Home Finance Is piggyvest legit? is piggyvest approved by cbn? how does piggyvest work? 

Is piggyvest legit? is piggyvest approved by cbn? how does piggyvest work? 

Saving money can feel impossible these days with the rising cost of living in Nigeria. But what if there was an app that made saving automatic, easy, and even fun? Enter PiggyVest – one of Nigeria’s leading savings and investment apps.

Is PiggyVest Legit?

PiggyVest is absolutely a legitimate fintech company operating in Nigeria. Founded in 2016, PiggyVest has grown to become one of the largest savings platforms in the country with over 2 million users. 

The company is registered with the Corporate Affairs Commission (CAC) and holds the appropriate licenses from the Central Bank of Nigeria (CBN) to operate as a Finance Company. 

 Is PiggyVest Approved by CBN?

Yes, PiggyVest has received all the necessary approvals from the CBN to legally operate in Nigeria. In 2019, the CBN granted PiggyVest a Licensing Approval Certificate to operate as a Finance Company. This approval allows PiggyVest to provide savings, investment, and microfinance services to Nigerians. The company is also regulated by the CBN and must adhere to Nigeria’s banking laws and regulations.

How Does PiggyVest Work? 

PiggyVest makes saving money effortless through their autosave and goal-setting features


With autosave, small amounts of money are automatically deducted from your linked bank account or debit card and moved to your PiggyVest wallet each time you make a purchase. You can customize the autosave amount and trigger points (e.g. save N100 after every fuel purchase).  


Goal-setting allows you to allocate your savings to specific goals like school fees, travel expenses, emergencies, etc. As you reach savings milestones, PiggyVest rewards you with motivational badges and interest earnings to keep you on track.


In addition to savings, PiggyVest users can invest their funds in low-risk investment plans with attractive monthly returns. Some popular investment options include fixed deposit plans, dollar-denominated plans, and mutual funds.

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For security and peace of mind, PiggyVest utilizes bank-grade encryption and two-factor authentication. Funds are safely stored in designated trustee bank accounts separated from the company’s finances.

 When I Started With PiggyVest

I had heard about PiggyVest from friends and coworkers but wasn’t sure if it was really legit or just another “too good to be true” scheme. Out of curiosity, I decided to give it a try in early 2021 by linking my bank account. 

The signup and onboarding process was simple – I just provided my basic details, took a selfie for verification, and linked my account. Within minutes, I was all set up and exploring the intuitive app interface. 

Right away, I noticed how customizable the autosave feature was. I decided to start small by saving N100 after every fuel purchase to start building a vacation fund slowly over time. Amazingly, I hardly even missed the small amounts deducted each time.

Within the first month, I had already saved over N5,000 without really trying. Seeing the savings add up so quickly motivated me to set even more ambitious goals. I was impressed by how effortlessly PiggyVest encouraged disciplined saving.

By the end of 2021, I had accrued over N100,000 in my PiggyVest wallet across multiple goals while getting regular interest payouts. The experience proved to me that PiggyVest was most definitely a legit and effective savings platform.

How PiggyVest Compares to Other Savings Options in Nigeria

Let’s compare PiggyVest to some other popular savings methods used in Nigeria:

Savings Account 

While bank savings accounts are very secure, the interest rates are extremely low at around 2-3% annually. PiggyVest invests user funds more aggressively, offering 5-10% returns depending on the plan.

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Fixed Deposit 

Fixed deposits lock away your funds for months and have penalties for early withdrawal. PiggyVest savings are more flexible as you can withdraw anytime without fees.

Cooperative Society

Cooperative societies often have unreliable returns and lack the digital convenience of an app-based service. PiggyVest automates savings completely.

Cash Savings 

Saving cash at home runs the risk of unplanned spending or emergencies wiping out your funds. PiggyVest savings are kept securely in trust accounts.

Overall, PiggyVest offers higher returns, more flexibility, and modern features like autosave/goals that make building savings effortless compared to traditional options in Nigeria.

Common PiggyVest Plans and Their Returns

Here are some of the most popular investment options on PiggyVest and their estimated monthly returns

30 Day Plan 

Minimum Investment: ₦5,000  

Tenor: 30 days

Estimated Return: 5%

90 Day Plan

  • Minimum Investment: ₦10,000
  • Tenor: 90 days  
  • Estimated Return: 7%

180 Day Plan

  • Minimum Investment: ₦20,000
  • Tenor: 6 months
  • Estimated Return: 8% 

Key Things to Note About PiggyVest

 Withdrawals from your PiggyVest wallet back to your bank account are generally processed within 24-48 hours at no charge. Transfers between users are also free.

2-factor authentication provides an extra layer of security during logins and transactions beyond your login password. Funds are stored separately from the company’s account.

PiggyVest has a dedicated 24/7 live chat and phone support for any inquiries or issues you may have. Responses are typically very prompt.

Conclusion: Is PiggyVest Worth Trying in 2024?

In conclusion, PiggyVest has proven itself to be a trustworthy and effective savings platform since its founding in 2016. Thanks for r aging to the very end. 

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