Fashion Tech Review: Here's All You Need To Know About Saving And Investing With PiggyVest As A Fashion Entrepreneur
To successfully run your life and fashion business as an entrepreneur, you need money. Every business runs on money and no business that is constantly scrambling for funds can thrive and grow exponentially.
While it is tempting for fashion entrepreneurs to spend money as they earn it, that is not a good idea. Developing a savings and investment culture both for yourself and your business will help you greatly in the long run.
With technology advancing, there are now easier ways to save money through online platforms, one of which is PiggyVest.
What is PiggyVest?
PiggyVest is the first online savings and investments platform in West Africa. It was launched in Nigeria 2016 as Piggybank.ng by co-founders Odunayo Eweniyi, Joshua Chibueze, Somto Ifezue, and Ayo Akinola
It is an app/platform that helps you save money over time and get your money back with interest when you need it. The company which first started as a savings platforms, over the years, evolved to be an investment platform as well.
PiggyVest has 4 savings plans for its users;
- Piggybank: This is for a strict savings option. With the piggy bank saving option, you can choose to save money daily, weekly, or monthly - this saving van be done manually or automatically. Withdrawing outside of a date preset by you from this option will attract a penalty. It has a 10% per annum interest rate attached ro it.
- Flex Naira: This option is best suited for emergency savings. With this option, you can withdraw funds at any time without being penalised for it. You can also receive funds and transfer for free.
- Safelock: This feature allows you to lock away money for a specified period within which you will have no access to the funds. With this option, you get interest upfront.
- Targets: The target savings option allows you save towards a specific goal or target like your rent, a project, and so on. With this plan, you can invite friends and family to give towards the cause you are saving up for. The funds in your target account will be released only at the appointed time.
Apart from the 4 saving plans listed above, PiggyVest also offers its users a chance to save money in dollars with the Flex Dollar option. With this option, you can save, transfer, and withdraw in dollars or naira. It has a 5% per annum interest rate attached to it.
PiggyVest also provides an opportunity for users to refer others to the use the platform. If, as a fashion entrepreneur, you send your referral code to people and they sign up with the platform, you get rewards with #1,000 every time.
What can Fashion Entrepreneurs Use PiggyVest for?
You, as a fashion entrepreneur, can use PiggyVest to save and invest money in medium to low-risk opportunities, both yielding interest. Not only can you save personal funds with this platform, but you can also save business funds - this way, you will be able to build your personal finance while building your fashion business.
Apart from general savings for yourself and your business, you can also use PiggyVest to stash away emergency funds, for when you or your business comes into a tight place; to lock money that you do not want to spend away; and to save towards a specific goal like buying a sewing machine, paying the rent for your business, enrolling for a professional course, or any other thing.
PiggyVest can also be used to invest in low and medium risk opportunities. This means that, as a fashion entrepreneur, by using the Investify option, you can invest your money in various opportunities that are sure to yield interest.
To use PiggyVest, all you need to do is to have access to the internet, create an account with them and connect the platform to your bank using your BVN.
The investment options on PiggyVest are very limited and because they are medium to low-risk opportunities, returns on investment are low. If you put the link to your referral bonus out there, there is no way to know who clicked on the link to encourage them to complete the process.
PiggyVest User Reviews
Based on user reviews from Google Play Store, most users love the app and say it has helped them build a savings culture.
A few users, however, complained that anyone can gain access to their PiggyVest dashboard and see every detail there. This issue can be resolved by choosing the 'log me out after 5 mins' option upon using the mobile app for the first time.
Competitors and Alternatives to PiggyVest
Top competitor and alternatives to PiggyVest in Nigeria are CowryWise, Payday Investor, ALAT by Wema, and KoloPay with CowryWise being the biggest competitor of all.
Overall, PiggyVest gets a 9 out of 10 based on its uses and limitations.
I recommend PiggyVest to every fashion entrepreneur, especially those that want to manage their finance better and build a savings culture. It is a great platform for both savings and for learning how to separate your funds based on your needs.