PiggyBankNG, the personal saving assistant that helps its owner save by automatically debiting their account a specified amount at specified intervals.
Overarching questions like: Is it safe? Is it free? and more can be answered on their FAQ site.
One thing is clear, Piggybank.ng (a subsidiary of SharpHire Global Ltd) is safe. It is a financial technology (fintech) solutions provider and when it comes to holding funds/deposits, they partner with UBA. It is a product of Metro Microfinance bank registered under CBN and also NDIC-insured, according to an email chat with a Cofounder, Josh Chibueze.
Currently, they have certain features which make savings more disciplined such as set withdrawal dates. Should you choose to withdraw outside of those dates you’ll pay a 5% withdrawal fee on the withdrawal amount. how about that for a punishment?
Also, upon sign-up you are encouraged to set a savings target. After doing so, you’ll be prompted to fill out your plan to achieve it at your own pace. It (savings) can be done daily, weekly or/and monthly.
Because it is done automatically, you don’t have to worry about forgetting. In that case, it emails you that ‘your savings was unsuccessful’ with an option to catch up using quick save – a feature that allows you quickly deposit money into your savings.
In an interview with Jefwa of CIO East Africa, as a #DEMOAfricaFinalist, Josh mentioned that “Piggybank was created to ease the stress of physically depositing money daily into a physical saving box”. Hence, it is unsurprising to see their other products/features feed off that vision. For example, Safelock.
Safelock – a piggybank feature that safely locks your savings
Safelock is a piggybank feature which allows users safely lockaway their savings for a period of time while earning interest, till its expiry date (which is user determined at the beginning). It was announced four months ago, in March, on their Medium-hosted company blog.
Yesterday, another addition to that feature was announced via their Twitter platform. This allows you to create multiple safelocks such that you can split your savings (into their different purposes) and identify them with different names.
This means you can create multiple Safelocks and add funds to them when you please.
— PiggyBankNG (@PiggyBankNG) July 7, 2017
In 2016, piggybank.ng reported saving 21 million naira for their users.
I think this is an interesting addition as one could want to save for a parent’s birthday while saving to buy a travel ticket and would not like both savings to be bundled together. Hence, this gives you at a glance, the state of your savings for the different purposes you specified.
In 2016, piggybank.ng reported saving 21 million naira for their users. In September 2016, they were one of the 30 finalists (out of 723 startups across 27 African countries) at the DEMO Africa. October 2016, they were one of the finalist for the 2016 AppsAfrica Innovation Awards – fintech category.
At the Village Capital Fintech 2017 in May, they won $50,000 alongside Kenyan startup, OlivineTech, a software company that specialises in developing automated data capture tools that integrate with third party solutions such as, SAP business. Still in May, they were shortlisted as one of the Top 20 finalists (fellows) of the Ecobank Fintech Challenge (out of 850 startups from across Africa). This opens them up to potentially more funding, technical support, multinational product roll0ut across Ecobank’s 33 markets in Africa and a service provider & partnership deal, according to Ecobank press release.
Furthermore, they seem to be getting a lot of good user reviews. I imagine their NPS (Net Promoter Score), a management tool used to gauge the loyalty of a firm’s customer, around the +40 – 50 mark (which also implies users are likely to recommend them to others).
With sales, user review and funding in check the sky will only be their starting point.
Read more about the Piggybank process here.
Also, You can follow me on Twitter for a possible analysis of their NPS.