Piggybank is an online/mobile app that provides an automated savings platform enabling users to manage their finances by depositing small amounts of money. It has recently acquired a (Gold Microfinance Bank LTD) micro-financing license from the Central Bank of Nigeria (CBN).
PRODUCTS & SERVICES:
Piggybank is an automated savings tool that allows users to save little amounts of money daily, weekly or monthly basis. A user can start savings as little as $1 (N50) per day. It earns interest rate 6 to 10 percent which depends on the investment type and duration. Users need to create an account with one of PiggyBank.ng’s bank partners and it links their debit card. With the platform, users can set a target for savings and it periodically (daily/weekly/monthly) deducts money from their debit card to the piggybank account. Once it reaches the target date the user can withdraw their money. The platform provides interest rate to users' savings by investing in Nigerian government securities, such as bonds and treasury bills. It provides SafeLock feature that allows users to locks funds for a fixed period of time. The user can transfer funds from their piggy bank account to sub-account for a certain time period (user can choose between 10 and 1000 days).
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The company targets to low & middle income people and savings groups.
The company has partnered with two microfinance banks to manage their users accounts.
It has recently added Smart Target feature which offers a more secure and higher return option for Esusu or Ajo group savings clubs common across West Africa. The company focuses on to build a financial warehouse where other financial providers can offer their services to PiggyBank users.
Adam Bickford (CTO); Joshua Chibueze (CMO); Odunayo Eweniyi (COO)
The company claims it has recorded between 20 to 35 percent month-on-month (MoM) growth in user traction over the past 12 months. (May 2018)
ACTIVE USERS COMMENT:
The platform has 53k registered users - 60% of users are Nigerian millennials - with savings in excess of US$5 million. (May 2018)
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company plans to use the capital for license acquisition and product development. It also uses to build a digital financial warehouse accessible to millions of Africans whose savings woes they want to put firmly behind them. (May 2018)