being a reputable online institution, i believe they should do better since most of their transactions are online and so a faster 24/7 response is very critical. In any business, one of the most important things is good customer care and service.
As I explained above, delayed responses or lack of satisfactory resolution to problems can be very frustrating for Customers who seek urgent assistance and support. Effective customer care is very important, especially when dealing with financial matters. So any deficiencies in this area can undermine the platform’s credibility.
Is It Possible For Piggyvest To Fold up
Yes Piggyvest can crash, fold, or be sold, but your money is very safe because Piggyvest is a registered and licenced microfinance bank with the Central Bank Of Nigeria and of course insured.
So if by any chance it eventually folds up, your funds are safe because another financial institution will acquire, re-brand and continue running operations.
Morevover PiggyVest on its own has no access to your fund, all saved funds are warehoused with and managed by AIICO Capital.
Also, PiggyVest owns and operates the Gold Microfinance Bank, a licensed Microfinance bank registered with the Securities and Exchange Commission (SEC).
They are also a registered cooperative- Piggytech Cooperative Multipurpose Society Limited (Registration number, 16555).
With all these investments and registrations of theirs, even if they crash, you will still get your money as you are insured by the CBN.
So, if you ask me, it is nearly impossible for them to crash, the highest they will sell the company to other investors, and your money will still be safe.
These observations and reviews I wrote above are my personal opinion and I still recommend them 100% because their services and interest rates are cool.