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.”
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.
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.