How to Save Money in Nigeria: PiggyVest Strategy for Beginners (2026 Guide)

Introduction

Piggyvest is a common method for young Nigerians to save money for education, rent, marriage, and even their "Japa" dreams. Piggyvest is easy to use, offers reasonable interest rates, and allows you to save on your own terms, so it's easy to see why.

It can be difficult to get started and choose the best plan to help you achieve your savings objectives, though.

We will go over all you need to know about using Piggyvest to save money in this article, including the different plans, interest rates, fees, and suggestions for other ways to save. Now let's get started!

What is PiggyVest All About?

You can save and invest in dollars and naira using PiggyVest, an automatic savings and investment platform. Consider it a digital piggy bank that makes saving simple and accessible.

More Nigerians are using websites like PiggyVest to handle their money due to the naira's volatility, growing living expenses, and excessive inflation.

The majority of Nigerians use the platform to save money for emergencies, launch or expand a business, or pursue personal objectives, according to PiggyVest's 2024 study.

PiggyVest is a useful tool for reaching your financial objectives because of its flexibility and excellent interest rates, regardless of why you are saving.

How to Use PiggyVest to Start Saving Money

To assist you in achieving your savings objectives, Piggyvest provides a variety of solutions. Here's how to begin:

1. Create an account

Create an account first. To get started, go to the PiggyVest website or download the app.

2. Create a withdrawal account.

Next, enter the details of your bank account. Every time you make a withdrawal, PiggyVest will transfer your savings straight to this account.

3. Link your debit card.

To fund your PiggyVest account, link your debit card. To activate your account, use any Visa, Mastercard, or Verve card issued by a Nigerian bank.

You can begin saving and making fast card deposits as soon as your card is attached.

In addition to receiving email receipts from PiggyVest and notifications from your bank for every transaction, you can monitor all of your transactions on your PiggyVest dashboard.

4. Select a Strategy That Suits You

Depending on your needs, Piggyvest provides a number of programs to help you save money. Let's examine them.

Piggy Bank Wallet

You can automatically save money with the Piggy Bank Wallet.

PiggyVest takes a predetermined amount from your bank account and moves it to your Piggy Bank Wallet each time money comes into your account. If you have trouble saving regularly, this automated savings is perfect for you.

You have the option to autosave and withdraw only once every quarter:

N50 to N200,000 per day, N800 to N1,000,000 per week, or N3,000 to N5,000,000 per month.

To meet your goal more quickly, you can also increase your savings at any moment by using the Quick Save option.

You won't need to log in frequently after autosave is configured. Simply choose "Turn off Autosave" under "Savings" in your account settings to disable autosave.

Target Savings

If you have a certain savings objective in mind, this is a fantastic choice.

With target savings, you have the option of saving money on your own or working with others to reach a shared objective.

Click "Savings" on your dashboard and choose "Target Savings" to get started. Fill out the necessary fields and enter the amount you wish to save.

Anytime you surpass your savings goal, PiggyVest will transfer the money to your Flex Wallet so you may access it.

Safe Lock

You can make several locks for various uses, including vacation, rent, or school tuition, and save anywhere from 1,000 to 100 million naira with a safe lock.

You can earn up to 17% interest by locking money from your debit card or your Flex Naira Wallet for at least ten days.

The interest rate increases with the length of time you have your money locked.

You cannot access money in Safe Lock until the maturity date, in contrast to standard saves. You lessen the temptation to take money set aside for significant objectives by locking it away.

Investify

Investify helps you find carefully screened, low-risk investing alternatives. This is a smart alternative if you want to diversify your finances.

You only use your Flex Naira Wallet to fund your investments, and each investment opportunity has its own minimum amount and insurance coverage. You can cash out and move money to your Flex Naira Wallet after your investments mature.

Investify has two primary investing options: full equity investments, where returns are contingent upon asset performance, and fixed-income investments with consistent returns.

Depending on the type of investment, you may get interest payments into your PiggyFlex Account on a daily basis or at the end of the period. You can sell your assets to other app users if you need to take an early withdrawal.

5. Break Your Piggyvest Piggy Bank

PiggyVest lets you "break" your piggy bank and take money out when you reach your savings target or need to access your money. Withdrawals from various plans operate as follows:

Piggy Bank Wallet: On specified "withdrawal days," which take place every three months (March 31, June 30, September 30, and December 31), you can make one withdrawal every quarter. To help you remember, PiggyVest allows you to set reminders for these days.

Flex Naira: Your Flex Naira Wallet's funds are always available, which makes it perfect for savings you might need to access right away.

Target Savings: You can withdraw money at any time, but if you exceed your goal too soon, it will go to the Flex Wallet rather than your bank account.

Safe Lock: You can only access cash once the locked time expires because Safe Lock is intended for long-term objectives. Select a period that suits you because you get to determine the lock duration when you create it.

PiggyVest Wallets: Flex Dollar vs. Flex Naira

To satisfy your demand for savings, PiggyVest provides two primary wallet options: Flex Dollar and Flex Naira.

Naira Flex

Your savings are flexible with the Flex Naira wallet. All of the interest you receive from other PiggyVest plans—Piggybank, Target, SafeLock, and Investify—is put there. Additionally, you can send funds to your Flex Dollar wallet or fund these programs using your Flex Naira wallet.

The Flex Naira wallet's salient features:

earns an annual interest rate of 12%.
permits up to four withdrawals per month; any interest collected for the month is canceled if more than four withdrawals are made.
allows withdrawals once every ten hours.

The Flex Dollar

For individuals who wish to save in a more stable currency, Flex Dollar makes it possible to send, invest, and save money in US dollars.

Using a Naira debit card or even a dollar card, you can transfer funds from your Flex Naira wallet to your Flex Dollar wallet. When you use a dollar or naira card, PiggyVest automatically changes your money at the relevant currency rate.

The Flex Dollar wallet's salient features:

Withdrawals to a domiciliary account in dollars or your Naira bank account are supported.
It cannot accept money from foreign accounts or be funded with them.
Only Nigerian debit cards are accepted for funding; foreign debit cards are not accepted for deposits.

Mular might be a better option if you're searching for additional ways to manage and save money. You can save money in naira, US dollars, or even cryptocurrencies with Mular and receive money from other countries.

Interest Rates for Piggyvests

Depending on the specific savings plan, Piggyvest offers interest. Additionally, the state of the market affects interest rates.

Nonetheless, the current Piggyvest interest rates for each savings plan are as follows:

Interests in a Savings Plan

Savings Rates

SafeLock 20% annually
FlexNaira 12% annually
FlexDollar 7% annually
Piggy bank 14% annually
Invest ify 30% annually
Aim for Savings 12% annually
House Money 14% annually

Flex naira interest and the core savings plan (Piggybank) are paid at the start of each month. Interest is deposited into your flex account at Safelock, which you may use right now. Interest is paid on target savings at the conclusion of the objective.

Fees for Piggyvests

Although PiggyVest provides an easy-to-use platform for investing and saving, it's crucial to be aware of some fees that can be applicable in certain situations:

Reaching the savings goal before maturity

PiggyVest charges a 1% processing fee if you take money out of your Target Savings before the target amount is reached or before the maturity date. You will also forfeit any interest that has accumulated on the savings.

Taking money out of Piggybank after the free withdrawal dates

Only on certain dates—March 31st, June 30th, September 30th, and December 31st—does PiggyVest permit free withdrawals from your Piggybank account.

A 3.5% breaking fee is applied to the amount withdrawn if you decide to take money out beyond these dates. This policy promotes prudent saving practices.

Exceeding the Flex Naira account's monthly withdrawal cap

With up to four free withdrawals per month, the Flex Naira account provides flexibility. You will forfeit all interest that has accumulated on your Flex savings for that month if you above this cap. The purpose of this approach is to encourage regular saving habits.

Early SafeLock Withdrawal

The purpose of the SafeLock feature is to generate greater interest rates by locking money away for a predetermined amount of time. Funds cannot be accessible until the maturity date after they are locked. Since early withdrawal is prohibited, there are no fines involved.

Conclusion

With distinct accounts for dollars and naira to assist you in achieving your financial objectives, PiggyVest makes investing and saving simple. But keep in mind that there are other options besides traditional currency; a lot of people are investing in cryptocurrencies to increase their wealth. Mular is a versatile option for saving money in cryptocurrency, dollars, and naira.

Frequently Asked Questions

How can I use PiggyVest to earn $100,000 a month?

Here's how to use PiggyVest to reach your monthly goal of ₦100k:

Recognize how Flex Naira operates.
Decide on a monthly savings goal.
Save as much as you can!
Observe how your equilibrium improves.
Enjoy your ₦100,000 monthly salary as you relax.

Is using a PiggyVest to save money safe?

In Nigeria, PiggyVest is regarded as safe and reliable for investing and saving. It has been in business for a number of years, is registered with the Securities and Exchange Commission (SEC), uses bank-grade 256-bit SSL security encryption, and has legally registered partners managing the funds.

How can I use PiggyVest to save money and earn interest?

Your earnings increase with the amount of money you save in your Piggybank and Target (using Autosave, Quicksave, or Quicktop). When you transfer at least N2,000 from your debit card or PocketApp account to your Piggybank or Target once every 24 hours, you begin to accrue points.

What is PiggyVest's minimum investment amount?

N5,000 Simplified investments

Investing is now accessible, with minimum investments as low as N5,000. Everyone is welcome.

Which is superior, PiggyVest or Cowrywise?

Both Cowrywise and PiggyVest are top-notch, SEC-regulated, and CBN-licensed fintech platforms in Nigeria, but "better" depends on your objectives: Cowrywise is better for structured, long-term mutual fund investments, while PiggyVest is better for flexible, automated, and diversified savings (including dollars).

What disadvantages does PiggyVest have?

The primary drawbacks of PiggyVest are mandatory withdrawal restrictions to certain accounts, significant penalty fees (up to 3.5% or 1%) for violating savings locks, and possible dangers related to unregulated, uninsured investing possibilities.

Additionally, if all cash is focused on one platform, there are dangers of investment losses, the platform lacks shahalal savings possibilities, and customer service troubles have been noted.