How Does PiggyVest Work? A Beginner’s Guide to Saving and Investing in Nigeria (2025 Edition)

How Does PiggyVest Work? A Beginner’s Guide to Saving and Investing in Nigeria (2025 Edition)/ In today’s uncertain economy, finding a reliable platform to save and grow your money is more important than ever. One of the most trusted digital savings and investment platforms in Nigeria is PiggyVest. But how does PiggyVest work? If you’ve heard of it but aren’t quite sure how to start or what to expect, you’re in the right place.

In this comprehensive guide, we’ll break down exactly how PiggyVest works, its features, benefits, and why over 4 million Nigerians trust it with their finances. Whether you’re saving for rent, school fees, vacation, or just trying to build financial discipline, this article will help you decide if PiggyVest is the right tool for you.

What Is PiggyVest?

Is PiggyVest Legit?

How Does PiggyVest Work?

Key Features of PiggyVest

How to Create a PiggyVest Account

How to Save with PiggyVest

PiggyVest Investment Opportunities

PiggyVest Withdrawal Options

Fees and Charges

Benefits of Using PiggyVest

PiggyVest vs Traditional Bank Savings

Final Thoughts

1. What Is PiggyVest?

PiggyVest (formerly PiggyBank.ng) is a Nigerian fintech platform launched in 2016 that helps users save and invest money automatically. The platform was created to promote a culture of financial discipline by enabling users to lock funds away easily and earn interest on their savings.

PiggyVest is available via website and mobile app (Android and iOS) and is regulated under the laws of the Federal Republic of Nigeria.

2. Is PiggyVest Legit?

Yes, PiggyVest is 100% legit and secure. It uses bank-level security to protect users’ funds and data. Savings are held by Providus Bank and insured by the Nigeria Deposit Insurance Corporation (NDIC), giving you peace of mind.

The company is also registered with the Corporate Affairs Commission (CAC) and partners with regulated investment platforms to offer low-risk investment opportunities.

3. How Does PiggyVest Work?

Now to the big question: how does PiggyVest work?

PiggyVest operates as a digital wallet and automated savings platform. It allows you to:

Set savings goals

Automate your deposits

Lock away funds for a fixed time

Earn competitive interest rates

Invest in vetted, low-risk opportunities

Everything happens online or via the PiggyVest mobile app, with no paperwork or bank visits required.

4. Key Features of PiggyVest

Here are the main products PiggyVest offers:

a. Piggybank (Automated Savings)

This is the core savings feature. You set a daily, weekly, or monthly amount to be automatically deducted from your bank account.

b. SafeLock

This feature locks your money for a fixed period (10 days to 1000 days), like a fixed deposit. You earn higher interest for not touching your money.

c. Target Savings

Perfect for saving towards specific goals like rent, weddings, gadgets, or school fees.

d. Flex Naira

Your main PiggyVest wallet where you can freely withdraw or receive funds. It’s like a regular bank account with instant access.

e. Flex Dollar

Save in USD and protect your funds from Naira inflation. You earn interest in dollars and can withdraw anytime.

f. Investify

Allows users to invest in low-risk opportunities like agriculture, real estate, and transportation—with returns as high as 25% per annum.

5. How to Create a PiggyVest Account

Creating a PiggyVest account is fast and easy:

Visit www.piggyvest.com or download the mobile app.

Click “Create Account”

Provide your full name, phone number, email, and password.

Verify your email address.

Link your BVN (to comply with CBN KYC policy).

Connect your bank account.

Once done, you’re ready to start saving.

SEE Cowrywise Investment App Review (2025): Smart Savings and Investment in Nigeria Made Easy

6. How to Save with PiggyVest

There are 3 primary ways to save money on PiggyVest:

a. Automatic Saving

Set a daily, weekly, or monthly amount. PiggyVest deducts it automatically from your bank account.

b. Manual Saving

Transfer money to your Piggybank or SafeLock whenever you want.

c. Quick Save

Use the Quick Save option to top up your savings instantly (up to ₦500,000 at once).

All deposits are visible in your dashboard, and you can track your progress over time.

7. PiggyVest Investment Opportunities

Through Investify, PiggyVest partners with credible organizations to provide low-risk investments. These include:

Agriculture

Real estate

Transportation

Fixed income assets

You can choose how much to invest, the expected ROI, and the investment duration. Profits are deposited into your Flex Naira wallet at maturity.

8. PiggyVest Withdrawal Options

PiggyVest gives users flexibility with withdrawals:

a. Free Withdrawals

You can withdraw from Flex Naira at any time for free.

b. Piggybank Withdrawals

There are four fixed withdrawal days per year. If you withdraw outside these days, you’ll pay a 2.5% fee.

c. SafeLock

Funds are locked and cannot be withdrawn until the maturity date.

Withdrawals are made directly to your linked bank account and usually take less than 5 minutes.

9. Fees and Charges

PiggyVest is mostly free to use, but here are a few fees to note:

Service Fee

Flex Naira withdrawals Free

Piggybank early withdrawals 2.5% penalty

SafeLock No withdrawal before maturity

Transfers between users Free

There are no hidden charges for savings or investments.

10. Benefits of Using PiggyVest

Here’s why PiggyVest stands out:

Automated savings — No need to remember to save

High interest rates — Up to 13% annually on savings and 25%+ on investments

Financial discipline — Lock funds to avoid impulse spending

Easy to use — Simple app and dashboard

Trusted & Secure — NDIC-insured and CBN-compliant

Multiple saving options — For individuals, students, and families

USD savings — Beat inflation with Flex Dollar

11. PiggyVest vs Traditional Bank Savings

Feature PiggyVest Traditional Banks

Interest Rate 8–13% 1–4%

Minimum Balance None ₦1,000 – ₦5,000

Lock Period Options Yes Limited

Investment Access Yes Rare

Ease of Use High Moderate

Mobile App Yes Yes

Dollar Savings Yes Limited banks offer

Clearly, PiggyVest offers more flexibility and returns than most regular banks.

12. Final Thoughts: Is PiggyVest Worth It?

So, how does PiggyVest work? It works by making saving and investing effortless, automated, and rewarding. If you struggle with saving money or want a secure platform to grow your wealth in Nigeria, PiggyVest is worth trying.

Whether you’re a student, employee, or entrepreneur, PiggyVest offers tools tailored to your needs. Just set your goals, automate your savings, and watch your money grow—no stress, no pressure.

Pro Tip: Start small and be consistent. With time, your savings will surprise you.

Frequently Asked Questions (FAQs)

1. Can I lose my money on PiggyVest?

No, PiggyVest is safe. Your savings are NDIC-insured and held with licensed financial partners.

2. What’s the interest rate on PiggyVest?

You can earn up to 13% per annum on savings and more than 25% on investments.

3. Can I use PiggyVest without BVN?

No. BVN is required to comply with financial regulations in Nigeria.

4. Is PiggyVest available outside Nigeria?

PiggyVest is currently tailored for residents in Nigeria with Nigerian bank accounts.

How Does PiggyVest Work? A Beginner’s Guide to Saving and Investing in Nigeria (2025 Edition)