Is Piggyvest Legit? Is Piggyvest Approved By CBN? How Does Piggyvest Work?
Piggyvest is a well-known savings and investment platform. Nigeria. Over time, they have operated as an organization under this umbrella. However, are they legitimate in their operations? How do they operate? In this article, you will be reading about the Piggyvest platform in Nigeria. You will also see the features of Piggyvest and the benefits of using Piggyvest in Nigeria.
How does Piggyvest Work?
Piggyvest is a whole package with different features such as Safe Lock, Target Savings, etc. In this section, you will be reading about features that Piggyvest allows you to enjoy as a customer. Let’s get started:
1. Flex Savings
The Flex Savings feature is one of the most used features on Piggyvest. With the Flex Savings feature on Piggyvest, you can save money at your own pace. Do you see why it is called ‘Flex’? Whether you want to save your money weekly, daily, or monthly, you are allowed to do that with the Flex Saving feature on Piggyvest.
2. Target Savings
This feature is used by people looking to pay their rent fees towards the end of the year. The Target Savings feature on Piggyvest is what you need if you wish to save up to a required amount of money. Once you set the timeframe for the savings and the amount of deductions, then, you can get the Target Savings feature enabled and at the end of the timeframe, get your cash.
3. SafeLock
The SafeLock feature of Piggyvest is mostly used to keep an amount of money for a given amount of time. As the name implies, it would ‘lock’ your money and prevent you from using the money for any other thing until the required timeframe has been met.
READ THIS: Piggyvest And Cowrywise: Which Is Better?
Benefits Of Using Piggyvest
When you use Piggyvest for savings or investment, you enjoy the following benefits:
1. Automated Savings
The Automated Savings feature of the Piggyvest platform enables users like you to schedule automatic deductions on your bank account each day or each week, to enable you to save on Piggyvest. When you activate this Automated Savings feature, the deductions will be taken from your account automatically and saved to your Piggyvest account. This means that you would not need to transfer funds by yourself every day or every week to your line once activated. It would be done automatically by Piggyvest according to your schedule.
2. Get Interests From Savings
With Piggyvest, you would enjoy saving on your account. This is because you earn interest on your savings which can be very significant depending on the amount saved at a particular time frame. Imagine saving up to 100,000 naira and getting 13,000 naira as interest! This is possible because, with Piggyvest, you enjoy interest rates as high as 13% on your savings.
3. Investment Opportunities
If you intend to grow your money further, you can leverage packages such as PiggyFlex to flex your investment capabilities on the opportunities you find there. With these packages, you can invest in assets.
4. Flexible Withdrawals
With Piggyvest, you can withdraw any time you want so long as it has been scheduled. When you use Piggyvest, you cannot just withdraw anyhow, the package or feature you are in, determines your rate of withdrawals on the Piggyvest platform.
How To Save Money On Piggyvest SafeLock
To save money on the Piggyvest SafeLock feature, follow these steps:
Step 1. Login To Piggyvest Account
To log in to your Piggyvest account, click on the Piggyvest app on your smartphone. After a while, wait for it to launch. After that, enter your login details in the space provided and log in to your Piggyvest account.
Step 2. Click on the SafeLock Feature
When you have successfully logged in to your Piggyvest account, click on the SafeLock feature on the app. With the SafeLock feature, you can perform operations such as savings there.
Step 3. Select Amount And Duration
When you have tapped on the SafeLock feature of the app, select the amount you want to begin saving with and then select the duration of the saving plan. Remember, with the SafeLock feature of Piggyvest, you may not be allowed access to the funds without reaching the stipulated timeframe.
Step 4. Confirm
After you have completed all prompts, confirm and leave your savings to grow to the required timeframe.
Is Piggyvest Legit?
Piggyvest is a legitimate app to use to save your money whether for the short term or long term. Piggyvest investment features are also trustworthy, you can invest without your money being sapped away.
Is Piggyvest Approved By CBN?
Piggyvest is approved and recognized by the Central Bank of Nigeria (CBN). All Piggyvest’s operations are also monitored by the registered organizations in Nigeria.
FAQ
What license does PiggyVest have?
Piggyvest operates with three major licenses and they are; a Fund Manager License from the SEC, a Mobile Fund Manager from the Central Bank of Nigeria, and an MFB License.
Who regulates PiggyVest?
Piggyvest is regulated and licensed by the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation (NDIC).
Which is better Cowrywise and PiggyVest?
Both Piggyvest and Cowrywise are great savings and investment platforms. However, if your focus is on savings only, Piggyvest is better. On the other hand, if getting more investment opportunities is your goal, then you should go Cowrywise.
Is my money safe in PiggyVest?
Your money is safe in Piggyvest and there’s no need to worry about the platform running with your money. This is because the funds are duly monitored by the Securities and Exchange Commission of Nigeria.
Is PiggyVest approved?
Piggyvest is an approved platform. It has been approved and licensed by the appropriate bodies in Nigeria.
Conclusion
Now, you’ve seen that Piggyvest is recognized by the CBN. Thanks to this article, you have gotten a full knowledge of Piggyvest in Nigeria. If you used Piggyvest for savings or investment, you can write your experience via the comments section.
