The rise of FinTech has continued to disrupt Nigeria’s traditional financial market. With more FinTech startups springing up, people have become comfortable using technology for financial transactions and traditional financial service providers are in turn going tech to fit into the evolving world.
Piggybank.ng is one of the few startups leading the FinTech space in Nigeria. The startup was founded in 2016 by co-founders, Joshua Chibueze, Nonso Eagle, Odunayo Eweniyi and Somto Ifezue, with an aim to improve the saving culture of Nigerians.
In this interview with co-founder Odunayo Eweniyi, she revealed more about Piggybank.ng, and how they’re achieving their aim of helping Nigerians save.
Tell us a little yourself
My name is Odunayo Eweniyi, I’m a First Class Computer Engineering graduate from Covenant University. I’ve been in the tech space since 2013.
What inspired the idea for piggybank.ng?
Piggybank.ng was actually borne out of personal need. My co-founders and I needed to find a way to be more financially responsible; we had heard from social media about people building wooden boxes for saving. The idea developed from there and Piggybank was born.
What stands Piggy Bank out from all other digital savings platform?
Many things that span across the way we have executed the product in general. We have 4 quarterly withdrawal days, actually ensuring that people save; we also focus and evolve with the needs of our users and our customer service is very human. Anybody calling us knows that they’ll get a custom solution to whatever question or issue they have.
What challenges did you and your co-founders face when you started out?
We faced the same challenges many startup founders faced, mostly funding and customer acquisition. But similar to the people who’ve gone before us, putting the customer first, lean operations and keen, well-thought out execution is how we’ve overcome those challenges.
With a lot of fraudulent schemes out there, many Nigerians are usually skeptical about putting their money into a place they’re not sure of. What features are in place to ensure safety of funds saved on the platform?
All funds on Piggybank.ng are insured by the NDIC and they’re held securely with our partner bank.
So far, has the Piggybank’s model of having 4 fixed FREE withdrawal days been able to improve the saving culture of users?
Yes, there are so many testimonials to that effect on our website and on our social media pages.(www.piggybank.ng/stories)
Are there plans for expansion?
Oh definitely. First across Nigeria, then across West Africa and the rest of Africa. Savings challenges (and related financial challenges) aren’t unique to us here, so we plan to spread as far as we can, solving that problem for everyone.
Tell us the story behind your foray into entrepreneurship?
I was on my way from a job interview – I got the job, but I was mulling about job satisfaction and fulfillment when one of my cofounders leaned out of a window and called me into what was apparently his office. He told me about what he was working on and we’ve been working together ever since.
And most of all, I have loads of satisfaction and fulfilment from working on the things I’m passionate about – Millenials, Employment, Technology etc.
What has been your most exciting moment since the launch of Piggy Bank?
I can’t think of a single moment that hasn’t been exciting. Everyday brings with it a fresh set of challenges and that’s exciting, I think.
