Piggyvest, one of Nigeria’s top savings platform, reported paying out ₦835 billion to its customers in 2024. The company now boasts over 5 million users. Since its launch in 2016, customers have withdrawn over ₦2 trillion from the platform, representing a fraction of the total deposits held by the company.
“2024 was our most profitable and focused year, with significant growth,” said Somto Ifezue, CEO and co-founder of Piggytech Global Limited, Piggyvest’s parent company. Piggytech also owns PocketApp, a consumer payments app that processed over ₦1 trillion in transactions in the same year. Together, Piggyvest, Piggyvest Business, and PocketApp handled over ₦2 trillion in total.
Ifezue attributed the growth to enhanced customer service and meeting user needs. “We adjusted our interest rates to align with market trends and worked diligently to offer greater value for every naira. Our milestones are a result of our focus on serving our users better,” he explained.
Piggyvest reported a 76% increase in assets under management in 2024. The platform claims that towards the end of the year, users were saving ₦44,000 every second, suggesting an annual savings total of ₦1.39 trillion.
Looking ahead, Piggyvest plans to launch a budgeting tool in 2025 to help users manage their day-to-day expenses and stretch their salaries until the next payday. “Our customers have expressed concerns about their salaries not lasting the month. We aim to roll out a feature that helps manage expenses more effectively,” Ifezue announced.
Piggyvest has evolved significantly since its inception, initially focusing on savings accounts with interest and restricted withdrawals. Over time, it has expanded its offerings by acquiring Abeg, rebranded as PocketApp, and launching Piggyvest Business, a point-of-sale product for retail stores.
In August 2023, co-founder and CMO Josh Chibueze revealed plans to leverage Piggyvest’s three financial licenses—a fund manager license from the SEC, a mobile money license from the Central Bank of Nigeria, and a microfinance bank license—to expand into money management and offer credit services to Nigerians.
