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Business News

Piggybank.ng becomes PiggyVest 

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Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze [l-r] PiggybankNG Co-founders_small

In a press release issued today, online savings and investment platform, Piggybank.ng, announced its evolution from Piggybank.ng to PiggyVest — a much broader and holistic financial management platform.

In May 2018, the company closed $1.1 million in seed funding for license acquisition and product development.  

 We are building the future of savings and investments starting in Nigeria. So, we need a name that reflects that,” 

Co-founder and CEO, Somto Ifezue, said about the decision to change the brand’s name. 

 This evolution represents PiggyVest’s determination to ensure that their services continuously evolve with the needs of their customers. They are confident that it will allow them to incorporate a dynamic range of new products into their offerings; to enhance the access their customers have to a variety of financial service solutions; and to ultimately deepen the value they provide to their customers. 

 Speaking on this announcement, Co-Founder and Chief Operating Officer, Odunayo Eweniyi, said:

 Our new identity is more than just a name change. We believe that it captures the essence of our direction as a business and our focus on the needs of our customers. Our new name is symbolic of this direction and it provides a glimpse into the exciting things the future has in store for us and our customers. 

 Over the years, Piggybank.ng has grown its community to over 195,000 registered individuals who currently save over N1 Billion monthly, and as stated by Joshua Chibueze, Co-founder and Chief Marketing Officer:

 We are committed to providing the best for our customers when it comes to financial management, and PiggyVest is a truly comprehensive solution that will surely deliver on these promises to a broad range of users.

Expansion plans 

As part of its expansion plans, PiggyVest will be developing and including more financial features to make the platform more robust and primed to reach more users across the continent, and eventually, the world. 

This enhanced platform will offer even more services — including insurance and group investment options — which will be accessible to anyone, regardless of their background, all while maintaining the simplicity and convenience that has been its trademark.

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About Piggybank.ng 

Founded in 2016, Piggybank.ng is the largest online savings & investment platform in Nigeria, targeted primarily at low- and middle-income Nigerians, allowing them deposit and put aside small amounts on a daily, weekly or monthly basis. The company currently has over 195,000 registered users — 60 percent of whom are Nigerian Millennials — who have saved in excess of $15M since 2016. Their products have helped their users maintain their savings discipline, while building a savings culture.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Real Estate and Construction

Osborne, Ikoyi residents move against Lekki Gardens over planning laws violation

The residents accused owners of Lekki Gardens Estate of alleged flagrant and unchecked violation of officially approved building plans.

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Residents of Osborne Foreshore 2 estate, Ikoyi, have moved against a property development firm, Lekki Gardens/Foreshore Waters Limited for allegedly violating the state’s planning laws; in addition to the violation of the estate’s building plan and the existing plan to stop work forthwith.

This is as the residents of the estate have appealed to the Lagos State governor, Babajide Sanwo-Olu, to order that works on all approvals for development in the estate be suspended for 3 months because of the ongoing review of the approval order.

According to a report from Thisday, the appeal is contained in a statement issued by the residents of Osborne Foreshore 2 estate, where they warned that refusal to stop further work might lead to a breakdown of law and order.

What the residents of Osborne Foreshore 2 estate are saying

The residents of the estate in their statement said, “We once again invite your Excellency to visit our estate to see for yourself how the activities of Richard Nyong will one day lead to a breakdown of law and order if this brazen disregard of planning laws of Lagos States is allowed to continue.”

They accused the developer of violating state’s planning laws in its quest to construct multi-storey structures in the expansive residential estate.

They also accused Richard Nyong, Lekki Gardens Estate and Foreshore Waters Limited of alleged flagrant and unchecked violation of officially approved building plans.

The estate management pointed out that other developers have since complied with these guidelines whereas Lekki Gardens had allegedly refused to do the same.

What the Chairperson of Osborne Foreshore Residents Association is saying

The Chairperson of Osborne Foreshore Residents Association, Mrs Chinwe Ezenwa-Mbah, had recently expressed reservations over the impact of the heavy construction by Lekki Gardens and other developers and how it is affecting the houses of other residents in the estate.

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She said, “When we got our plots, we were told that the place was designed as a low population residential area. We did not know that a time would come when this area would become a commercial area.

“When you come into an existing estate and you are doing piling that is breaking your neighbour’s foundations as well as against the approved plan given to you in the name of commercial development, that is not right.”

What you should know

  • It can be recalled that the relationship between Lekki Gardens and the management of Osborne Foreshore 2 Estate broke down after the latter insisted that the property developer must obey building permit laws given to it by both the Lagos State government and the resident association.
  • Several other landlords and Residents of Osborne Foreshore 11, have also complained about the activities of Lekki Gardens and other developers in the area whom they accused of violating the building permit given to them by the government.
  • The Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako had held a meeting with all the stakeholders in a bid to amicably resolve the existing dispute.
  • The residents made an appeal to the Lagos State government for reversal of the wrongful classification of Osborne Foreshore Phase II from its original master plan as a low-density to a high-density residential estate.

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Business

The five-ingredient of a successful startup pitch

Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.

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Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.

According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.

  • Problem:  Is this an issue?
  • Solution:  Do you have the fix?
  • Market:   Is this a big enough issue?
  • Business: Can you make money
  • Team:  Do you have the human resources to do it?

The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.

Problem

The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.

Solution

The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.

Market

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In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.

Business

The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.

Team

Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.

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Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:

  • Problem-Market = Industry Dynamics
  • Solution-Market = Competition
  • Market-Business = Unit Economics

Bottom line

When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.

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