Nigeria’s top online savings and investing platform, PiggyVest, has revealed that, since its launch in 2016, it has paid out more than ₦2 trillion to its subscribers. This is an incredible accomplishment which has highlighted the platform’s critical role in advancing financial knowledge and inclusion among Nigerians.
In 2016, PiggyVest emerged as a bold innovation in Nigeria’s fintech landscape, launching as a simple savings platform under the name Piggybank.ng. Starting with just a handful of users, the platform set out on a mission to empower Nigerians to save and invest smarter. Fast forward to today, PiggyVest has grown into a household name, boasting over 5.5 million active users. This remarkable transformation reflects not only the platform’s commitment to delivering value but also the trust and confidence it has inspired among Nigerians seeking financial stability in a rapidly evolving economy.
For PiggyVest, 2024 turned out to be a particularly important year. Compared to the ₦535 billion given out in 2023, the corporation handed out over ₦835 billion to its subscribers, a 53% increase. This significant expansion demonstrates the platform’s growing user base and the confidence it has earned.
“2024 was an amazing year,” said Somto Ifezue, CEO and co-founder of Piggytech Global Limited, the parent company of PiggyVest, in reflection on the firm’s progress. It was our most successful year, one of the years we grew the most, and the year we were most focused as a business. In addition, it was a year that put our commitment to the test due to economic difficulties, but we persisted and kept providing our users with value.
In addition to the remarkable payment numbers, PiggyVest accomplished a number of other noteworthy milestones in 2024:
- User Base Growth: The platform now has over 5.5 million users, a sign of Nigerians’ increasing faith in online financial services.
- Assets Under Management (AUM): PiggyVest’s AUM increased by almost 80% in only a single year, demonstrating both its user confidence and its successful financial tactics.
- Global Recognition: PiggyVest was named one of the top 250 fintech businesses in the world by CNBC in July 2024, notably in the “Financial Planning” area. This recognition highlights PiggyVest’s creative approach to managing personal finances by placing it with well-known financial websites like Bankrate and ClearScore.
PiggyVest’s growth held up well in 2024 despite the economic difficulties, which included record-high inflation rates of 32.7%. Users demonstrated a shared commitment to financial stability by saving and investing ₦44,000 per second by the end of the year.
In order to help users better manage their daily spending and make sure that their paychecks last until the next payday, PiggyVest intends to launch a new function in 2025. Given the growing expense of living, complaints on the growing difficulties of extending paychecks through the month prompted this endeavor.
The transformation of PiggyVest from an emerging startup to a leading fintech company is a prime example of how digital financial platforms may promote economic empowerment. For millions of Nigerians, the company is a ray of financial security and hope as it keeps innovating and adapting to user needs.
