Introduction

In the dynamic world of finance, finding a reliable bridge between earning and investing money is crucial. Savings play a pivotal role in this process, and the emergence of digital platforms has revolutionized how individuals approach this financial practice. One such platform that has garnered attention is Piggyvest, an innovative savings and investment app widely used in Nigeria and West Africa.

Background of Piggyvest
The Piggyvest app, initially known as piggybank.ng, was introduced on January 7, 2016, as a savings platform. Over time, it evolved and rebranded as Piggyvest in April 2019, incorporating an investment feature. The app has achieved remarkable success, boasting one million downloads from the Play Store since its release on October 31, 2018.

Features and Benefits

1. Diversified Savings Options
Piggyvest offers users the flexibility to save daily, weekly, or monthly, catering to diverse financial preferences. Moreover, users can allocate funds to multiple targets such as school fees, rent, vacations, and more, instilling financial discipline and curbing impulsive spending.

2. Impressive Interest Rates
With Piggyvest, users enjoy attractive interest rates, ranging from 10-13% on savings and a remarkable 25% returns on investments made through the platform. This surpasses the interest rates typically offered by traditional banks, making it an appealing choice for those seeking higher returns on their funds.

3. Withdrawal Flexibility
While financial commitments may arise unexpectedly, Piggyvest understands the need for flexibility. Users are allowed to make withdrawals freely four times a year, on designated withdrawal-free days: March 31, June 30, September 30, and December 31. Withdrawals on other days incur a 5% charge.

CBN Approval and Regulatory Compliance

1. Supervision by AIICO
Piggyvest is under the supervision of AIICO (American International Insurance Company Limited), a reputable asset management company in Nigeria registered by the Securities and Exchange Commission (SEC). This oversight ensures that all funds on the platform are securely warehoused and managed, providing users with peace of mind.

2. Endorsement by CBN
Piggyvest has received an endorsement from the Central Bank of Nigeria (CBN), a clear indication of its compliance with regulatory standards and its commitment to providing a secure financial environment for its users.

3. Microfinance Bank Operation and Licensing
As a testament to its commitment to regulatory standards, Piggyvest operates as a microfinance bank and holds a valid license. This status further solidifies its position as a trustworthy financial platform.

4. Registration with NDIC and CAC
Piggyvest is registered with the Nigeria Deposit Insurance Commission (NDIC) and the Corporate Affairs Commission (CAC), highlighting its compliance with legal and corporate governance requirements.

Conclusion
In conclusion, Piggyvest has not only stood the test of time but has also emerged as a beacon of trust in the realm of digital savings and investments. With CBN approval, regulatory compliance, and a host of features designed to empower users financially, Piggyvest is a reliable choice for individuals looking to build a secure financial future. As the platform continues to evolve, it remains a testament to the transformative power of innovative fintech solutions in empowering individuals on their financial journey.