PiggyVest 1 PiggyVest PiggyVest

PiggyVest

PiggyVest helps you save, which is very important for a freelancer. You never want to go below a minimum balance so you never go totally broke. A savings and investment app like PiggyVest is essential for every freelancer.

Table of Contents

PiggyVest is an online savings platform. It is a good way out of excessive spending.

PiggyVest allows you to save and invest money you would typically leave in a savings account where charges are deducted monthly or spend on “not so important” things. You can save as little as $1 a day (or a week, whatever you can) and set a specific set a date for the withdrawal of your savings. You can also save towards specific goals. 

Piggybank helps you remain disciplined and build new habits. On average, users can earn 6% per annum on automated savings or 10.5% per annum on the fixed deposit. 

I’m a freelance worker, how can PiggyVest help me?

Freelance work is rewarding, but it comes with highs and lows. The number one stressor for most freelancers out is managing cash flow.
It is necessary to have backup funds that you can rely on when payments delay.

Piggyvest provides an avenue to save amounts of your income for emergencies, retirement, or occasions. You only need to work out how much you want to be deducted from your earnings and when (daily, weekly, or monthly). The app prevents you from having access to these funds until a specific date selected by you.

Pros

  • Very easy to use with a simple platform
  • Easily accessible and mobile-first
  • Piggyvest, the company, has no access to your savings. Although you save your money with Piggyvest, the operators do not have access to any money you save. This means your funds are safe.

Cons

  • Piggyvest does not assume any liability on your savings. The money you save with Piggyvest is held in UBA. Piggyvest is an extension of a savings account with UBA. So if something goes wrong or your funds disappear, you can’t hold Piggyvest responsible.
  • CBN does not regulate Piggyvest. This regulation issue cannot be over-flogged because when people save money in a platform, their primary concern is identifying who to hold accountable if anything goes wrong. 
  • Since Piggyvest does not have a banking license (because it is not a bank), the CBN cannot regulate it. The closest CBN has come to regulating it is imposing a savings limit of 200,000 naira per month to forestall money laundering activities.  

Join our community

Get access to unfiltered advice, a support network, and valuable resources on everything freelancing and independent work in Africa. Start here.

About the author
Week of Saturdays
Home for writers.

Leave a comment

Do you express yourself clearly when speaking to clients about the value you provide?

Download our glossary for freelancers to build your vocabulary and gain confidence.

share with friends

Share on whatsapp
Share on twitter
Share on linkedin
Share on pocket