Piggyvest and Cowrywise: Which Is Better?

By Adeiza April 29, 2024 Finance 0 Comments

About Piggyvest

Piggyvest is a leading online savings and investment platform that was founded in Nigeria in 2016 by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze. Originally known as “Piggybank.ng,” the platform was rebranded as Piggyvest to reflect its broader range of financial services.

The primary goal of Piggyvest is to encourage a savings culture among its users and provide them with easy access to investment opportunities. It does this by offering a variety of savings and investment products tailored to meet the diverse financial needs of its users. Here are some key features and aspects of Piggyvest:

Automated Savings: Piggyvest allows users to automate their savings by setting up recurring deposits daily, weekly, or monthly. This feature helps users develop a disciplined savings habit without the hassle of manual transfers.
Savings Types: Piggyvest offers different types of savings plans, including the Regular Savings, SafeLock, and Target Savings. SafeLock allows users to lock away funds for a specified period, earning higher interest rates and preventing impulsive withdrawals.
Investment Opportunities: Beyond savings, Piggyvest provides investment options to grow users’ funds. It offers investment opportunities in mutual funds and agriculture through partnerships with reputable asset management companies and agribusinesses.
High-Interest Rates: Piggyvest offers competitive interest rates on savings and investments, allowing users to maximize their returns on idle funds.
Security Measures: The platform implements robust security measures to protect users’ personal information and financial data.
Financial Education: Piggyvest also provides financial literacy content and tips to help users make informed decisions about their savings and investments.
Referral Program: Piggyvest rewards users with bonuses when they refer friends and family to join the platform.
Mobile App: Piggyvest is accessible through its user-friendly mobile app, making it convenient for users to manage their savings and investments on the go.

Piggyvest has gained significant popularity in Nigeria and some other African countries due to its user-friendly interface, reliable services, and the opportunity it provides for people to grow their wealth and achieve their financial goals.

About Cowrywise

Cowrywise is another prominent financial technology platform that aims to simplify savings and investment for individuals in Nigeria. Founded in 2017 by Edward Popoola and Razaq Ahmed, Cowrywise seeks to democratize access to wealth-building opportunities and bridge the gap between traditional finance and the modern digital era.

Here are some key features and aspects of Cowrywise:

Automated Savings: Cowrywise allows users to automate their savings by setting up recurring deposits on a daily, weekly, or monthly basis. This helps users build a consistent savings habit effortlessly.
Savings and Investment Plans: Similar to Piggyvest, Cowrywise offers various savings and investment plans. Users can choose from different investment portfolios, each with its risk level and potential returns, based on their financial goals and risk tolerance.
Investment Opportunities: Cowrywise partners with reputable asset management companies to offer mutual funds and other investment options. These funds are professionally managed to provide users with opportunities to grow their money.
Flexible Withdrawals: While Cowrywise encourages long-term savings and investments, it also allows users to withdraw their funds when needed. However, some investment plans may have specific lock-in periods.
High Returns: Cowrywise aims to provide competitive returns on investments, considering factors like market conditions and the risk level associated with the chosen portfolio.
Financial Education: The platform offers financial literacy content and resources to empower users with knowledge and help them make informed financial decisions.
Security Measures: Cowrywise employs robust security measures to safeguard users’ personal and financial information.
Mobile App: Cowrywise is accessible through its user-friendly mobile app, making it convenient for users to manage their savings and investments on their smartphones.
Partnerships and Integrations: Cowrywise collaborates with various financial institutions and service providers to enhance its offerings and provide users with a seamless experience.

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Cowrywise has gained traction in the Nigerian market by addressing the need for accessible and easy-to-use financial solutions. It has attracted a significant user base seeking reliable ways to save and invest, especially those who may not have access to traditional banking services or who are looking for more innovative financial options.

Which is Better: Piggyvest Or Cowrywise?

Piggyvest and Cowrywise are both popular fintech platforms in Nigeria that offer savings and investment products. They both have their own strengths and weaknesses, so the best one for you will depend on your individual needs and goals.

Piggyvest is better for

Flexible savings. You can set up a variety of savings plans, including auto-save, target savings, and SafeLock. You can also withdraw your money at any time, although there is a penalty fee for withdrawals outside of the designated withdrawal dates.
High interest rates. Piggyvest offers some of the highest interest rates on savings plans in Nigeria. The SafeLock plan offers an interest rate of up to 13% per year.
Easy to use. The Piggyvest app is easy to use and navigate. You can easily set up and manage your savings plans, and you can track your progress in real time.

Cowrywise is better for

Investment. Cowrywise offers a wider variety of investment products than Piggyvest. You can invest in mutual funds, ETFs, and even stocks.
Low fees. Cowrywise has lower fees than Piggyvest. There is no charge to open an account or to invest in mutual funds.
Safety. Cowrywise is a registered investment company with the Securities and Exchange Commission (SEC). Your money is insured by the NDIC up to N500,000.

Ultimately, the best platform for you will depend on your individual needs and goals. If you are looking for a flexible savings platform with high interest rates, then Piggyvest is a good option. If you are looking for a platform with a wider variety of investment products and lower fees, then Cowrywise is a good option.

Feature	Piggyvest	Cowrywise
Savings	Flexible savings plans with high interest rates	Mutual funds, ETFs, and stocks
Fees	No charge to open an account or to invest in mutual funds	No charge to open an account, but there is a small fee to invest in mutual funds
Safety	Registered investment company with the SEC	Registered investment company with the SEC
Insurance	NDIC insurance up to N500,000	NDIC insurance up to N500,000

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FAQS

Is PiggyVest better than Cowrywise?

Piggyvest is better for:

Flexible savings. You can set up a variety of savings plans, including auto-save, target savings, and SafeLock. You can also withdraw your money at any time, although there is a penalty fee for withdrawals outside of the designated withdrawal dates.
High interest rates. Piggyvest offers some of the highest interest rates on savings plans in Nigeria. The SafeLock plan offers an interest rate of up to 13% per year.
Easy to use. The Piggyvest app is easy to use and navigate. You can easily set up and manage your savings plans, and you can track your progress in real time.

Cowrywise is better for:

Investment. Cowrywise offers a wider variety of investment products than Piggyvest. You can invest in mutual funds, ETFs, and even stocks.
Low fees. Cowrywise has lower fees than Piggyvest. There is no charge to open an account or to invest in mutual funds.
Safety. Cowrywise is a registered investment company with the Securities and Exchange Commission (SEC). Your money is insured by the NDIC up to N500,000.

Is Cowrywise good for saving?

Yes, Cowrywise is a good platform for saving. They offer a variety of savings plans with different interest rates, so you can find one that fits your needs and goals. You can also set up automatic transfers from your bank account to your Cowrywise account, so you can save money on autopilot.

Does CBN Recognise PiggyVest?

Yes, the Central Bank of Nigeria (CBN) recognizes PiggyVest. PiggyVest is a registered investment company with the SEC, and your money is insured by the NDIC up to N500,000.

How much interest does Cowrywise give on savings?

Cowrywise offers a variety of savings plans with different interest rates. The interest rates are based on the amount of money you save and the length of time you keep it saved. For example, the interest rate on the SafeLock plan is 13% per year for money that is saved for 12 months.

How much interest will I earn on 50k?

The amount of interest you will earn on 50k will depend on the interest rate of the savings plan you choose and the length of time you keep your money saved. For example, if you choose the SafeLock plan and keep your money saved for 12 months, you will earn an interest of 13% per year, or N6,500.

Conclusion

In conclusion, the comparison between Piggyvest and Cowrywise has shed light on the unique strengths and offerings of each platform. Both have emerged as leading players in the Nigerian financial technology landscape, providing valuable solutions to empower individuals in their pursuit of financial well-being.

Piggyvest impresses with its user-friendly interface, automated savings options, and diverse investment opportunities. The platform’s emphasis on cultivating a savings culture and its competitive interest rates make it an attractive choice for those seeking a disciplined approach to saving and investing.