If you are a Nigerian reading this post, you will agree with me that one big problem endemic to us, and maybe the rest of Africa is “savings”. Starting and committing to savings can be very funny as you may likely end up using the money saved in the process for some unseen expenses. Meanwhile, a 2-year old Nigerian Fintech start-up “PiggyBank.ng“.
Started by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze who met first at Covenant University, Nigeria, is trying to solve this savings problem.
What Is PiggyBank? And How Can It Help You Save?
The concept is very simple; you can commit to saving as little as ₦100 a day into your online PiggyBank.ng account, if you don’t have an account already, this link will take you to the PiggyBank’s website on a new tab, where you can create an account later, but make sure you get all the information I have to share with you first.
So, knowing the fact that you can save as low as ₦100 daily to you PiggyBank account, you can also decide on your own, and set an agreed withdrawal date (unless you are happy to pay a 5% early withdrawal fee), whilst all the time accruing around 6% interest per annum on automated savings.
Did I confuse you there? Okay, let me break down with an example. Let’s say I decide to save ₦500 for the duration of 60days (2 months), which will amount to ₦30,000 right? Now, with the PiggyBank app, I can use the Auto Save feature which is very visible on the dashboard, whether you are using your phone or computer. See the screenshot below.
The app will remember my settings and debit the amount (₦500) at a particular date and time which I set daily using the AutoSave method and will continue that way until the goal is reached.
(₦500 + 60days = ₦30,000).
If you ask me, this is by far the best method to make a saving plan and goal. For instance, you are saving for your next house rent, to buy a phone or PC, or anything you need money later in the future to buy, but looking for a means to save very little cash that will build up over time, depending on the amount you choose to save, and the duration.
Signup with PiggyBank.ng Here
Also, there’s a Quick Save option as well. The Quick Save allows you to quickly save money you have at hand. Both options (Quick Save and Auto Save) can work at the same time.
You can have an active Auto Save running and choose to Quick Save, (as the name implies) an extra money you have at hand and don’t want to misuse, to add up to your savings account.
For example, I’m saving towards a ₦30,000 goal, and somehow in the middle of my savings, I get an extra cash, either from a tip or pay for an extra work. In order not to spend all that extra cash on something I don’t want, I can decide to add it to my savings, by using the Quick Save method.
I can enter the amount I want to instantly add my extra funds to my PiggyBank.ng account, choose the payment method, preferably, the default card I used to link to my account, or other means that are available on the dashboard.
PiggFlex Account is an account apart from your Core Savings account, where you get rewarded with points that can be converted to cash or earnings got from your use of the PiggyBank.ng app, also, it’s the PiggyFlex account where your upfront interest is being paid to when you use the SafeLock feature within the PiggyBank app.
If you need me to do a video on how to really go about the PiggyBank app, let me know in the comments section below.
How Will I Withdraw My Savings From PiggyBank.ng?
Things to know and consider with withdrawing your savings with PiggyBank are:
- Withdrawals are free of charge. (only on the PiggyBank.ng withdrawal dates)
- If you feel you need money urgently an want to break your savings goal before the set time, you will need to pay 5% of the money you are withdrawing, because PiggyBank.ng helps its users maintain their savings discipline while building their savings culture, as they save towards something big.
- You can set your own withdrawal dates if the ones PiggyBank.ng provides is not comfortable with you. But then, when you’ve set your own 4 withdrawals dates in a year, you can’t go back to using that of PiggyBank.ng.
With the little tips and introduction to PiggyBank.ng you can now sign up for an account, having the basic knowledge on how to go about this great innovation, and a problem solver to savings, a problem we all face, especially the Millennials, who purchasing anything they come across online is the second nature.
Good enough, they make up 60% of the company’s registered users according to Forbes. Having recorded staggering savings growth of 3000% between 2016-17, with the Piggybank.ng community having saved over $5M.
Signup with PiggyBank.ng Here
I hope you enjoyed reading this post, I also have ongoing savings with PiggyBank.ng and I’m trying to meet my saving goals as well, though I have saved some amount of cash a few months ago, and also withdrew my savings.
I am broke, help me Save 😉
Lol, that was a joke, But the link works though.😃