Piggyvest, a leading Nigerian savings and investment platform, marked its ninth year of operation in 2024 with impressive achievements. The platform gave ₦835 billion to its customers during the year and surpassed the 5 million-user milestone. Since its inception in 2016, Piggyvest users have withdrawn over ₦2 trillion, representing a portion of the total deposits held by the company.
According to Somto Ifezue, CEO and co-founder of Piggytech Global Limited (parent company of Piggyvest), 2024 was a standout year for the platform. “It was our most profitable year, a period of significant growth, and our most focused year as a company,” he stated. Piggytech also owns PocketApp, a consumer payments solution that processed over ₦1 trillion in transaction volume in 2024. Collectively, Piggyvest, Piggyvest Business, and PocketApp handled more than ₦2 trillion in transactions.
Ifezue attributed the platform’s growth to its dedication to customer service and value delivery. “We adjusted our interest rates to reflect market trends and worked hard to give our users more value for every naira saved. Each milestone we achieved is a direct result of our focus on meeting our users’ needs,” he explained. Piggyvest also reported a 76% increase in assets under management in 2024. By the year’s end, users were saving an average of ₦44,000 per second on the platform, translating to an annualized savings total of approximately ₦1.39 trillion.
Looking ahead to 2025, Piggyvest plans to roll out a budgeting tool to address customer concerns about rising financial pressures. “Our customers have shared feedback about their salaries not lasting through the month. This year, we aim to introduce a new feature to help users manage daily expenses and ensure their income stretches until the next payday,” Ifezue announced.
Since its launch, Piggyvest has evolved its offerings to meet diverse customer needs. Initially focused on savings accounts with interest payments and limited withdrawal periods, the platform has expanded to include Pocket (a payment solution added through the acquisition of Abeg) and Piggyvest Business (a point-of-sale product enabling offline retail transactions).
Piggyvest’s strategic acquisitions and licensing have positioned the company for broader financial services. In 2023, co-founder and CMO Josh Chibueze highlighted the company’s plans to leverage its licenses, including a fund manager license from the Securities and Exchange Commission (SEC), a mobile money license from the Central Bank of Nigeria and a microfinance bank license for credit and financial management services. These licenses enable Piggyvest to expand its portfolio, offering innovative money management solutions and credit products tailored to the Nigerian market.
