Piggyvest and Cowrywise: Which is Better?

Piggyvest and Cowrywise are two of the leading savings and investment platforms in Nigeria. Both platforms offer a variety of features and benefits, making it difficult to decide which one is right for you.

In this blog post, we will compare and contrast Piggyvest and Cowrywise on a number of factors, including interest rates, investment options, withdrawal policies, and security. We will also provide some tips on how to choose the right platform for your needs.

So, whether you're a beginner or an experienced investor, read on to learn more about Piggyvest and Cowrywise and how to choose the best platform for you.

Overview Of Piggyvest 

Piggyvest is a Nigerian fintech platform that has gained widespread recognition for its pioneering approach to personal finance management and savings. Founded in 2016 by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze, the platform aims to transform traditional savings methods by offering a range of services that cater to diverse financial goals and needs.

Key Services and Offerings:

  • Savings Wallet: At the heart of Piggyvest's offerings is the "Savings Wallet," a digital platform that functions as a modern-day piggy bank. Users can create personalized savings plans for various purposes such as vacations, education, emergencies, and more. The Savings Wallet is designed to cultivate a culture of consistent saving by allowing users to automate contributions at a frequency and amount of their choosing.
  • SafeLock: Piggyvest's "SafeLock" feature enables users to lock away a portion of their funds for a specified period. This feature discourages impulsive withdrawals and encourages users to stay committed to their savings goals. SafeLock can be utilized for short-term or long-term goals, with varying lock-in durations and interest rates.
  • Investify: Recognizing the importance of investing for long-term financial growth, Piggyvest introduced "Investify." This feature provides users with opportunities to invest in vetted investment options, including agriculture, real estate, and more. Users can choose investments based on their risk appetite and financial objectives, diversifying their portfolio and potentially earning higher returns.
  • Flex Dollar: Piggyvest offers an avenue for users to save and invest in US Dollars through its "Flex Dollar" feature. This enables users to hedge against currency fluctuations and potentially access international investment opportunities.
  • Target Savings: The "Target Savings" feature allows users to set specific financial targets and timelines. Piggyvest helps users stay on track by calculating the required periodic contributions to meet their goals.
  • Group Savings: Piggyvest fosters a sense of community by facilitating group savings. Users can invite friends, family members, or colleagues to collectively save towards a shared goal.
  • Referral Program: Piggyvest incentivizes users to refer others to the platform through its referral program, where both the referrer and the referred party earn bonuses upon successful sign-up and utilization of Piggyvest's services.

Safety and Security:

Piggyvest places a strong emphasis on security and user data protection. The platform employs industry-standard security measures such as encryption and multi-factor authentication to ensure that users' personal and financial information remains confidential and secure.

Financial Education and Community:

Piggyvest goes beyond being a mere financial platform. It actively contributes to financial literacy by offering educational resources, webinars, and blog articles to empower users with the knowledge needed to make informed financial decisions.

In summary, Piggyvest has reimagined savings and investment for the modern age, catering to a diverse range of financial goals and aspirations. Through its user-friendly interface, innovative features, and commitment to security and education, Piggyvest has become a prominent player in the Nigerian fintech landscape, contributing significantly to the financial wellness and empowerment of its users.

Overview Of Cowrywise

Cowrywise is a Nigerian fintech platform that has carved a niche for itself by offering innovative solutions for individuals seeking to optimize their financial planning and investment strategies. Founded in 2017 by Razaq Ahmed and Edward Popoola, Cowrywise is on a mission to democratize access to wealth-building opportunities and empower users to achieve their financial goals with greater ease and confidence.

Key Services and Offerings:

  • Automated Savings: Cowrywise provides users with a seamless and automated way to save money towards their goals. Users can create multiple savings plans, each tailored to a specific objective, such as travel, education, or emergency funds. The platform allows users to set their preferred contribution frequency and amount, making it effortless to cultivate a consistent savings habit.
  • Investment Opportunities: Cowrywise offers a range of investment options tailored to various risk profiles and financial goals. Users can invest in mutual funds, government bonds, and other carefully curated investment instruments, thereby gaining exposure to diversified portfolios managed by professional fund managers.
  • Goal-Based Investing: Similar to Piggyvest, Cowrywise encourages goal-based investing by allowing users to define their financial objectives and timelines. The platform then calculates the required investment contributions to help users reach their goals.
  • Piggybank (SafeLock): Cowrywise's "Piggybank" feature is akin to Piggyvest's "SafeLock," enabling users to lock away funds for a predetermined period to prevent impulsive spending and maintain focus on their savings goals.
  • Halal Investing: Cowrywise recognizes the importance of providing financial solutions that align with diverse cultural and ethical preferences. The platform offers "Halal Investing" options, catering to users who seek investments that comply with Islamic finance principles.
  • Education and Insights: Cowrywise goes beyond transactional services, providing users with educational content and insights to enhance their financial literacy. Through articles, blog posts, and webinars, users can gain valuable knowledge about personal finance, investment strategies, and more.
  • Accessibility: Cowrywise offers its services through a user-friendly mobile app, making it convenient for users to manage their finances and investments on the go.

Security and Trust:

Cowrywise places a strong emphasis on security and user trust. The platform employs rigorous security measures to protect user data and funds, including encryption and multi-factor authentication.

Which Is Better?

Determining whether Piggyvest or Cowrywise is better depends on various factors, including your financial goals, preferences, and priorities. Both platforms offer valuable services for savings and investment, but they have distinct features that might align differently with individual needs. Let's compare the two platforms in key aspects to help you make an informed decision:

1. Savings and Automated Saving:


  • Offers a user-friendly interface and a gamified approach to encourage savings.
  • Provides the "Savings Wallet" for automated contributions towards different goals.
  • Introduces the "SafeLock" feature to lock funds for specific periods.


  • Offers automated savings plans for various goals.
  • Provides the "Piggybank" feature for locking funds.
  • Offers a goal-based investing feature.

2. Investment Opportunities:


  • Offers "Investify" for investment in agriculture, real estate, and other ventures.
  • Allows users to invest in the US Dollar through "Flex Dollar."


  • Provides a range of investment options, including mutual funds and government bonds.
  • Offers "Halal Investing" options for users who prefer investments compliant with Islamic finance principles.

3. Flexibility and Customization:


  • Offers a diverse array of savings categories to tailor goals.
  • Users can define their preferred savings frequency and amount.


  • Provides flexibility in creating multiple savings plans for different goals.
  • Allows users to customize investment portfolios based on risk profiles.

4. Financial Education and Resources:


  • Offers educational resources and financial literacy content to users.
  • Provides webinars and blog articles for improving financial knowledge.


  • Provides educational content to enhance users' financial literacy.
  • Offers insights and articles on investment strategies.

5. Safety and Security:

Both Piggyvest and Cowrywise prioritize user data and fund security, employing encryption and multi-factor authentication.

  1. Ease of Use:

Both platforms have user-friendly mobile apps for convenient account management.

Ultimately, the choice between Piggyvest and Cowrywise depends on your specific financial goals and preferences. If you value a gamified approach to savings and want access to alternative investments, Piggyvest might be more suitable. 

On the other hand, if you prioritize a range of investment options, goal-based investing, and Halal investment choices, Cowrywise could be the better choice.

Read Also: 10 Mistakes Beginner Bloggers Should Avoid in 2023


Is PiggyVest better than Cowrywise?

Determining whether PiggyVest or Cowrywise is better depends on your individual financial goals and preferences. Both platforms offer unique features and services that cater to different needs. PiggyVest stands out with its gamified savings approach and alternative investment options, while Cowrywise offers a wider range of traditional investment choices and goal-based investing. Consider your financial objectives and the features that align best with your goals to make an informed choice.

Is PiggyVest approved by CBN?

Yes, PiggyVest is a registered and licensed financial institution in Nigeria. It is authorized to operate by the Central Bank of Nigeria (CBN) and adheres to regulatory guidelines to ensure the safety and security of users' funds and personal information.

Is my money safe in Cowrywise?

Yes, Cowrywise prioritizes the safety and security of users' funds. The platform employs industry-standard security measures, including encryption and multi-factor authentication, to protect your money and personal data. Additionally, Cowrywise collaborates with reputable financial institutions and regulators to ensure compliance and enhance user trust.

Is it safe to keep money in PiggyVest?

Yes, PiggyVest takes security seriously and employs robust measures to ensure the safety of your funds. The platform utilizes encryption, multi-factor authentication, and other security protocols to safeguard your money and personal information. PiggyVest's track record as a licensed financial institution adds an extra layer of assurance.

How many times can I withdraw from PiggyVest in a month?

PiggyVest allows users to make free withdrawals from their "Flex Naira" account once per withdrawal day (usually the last day of the month). Additional withdrawals within the same month may incur a fee. It's advisable to review PiggyVest's terms and conditions or contact their customer support for the most up-to-date information on withdrawal limits and fees.


Piggyvest shines with its gamified approach, encouraging a disciplined savings culture and offering innovative investment opportunities through "Investify" and "Flex Dollar." The platform's user-friendly interface and commitment to financial education contribute to its appeal, particularly for those seeking an engaging and alternative-driven financial journey.

On the other hand, Cowrywise stands out for its comprehensive investment options, including traditional avenues such as mutual funds and government bonds. Its goal-based investing, Halal investment options, and customizable savings plans provide a robust framework for individuals to tailor their financial strategies

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