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Piggybank.ng Review – The Best and Easiest way to save Online for Teenagers and Youths

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Have you ever imagined saving Conveniently from home? or saving without stress? Piggybank.ng Helps you save from home and safely. You might be wondering what Piggybank is. Piggybank.ng is a personal finance management platform that helps you plan your finances effectively and make better life decisions. You can choose to save little amounts of money periodically (Daily, Weekly or Monthly) towards a specific savings target OR lock away funds for a specified period of time, curbing the temptation to spend. Piggybank.ng takes away the stress by combining simplicity, discipline, convenience, and flexibility to enable you to manage your finances better and achieve financial freedom.

Piggybank


Piggybank co-founders are, Odunayo Ewiniyi, Somto Ifezue and Joshua Chibueze who met originally at Covenant University, Nigeria. They have worked together for almost 8 years now on different startups and businesses and in 2016, they came together again to tackle the huge issue of savings in Nigeria. Maintaining discipline in Savings was a problem that we as individuals had, and we later realized that we were not alone. The majority of Nigerians, in fact, Africans, need to save a minimum of 40% of their monthly income, in order to survive and to pay for even the basics such as housing, access to health care and school fees. Piggybank was built to tackle this huge and under-served market. Piggybank was Featured in Forbes as A Nigerian FinTach Startup That just raised $1.1million.



5 things to know about Piggybank?

Bounce News paid a visit to Piggybank’s office in Lagos. And after a chat with the co-founder, Joshua Chibueze, Bounce News was able to learn 5 things which cover basically everything you need to know.

  1. Piggybank is not A ‘Normal’ Bank: Yes, Piggybank is not a house where money is kept and you can walk in at any time to do some transaction.  It is a savings box – it is a digital savings box. They operate from their App and their website. The mobile app is available on Android and iOS.

2. Piggybank Does Not Have Access To Your Savings: Although you save your money with Piggybank, the operators do not have access to any money you save. The reason is that, when you are saving with Piggybank, they do not collect the money directly from you. A payment processor called Paystack helps them to collect the money from you.



3. Piggybank Does Not Make Money Directly From Your Savings: That is correct. When you save with Piggybank, you do not pay any fees for the service except you decide to cash out outside the four periods allowed.

4. Piggybank Does Not Assume Any Liability On Your Savings: The money you save with Piggybank is held in UBA. Simply put, Piggybank is an extension of a savings account with UBA.
So, the liability lies with UBA and not Piggybank.
If you wake tomorrow and you can’t find Josh or Piggybank, you can hold UBA accountable.
But since UBA is licensed, regulated by CBN (Central Bank of Nigeria) and insured by the NDIC (Nigeria Deposit Insurance Corporation) so you can go to bed with both eyes closed.

5. Piggybank Is Not Regulated By CBN:
Since Piggybank 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.
More so, because Piggybank does not have access to your money, there is no point really to regulate them.
As long as the CBN keeps their eyes on UBA or other partner banks, your money with Piggybank is safe.

Is Piggybank registered?

Yes, Piggy bank is registered in Nigeria (PiggyTech Global Limited – RC 1405222) their office is at No. 16 Boyle Street, Onikan, Lagos Island, Lagos, Nigeria.
Contact Number: 08093719000

Why piggybank?

You can save on piggy bank from anywhere without waiting in a queue. Piggybank charges NO deposit fees, NO withdrawal fees, and NO monthly fees. Their services are free. You can withdraw all of your funds whenever you want but don’t withdraw outside the set Withdrawal date.

Is Piggybank Strict?

Yes, if you withdraw any day outside the Withdrawal day you set when you were saving it will attract a 5% penalty fee. One of piggybanks goal is to create a disciplined saving habit.

How safe is Piggybank?

All financial information is encrypted and stored to PCI DSS Level 1 compliant standards. PCI DSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third party.

It is the highest possible rating one can get in the electronic payment processing industry. Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection.
Piggybank uses a secure payment gateway called Paystack to receive your payments. Piggybank doesn’t have access to your savings.

On the Piggybank Mobile application, piggybank can log you our after two minutes of Inactivity in case you forget to log out of Piggybank.


How to save on Piggybank?Register on Piggybank

  • Click the Register Here button or Click Here
  • Create a free account with your Name Matching your bank Account Name, Email address, and Phone number
  • Your secure password is automatically sent to your email
  • Save your first N100 or More. (Use a MasterCard or Visa from any bank in Nigeria).
  • Then set a convenient savings plan (AutoSave)
  • Using the Quick Save Option means that you would have to always come to the Dashboard to save an amount.

Using the Autosave option, Piggybank.ng will automatically use your debit card to transfer the money you set to your Piggybank account safely based on your specific AutoSave instruction. You should also note that there are no bank charges applied everytime you using Piggybank to save.

Using the Quick Save Option
This option basically enables you to add more funds to your savings. For example, if you set N1,000 daily and you miss a day or two, you can use the quick save option to deposit N2,000 or N3,000 at once. This is to ensure you meet up with your savings target.

How to Withdraw from Piggybank.ng

You can withdraw for FREE only on set Withdrawal dates. The free withdrawal dates are;

  • 31st of March
  • 30th of June
  • 30th of September
  • 31st of December

After the request has been made, funds will be sent back to your Account instantly and then you can withdraw to your set bank account anytime.

How to earn on piggybank?

Piggy bank has a referral program, they will people for introducing their friends to piggybank.
You have at least N3,000 in your Piggybank main balance to participate. Then add your own story of how Piggybank has/is helping you save.

Once your story is approved, you will receive your own unique link that you can share with your friends, family, colleagues or on social media.
See my story here.

How you earn 3 times per user:

  • First N20: Anytime someone creates a Piggybank.ng account with your link, you earn N20.
  • Secondly, N130: You automatically earn N130 once they save their first N100 Naira.
  • Lastly N350: You earn N350 anytime they “quicksave” a minimum of N2,000 the first time.

You can also earn with Points.
What are piggy points? This is our own way of rewarding our users. The more you save, the more you earn. When you save
N2000 – N4999 = 1 point
N5000 – N9999 = 2 points
N10000 – N49999 = 10 points
N50000 – N99999 = 25 points
N100000 and above = 55 points

1 Point = 10 Naira

Register for piggybank free!!
Check Piggybank FAQ page Piggybank.ng/faq For Frequently asked questions.

Enjoy Saving…

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