Is Piggyvest Legit?
If you're like me, you'd want to know if you can trust these guys with your money.
Well, Piggyvest is a registered cooperative known as Piggytech Cooperative Multipurpose Society Limited (with registration number, 16555). Funds saved with Piggyvest are warehoused and managed by AIICO Capital and this is registered and licensed by the Securities and Exchange Commission (SEC). Also, Piggyvest's card payments are handled by a PCIDSS-compliant payment processor, Paystack. PCIDSS is th highest rating in the electronic payment-processing industry. Piggyvest also has an office located at Tesmot House, 3 Abdulrahman Okene Close, Off Ligali Ayorinde, Victoria Island, Lagos, Nigeria. In addition to that, Piggyvest has been active for the past 4 years till date and as of writing this, up to a million Nigerians have saved and invested billions of Naira with Piggyvest.
So if you ask me, I'd say Piggyvest is legit af.
What is Piggyvest?
Piggyvest is basically a savings and investment platform. It's main mission is to help its customers improve their saving habits, which is equivalent to curbing their spending habits. And when you save with Piggyvest, your funds actually grow because all the savings options have their different interest rates. Yes, there are different savings options or as Piggyvest likes to call them, savings wallets.
Let's look at each of them.
The Piggyvest Savings Wallets
- Piggybank - If you don't know what a piggybank is, it's that kom kom that has a small opening (like the one on a ballot box) for inserting currency notes. They are usually in the shapes of pigs. Exactly. That's why it's called piggybank. The Piggybank Savings Wallet is similar to that but this time, it's online and has an interest rate of 8% per annum. You could set it to take a particular amount of money from your bank account daily, weekly, or monthly. Whatever's convenient for you. You can also set 4 dates you wish to withdraw funds from your Piggybank. The default dates are March 31st, June 30th, September 30th, and December 31st. If you really need to withdraw outside of those dates, Piggyvest takes 2.5% of the withdrawn amount. I think that's your punishment lol.
- Flex Naira - This option can be used to transfer funds to the other savings options. This wallet is where the interests from the other wallets are paid to. Unlike Piggybank, you can withdraw funds anytime from here. It also has an interest rate of 8% per annum.
- Safelock - This option, which is my favourite, has an interest rate ranging from 6% to 15% per annum, according to the period you set to lock your funds. As the name implies, when you put an amount of funds here, you won't have access to it until the maturity date, which you set. It's generally known as fixed deposit in commercial banks but there's something to take note of here. Commercial banks pay you your capital and interest by the maturity date but with Piggyvest Safelock, you get your interest immediately you lock some funds. And then you get the capital back on the maturity date. I think this is a really cool feature because you can relock the interest immediately. It's a win-win-win!
- Targets - With this option, you save money towards goals. It has an interest rate of 8% per annum. You could either save towards personal goals or goals that other Piggyvest customers are saving towards. You could also save with your friends for goals like "Detty December".
- Flex Dollar - This option basically lets you save and grow your funds in US Dollars. It has an interest rate of 7% per annum. Here, you can transfer your dollars to friends, convert them to naira or pay them to your bank.
The investment section is pretty straightforward. There are various niches like agriculture, real estate, fixed income, and so on. An investment unit would be put up for sale for a particular amount (usually ₦5000) and you decide to purchase your preferred number of units. The interest rates vary from 12% to 24% per annum. The investments are insured and you don't have to pay tax.
A bonus feature is that Piggyvest rewards points to customers (or users) based on their saving habits. 1 point is equivalent to ₦10.
Another one is that you can refer a friend for ₦1000. Your friend also gets ₦1000.
Lol stop looking at me like that.
With that being said, I'd like to walk you through creating an account with Piggyvest, and redeeming your ₦1000.
Piggyvest Account Setup
Currently, the Piggyvest Register page looks like the following:
Firstly, I'm going to go through the information you need to provide, as seen above, to create your account and after that, I'd provide the referral link and excuse you to create your account. However, you should note that you won't just straightaway get the ₦1000 when you create your account. There's some prerequisites. Scroll to the next section to learn more.
Don't leave me.
- Full Name - If you have up to five names, input them here but make sure the first is your first name. This is because Piggyvest would refer to you as the first name you specify.
- Email Address - In this input field, specify your valid, active email address.
- Phone Number - This field is for your mobile phone number. If you're not a Nigerian, I'd advise that you specify your country code.
- Password - The password you want to use to access your Piggyvest account once you're done creating it.
- Referrer Phone or Promo Code - Okay this is where you specify to Piggyvest that it was me who convinced you to start saving with them. Usually, the field is prefilled with my promo code, which is something like '29aa167a320819'. In the case that the field is empty, I'd appreciate it if you could input my phone number there. Click or tap the button below to copy it.
- How Did You Hear About Us? - There's a "Friend / Family / Coworker / Referral" option there. I think you should select that.
If you got here, I'm very grateful. If I was able to convince you, which I hope I did, click this link to create a Piggyvest account but make sure you've copied my phone number above. Thank you.
When you're done with the process, you'd be redirected to your account dashboard. Here's how mine looks like:
Redeem Piggyvest Referral Bonus
Owing to the fact that it is quite easy to setup a new account, Piggyvest would want to confirm if the new accounts created belong to real users. If the users are valid, they get their ₦1000 referral bonuses for joining Piggyvest. Note that if you cannot do these things at the moment, you could still create your account and do them later. To validate your account, you should do the following:
- Confirm Your Email Address - When you're done creating your account, Piggyvest sends you an email to the email address you provided. In the email is a link to confirm the address. Just click it. That's all.
- Link Your BVN - This is a major factor for determining a user's validity as fake users would not have BVNs.
- Fund Your Flex Naira Wallet - With at least ₦100. You can either use your debit card or make a bank transfer to the bank account created when your Piggyvest account is created. Piggyvest provides that for you. Yes, for free.
- Fund at Least 2 Wallets - With a minimum of ₦1000 each. Don't worry you'd be able to withdraw the funds back to your account if you're still not convinced. But really, why won't you be?
If you completed all those steps above, you should notice your ₦1000 in your Safelock Wallet.
I think that's all.
Congratulations on joining Piggyvest successfully.
If you want to, you could...
Once again, if you have any enquiry or complaint, you could either reach me through my mail or my phone or leave a comment below.
Happy new year.