how to create a piggyvest account
Piggyvest is an online platform for saving and investing money in Nigeria. The platform started out in 2016 as a savings app called Piggybank, but as the company added investment features to its service, it rebranded as Piggyvest.
In case you didn't know, PiggyVest rewards you #1000 bonus when you join or register with piggyvest. PiggyVest also pays you #1000 bonus for each referral or friends you invite to join piggyvest savings platform. If you have not started saving with PiggyVest yet, Click here to Start Saving
steps in creating a piggyvest account
step 1
step 2
use this number for your referral code to get N1000
09012337668
step 3
your account is ready
How to Activate your #1000 Registration Bonus/Referral Bonus on PiggyVest.
A lot of times I get questions from people on how to activate their #1000 registration bonus or referral bonus. And I hope to help out to the best of my ability.
Disclaimer
I am not a staff of PiggyVest neither do I have any affiliations with PiggyVest Management. I am simply a user who has saved with the platform for almost 2years, thus I speak from my personal user experience.
In case you didn’t know, PiggyVest rewards you #1000 bonus when you join or register with piggyvest. PiggyVest also pays you #1000 bonus for each referral or friends you invite to join piggyvest savings platform.
Before you ask how does PiggyVest get all the money to “dash” someone just for registering or for inviting someone. One of the beliefs of PiggyVest Team is that peer-to-peer advertising works better thus they prefer users of the platform telling their friends and families about the platform from their own experiences using the platform than they spending huge amounts of money on advertising and marketing. Thus they are rewarding you for being their indirect marketers.
When someone signs up to PiggyVest using your referral link, you and the person you have referred each earn N1000, which is paid into your SafeLock. This matures to your flex account after 10days once the referred user is marked valid.
As a new user, your bonus will be paid into your SafeLock and matures to your flex account 10 days after you have been marked valid.
But the problem a lot of users face after receiving the referral bonus is activating it so that they can withdraw it. And I will quickly explain.
In other to guard against fraudulent users who can go ahead creating multiple accounts and referring themselves to be getting excess referral bonus as well as registration bonus, they introduced a clause called “a valid user”. Thus referral bonus or registration bonus is only paid for “a valid user”.
The big question is “Who is a valid User” on PiggyVest.
According to an article in PiggyVest FAQ:
To be considered valid, a new user must:
Link their BVN and fund their Flex Naira wallet with at least #100 via a direct bank transfer to their flex account number
Fund any other two wallets with at least #1000 each. This could be Piggybank, Safelock, or Target savings wallet.
Once all of these have been done, referral bonuses will be unlocked and sent to your flex account at the maturity date.
In other words, If someone signs up through your link, the person must meet the following criteria before the #1000 bonus will be released to you and also to the person.
This is how to go about it:
The new user after login to his dashboard will click on the button “Redeem #1000 registration bonus.”
The new user will be asked to Add their BVN. I know you will ask, why do one have to add BVN, what if they use it to hack my account. According to an official statement stated on their FAQ:
Your BVN is required to validate your identity and kick against identity theft. This ensures another level of safety for your funds and transactions.
It also unlocks other features like transfers from your Flex to another user’s Flex account.
Thus your BVN is safe and is only used to validate your account settings and also help in creating a virtual bank account for you called Piggy Flex Account that you can always use to receive and transfer money.
3. After you have added your BVN and validated your account, an account number is generated for your Piggy Flex Account. You are expected to make a transfer of at least #100 from your bank account to that new account. Once the transfer is successful, it will automatically reflect in your flex naira account.
4. After you have saved into your Piggy Flex account, you need to also save at least #1000 each into any other two accounts(PiggyBank, Safelock, Target Savings).
Thus click on quick save on your PiggyBank account and save at least #1000. Also click on Safelock or target savings and Save #1000 there too.
Note that all the money you are putting there are still your own and you can still withdraw them anytime. Thus you are not paying for anything, but they want to ensure that you are a valid user, not a dummy user.
Once you have successfully completed these simple steps, your #1000 registration bonus will be moved to your Safelock where it will stay for 10days to mature, after which it is automatically transferred to your flex account from where you can easily withdraw it it your bank account.
Also the #1000 referral bonus in the safelock of the person who referred you is automatically transferred to their own flex account.
If you are the one that referred someone through your referral link, do well to guide them through this process so that your #1000 referral bonus will be unlocked to you.
PIGGYVEST REVIEW
Once you sign up for a Piggyvest account, you can start managing your finances better by saving and investing your money easily through the Piggyvest app or through its web app on your way to achieving financial freedom.
Piggyvest has different saving and investment options that are suitable for different needs.
You can save periodically (Daily, Weekly or Monthly) and even add an option that anytime you spend money from your account a particular amount gets saved on Piggy vest.
You can save towards a particular target (holiday, car); this feature is called Target Saving.
You can also do Group savings, where you can invite friends to save towards a particular Financial goal. You can also lock funds with this app Safelock feature.
Piggyvest also gives you access to low-risk investment opportunities through its Investify feature where you can grow your money and diversify your portfolio. You can also invest small amounts of guaranteed fixed-income opportunities as well as other investment options.
Is Piggyvest Legit and safe?
Piggyvest is a safe and legit platform for saving and investing in Nigeria. Your money and personal data are safe and secure with this online saving and investment platform that uses the highest levels of banking security, that uses 256 bits SSL security encryption, to ensure that your information is completely protected and secure.
Piggy is not owned by any Nigerian bank.
The company was founded by Odunayo Eweniyi, Ayo Akinola, Joshua Chibueze, Nonso Eagle, and Somto Ifezue. It has raised up to $1.2m (seed) to date. the company investors include Village Capital, Leadpath Nigeria, Ventures Platform and VilCap Investments.
Is PiggyVest Approved by CBN by NDIC?
Yes, Piggyvest is approved by CBN and insured by NDIC. The company operates as an MFB (Microfinance bank) which is regulated by the CBN and whose funds are insured by the NDIC.
How long has PiggyVest been in existence?
This platform started in December 2015. So this year will make 6 years that the company has been in existence.
Is my BVN safe with Piggyvest?
Yes your BVN is safe with Piggy.
This platform requires your BVN so it can validate your identity and protect you against identity or money theft. Regulatory bodies also require Piggy vest to ask for its customer’s BVN. It also helps provide an extra layer of security to your account.
How do you make money on PiggyVest?
You can make money with this platform from the interest you get from saving or investing. You can also make money N1000 for each referral you make to the platform.
How Much is Piggyvest Interest Rate?
Piggyvest interest rate for its savings plans can be between 10% to 15% interest per annum on savings plans. While the interest on the platform’s investment plans can get as high as 25%.
How many products does Piggyvest have?
Piggyvest has a range of features (wallets) that revolve around savings and investments. These wallets include:
Piggybank Savings Wallet
Safelock
Flex Naira
Flex Dollar
Target Savings
Investify
Piggyvest Savings Wallet
This is the core Piggy vest savings feature where you choose a particular amount you want to save.
You can save money using the quick save option or the autosave option. With the autosave option, money is taken from your account without having to do it manually.
You also set how frequently money should be taken from your account. It can be daily, weekly or monthly.
The quick save option allows you to save any amount at any time of your choosing.
Piggy vest also offers 4 free withdrawal days in a year. You can choose your preferred withdrawal days or use the default withdrawal days.
Withdrawals outside your set withdrawal days will attract a 5% penalty fee.
How does Piggyvest Safelock Work
SafeLock is a fixed savings option that allows you to put money aside for a set period.
Safelock also acts as a sub-account, so you can transfer funds both from your Piggyvest wallet and from your debit card. The minimum amount that may be kept in SafeLock is N1000.
Funds in Safelock can get up to a 15.5% interest rate per annum. Money in Safelock can last from 10 days to 1000 days.
A better overview of Safelock interest rates:
10-30 days: 6% interest rate per annum and allocated accordingly for the duration you set.
31-60 days: 7% interest rate per annum and allocated accordingly for the duration you set.
61-90 days: 9% interest rate annum and allocated accordingly for the duration you set.
91 days – 2 years: interest rate annum and allocated accordingly for the duration you set.
2 years and above, interest rate annum and allocated accordingly for the duration you set.
Flex Naira
A Flex Naira account is where the earned interests on all other Piggy vest accounts (wallet) are paid to.
The Flex Naira account is a flexible savings wallet in the sense that it can also earn interest of 10%.
However, you’re not allowed to withdraw more than 4 times from this account. So as not to lose all the accumulated interest for the month.
You can also fund all your other wallets from your Flex Naira account.
Flex Dollar
Flex Dollar is a wallet on Piggy vest where you can save, invest and transfer funds in Dollars.
Your Flex Dollar account can either be funded from your Flex Naira wallet or your bank card with as little as $1.
The interest rate on a Flex Dollar Account is 6% per annum.
Withdrawals from your Flex Dollar wallet can either be in Naira or in Dollars. Dollar funds withdrawal can be sent to a domiciliary bank account.
How does Piggyvest Target Savings Work
Target Savings enables you to save towards a particular goal. You can save towards a personal target or even enter a group savings challenge with other Piggyvest users.
Some goals you can save towards include your rent, a vacation or even a household item. You also earn an interest of 10% per annum on Target Savings.
Investify – How does Piggyvest Investment Work
Investify by Piggyvest allows a user to invest in low-medium risk investment opportunities that have been vetted.
Each investment opportunity on this platform has its own insurance coverage.
The interest rates on Investify can get up to 25%. Your interest accrued on Investify is paid into your PiggyFlex account daily, monthly, quarterly or at the end of your investment period.
How to invest money with PiggyVest
To invest with Piggyvest follow the following steps:
1. Create an account
2. Find investify on your Piggy vest account Dashboard and click on it.
3. Review the investment opportunities and invest in the one that you prefer.
Note: The minimum investable amount you can invest in most opportunities on investify is N3000.
How do I withdraw money from Safelock PiggyVest?
The Safelock feature allows you to lock money until a set withdrawal date. this date will be chosen by you. When the withdrawal day has reached. Your money will be sent to your flex account where you can withdraw for free.
How do I cancel my PiggyVest account?
You may stop using this company’s services by closing your account and cancelling the terms you have with them at any time by contacting the company at contact@piggyvest.com or 0700 933 933 933.
Is Piggyvest a good option for Saving and Investing?
Piggy vest was the first digital savings app in Nigeria.
It has gone from strength to strength since then and is now offering various ways for people to save, invest and earn money without worrying about the safety of their money.
This savings and investment company offers some of the best interest rates you can find in the market and its feature that allows people to save, invest and earn interest in dollars makes it a great option.
Reviewed by kingsmart
on
May 04, 2022
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