Nigerian fintech giant Piggyvest had a banner year in 2024, paying out ₦835 billion to customers, crossing 5 million users, and seeing significant growth across its ecosystem.
Why it matters
As one of Nigeria’s leading savings platforms, Piggyvest’s growth underscores the increasing adoption of digital savings and payment tools in the country’s evolving fintech landscape.
By the numbers
- Since its 2016 launch, Piggyvest customers have withdrawn over ₦2 trillion, representing a fraction of total deposits.
- In 2024 alone, the platform processed ₦2 trillion across its products, including Piggyvest Business and PocketApp.
- Users saved ₦44,000 every second by year-end 2024, equating to an annualized savings total of ₦1.39 trillion.
- Assets under management grew by 76% in 2024.
What they’re saying
- “2024 was our most profitable year, one of the years we achieved the most growth, and our most focused year as a company,” said CEO Somto Ifezue.
- The growth stems from prioritizing customer needs and aligning interest rates with market trends, Ifezue added.
Zoom in
Piggyvest has evolved its offerings over the years:
- Initially focused on savings accounts with restricted withdrawals, the platform has expanded to include:
- PocketApp: A consumer payments platform that crossed ₦1 trillion in transaction volume in 2024.
- Piggyvest Business: A point-of-sales product for offline retail payments.
- Piggyvest holds three key licenses: fund manager (SEC), mobile money (CBN), and microfinance banking, positioning it for future expansions.
What’s next
- In 2025, Piggyvest plans to launch a budgeting product to address users’ concerns about salaries not lasting the month.
- “[We’ll help users] manage day-to-day expenses and ensure salaries last until the next payday,” Ifezue said.
- The company is also exploring money management and credit services, leveraging its licenses to deepen financial inclusion in Nigeria.
Source: TechCabal
