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 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.
- 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
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.