Piggyvest, a Nigerian savings platform that has been in operation for nine years, made payments totaling ₦835 billion to its customers and surpassed 5 million users in 2024. Since its establishment in 2016, customers have withdrawn over ₦2 trillion, which is a portion of the total deposits held by Piggyvest.
Somto Ifezue, the CEO and co-founder of Piggyvest’s parent company, shared that 2024 was a highly successful year for the company, marked by significant growth and a strong focus on customer service. Piggytech, the parent company, also owns PocketApp, a consumer payments app that processed over ₦1 trillion in transaction volume in the same year.
In 2024, Piggytech handled over ₦2 trillion across Piggyvest, Piggyvest Business, and Pocket App. Ifezue attributes this growth to the company’s emphasis on customer service and meeting user needs, stating that adjustments were made to interest rates to align with market trends and provide more value to users.
Piggyvest reported a 76% increase in assets under management in 2024, with users saving an estimated ₦44,000 every second on the platform towards the end of the year, amounting to an annualized savings total of ₦1.39 trillion.
Looking ahead to 2025, Piggyvest plans to introduce a budgeting feature to help users manage day-to-day expenses better and ensure their salaries last until the next payday.
Since its inception, Piggyvest has evolved its business model, initially focusing on savings accounts with interest-bearing deposits. The company later expanded its offerings to include Pocket, following the acquisition of Abeg, and Piggyvest Business, a point-of-sale product for retail stores.
In August 2023, Piggyvest announced plans to leverage its licenses to expand into money management and offer credit to Nigerians. However, the article has been updated to remove any mention of credit product offerings.
Overall, Piggyvest continues to innovate and grow, adapting its services to meet the evolving needs of its users.