There are millions of people all over Africa who face the fundamental problem of saving. People need to save for different reasons (debts, tuition, financial security, etc.) and it has become more important than ever for young adults to be able to manage their finances.
PiggyVest (formerly Piggybank.ng) is basically a simple service that helps millennials curb their spending habits while improving their savings culture by automating deposits periodically – daily, weekly or monthly – towards a specific savings target.
Users only need to visit the website, set a savings plan by selecting the amount, the frequency and the target. Once a plan is saved, the system automatically debits on set periods.
PiggyVest not only targets young people, it also provides a high barrier to withdrawal and restricted access to funds. There 4 fixed withdrawal periods where users are allowed to withdraw for free. PiggyVest also allows users lock their savings for set period of time without withdrawal.
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