PiggyVest vs. Cowrywise: Which Savings and Investment Platform is Best for Nigerians?

Have you ever wondered whether PiggyVest or Cowrywise is the better option for saving and investing your money in Nigeria?

With so many fintech platforms available, choosing the right one can make all the difference in achieving your financial goals.

I’m Simon Zaku, a digital entrepreneur and founder of IBIFoundry. Having used and analyzed multiple savings and investment platforms in Nigeria, I understand the importance of security, ease of use, returns, and flexibility.

In this detailed comparison, I’ll break down the strengths and weaknesses of PiggyVest and Cowrywise so you can make an informed choice.

Overview of PiggyVest and Cowrywise
Savings Features
Investment Options and Returns
Interest Rates and Earnings Potential
Security and Trustworthiness
Mobile App and User Experience
Withdrawals and Liquidity
Fees and Hidden Charges
Customer Support
Which One Should You Choose?
FAQs

Overview of PiggyVest and Cowrywise

PiggyVest

PiggyVest was founded in 2016 and has grown into one of Nigeria’s most trusted savings and investment platforms.

Initially launched as a savings-only platform, it has since expanded to include investment opportunities, making it a full-featured financial management tool.

PiggyVest allows users to automate their savings, lock funds for a fixed period, and invest in low-risk opportunities.

Cowrywise

Cowrywise, founded in 2017, is another fintech platform designed to help Nigerians save and invest efficiently.

Unlike PiggyVest, Cowrywise started with an investment-first approach before adding savings features.

The platform provides a variety of investment plans, including mutual funds, stocks, and fixed-income securities, while also offering automated savings.

Savings Features

PiggyVest:

Piggybank: Automated savings that allow you to deposit daily, weekly, or monthly.
SafeLock: Locks your money for a fixed duration to prevent impulsive withdrawals.
Target Savings: Enables you to save towards specific goals, either individually or as a group.
Flex Naira & Flex Dollar: Allows flexible withdrawals and foreign currency savings.

Cowrywise:

Periodic Savings: Automatically saves your money based on a set schedule.
Life Goals Savings: Allows users to save for specific long-term goals like education or buying a house.
Halal Savings: A non-interest savings plan designed for Muslims.

Winner: PiggyVest (More savings options and better flexibility)

Investment Options and Returns

PiggyVest:

Investify: Gives users access to low-risk investment opportunities such as agriculture and fixed-income assets.
Returns vary but generally range from 10% to 20% annually, depending on the investment type.

Cowrywise:

Offers a broader range of investments, including mutual funds, treasury bills, and fixed-income securities.
Investment returns vary between 8% to 25% annually, depending on risk appetite and asset allocation.

Winner: Cowrywise (More diverse investment options and access to mutual funds)

Interest Rates and Earnings Potential

Feature	PiggyVest	Cowrywise
Regular Savings Interest	Up to 10% annually	Up to 10% annually
Fixed Savings Interest	10-15% annually	10-15% annually
Investment Returns	10-20% annually	8-25% annually

Both platforms offer competitive interest rates, but Cowrywise has the potential for higher returns on mutual funds and stocks.

Winner: Tie (PiggyVest for savings, Cowrywise for investments)

Security and Trustworthiness

Both platforms are registered with the Securities and Exchange Commission (SEC) and use bank-grade security measures such as encryption and two-factor authentication.

Winner: Tie (Both are highly secure and regulated)

Mobile App and User Experience

Both PiggyVest and Cowrywise have mobile apps available on Android and iOS.

The user interface is clean and intuitive, but PiggyVest is often praised for its smoother user experience and ease of navigation.

Winner: PiggyVest (More user-friendly app design)

Withdrawals and Liquidity

PiggyVest: Allows free withdrawals on designated dates; early withdrawals attract a 5% penalty.
Cowrywise: Withdrawals take 1-3 business days, depending on the plan.

Winner: PiggyVest (More flexible withdrawal options)

Fees and Hidden Charges

Neither platform charges account maintenance fees, but both have penalties for early withdrawals from locked savings plans.

Winner: Tie (No major hidden fees)

Customer Support

PiggyVest: Offers live chat, email, and social media support.
Cowrywise: Provides similar support but is sometimes reported to have slower response times.

Winner: PiggyVest (Faster customer service response)

Which One Should You Choose?

Choose PiggyVest if you:

Prefer a more user-friendly app.
Need flexible savings plans with high interest rates.
Want quick access to your funds with minimal withdrawal delays.

Choose Cowrywise if you:

Want to invest in a variety of mutual funds and fixed-income assets.
Are comfortable with slightly longer withdrawal times in exchange for higher returns.
Prefer a structured approach to savings and investments.

FAQs

1. Is PiggyVest or Cowrywise better for savings?

PiggyVest offers more flexible savings options and slightly better interest rates for fixed savings.

2. Can I lose money on Cowrywise investments?

Yes, if you invest in mutual funds or stocks, returns are not guaranteed and can fluctuate based on market conditions.

3. Which platform is safer?

Both platforms use high-level encryption and are registered with Nigerian financial regulators.

4. Does PiggyVest or Cowrywise offer dollar savings?

PiggyVest offers a Flex Dollar account, allowing users to save in USD and earn interest.

Simon Taki Zaku,

Founder, CEO, IbiFoundry.com.ng

For Ibifoundry.com.ng/blog.