As more Nigerians seek to improve their financial well-being through investment and savings, many people have also become concerned about the safety and reliability of such platforms that promote this goal and this has led to questions about if Piggyvest is approved by CBN or not to operate.
In this article, we will explore whether Piggyvest is approved by CBN or not and how safe and reliable is this platform.
Piggyvest is a Nigerian fintech company that provides digital savings and investment options to its users.
The platform has demonstrated its commitment to maintaining the trust of its users by complying with regulatory requirements and providing a secure platform for users to save and invest their money.
Piggyvest operates on the basis of saving small amounts regularly, which can accumulate over time to help users meet their financial objectives.
As of today, Piggyvest is very popular and this can be attributed to its convenience, accessibility, and the potential for users to earn competitive interest rates on their savings.
As Piggyvest continues to grow, many Nigerians have become curious about its regulatory status and whether it is approved by the CBN and operates within the established regulatory framework.
The question now remains if Piggyvest is approved by CBN or not. Let’s find out.
Is Piggyvest Approved By CBN?
Piggyvest is a legit investment and savings platform that operates as an MFB regulated by the CBN and funds insured by the NDIC.
They initially operated in partnership with 2 Microfinance banks and used their licenses before acquiring their own microfinance bank whose licenses are endorsed by CBN
They are also a registered cooperative- Piggytech Cooperative Multipurpose Society Limited with Registration number, 16555
in a nutshell, Piggyvest is legit and operates within the established regulatory framework.
As a licensed financial institution, Piggyvest is required to comply with various regulations and standards, which provide assurance to users that their funds are safe and protected.
How Safe and Reliable Is Piggyvest
- Piggyvest is a licensed financial institution that operates within the regulatory framework of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). As a licensed microfinance bank and digital investment platform, Piggyvest is required to comply with various regulations and standards to ensure the safety and security of users’ funds.
- The platform uses bank-level security measures to protect users’ personal and financial information, and it is equipped with a two-factor authentication system to prevent unauthorized access to users’ accounts. Piggyvest also works with reputable financial institutions and investment companies to offer users a range of investment options that are vetted and monitored by the SEC.
- Piggyvest is a legitimate company with a physical address at Tesmot House, 3 Abdulrahman Okene Close, Off Ligali Ayorinde St, Victoria Island, Lagos, and contact details; [email protected] or 0700 933 933 933.
- As a user, you don’t need to be skeptical about your funds as all funds are warehoused with and managed by AIICO Capital, the leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC).
- Piggyvest doesn’t store your credit/ debit card information or make any changes. All payments are processed through, @paystack, a PCI DSS compliant (globally certified), and all card data are encrypted
- You can withdraw your funds at any time with a single click of a mouse and you will be credited instantly.
- Your BVN is required for registration as they only operate legit accounts. BVN is used to validate your identity and further protect you against identity or money theft. In addition to regulatory requirements, adding your BVN adds an extra layer of security to your funds and transactions
Please note, your account can be flagged as a precautionary measure to safeguard you against suspected fraudulent activities if you enter the same withdrawal bank account on multiple Piggyvest accounts and BVN added to multiple accounts
Piggyvest is indeed a reliable and secure platform for users to save and invest their money, and its approval by the CBN and compliance with regulatory requirements provide assurance to users that their funds are safe and protected.
Q. What is Piggyvest?
A. Piggyvest is a Nigerian fintech company that provides a digital savings and investment platform for individuals and businesses.
Q. Is Piggyvest approved by the Central Bank of Nigeria (CBN)?
A. Yes, Piggyvest is a licensed microfinance bank that operates under the regulatory framework of the CBN and the Securities and Exchange Commission (SEC).
Q. What is the regulatory framework for financial institutions in Nigeria?
A. The regulatory framework for financial institutions in Nigeria is established by the CBN and includes requirements for licensing, capitalization, and risk management.
Q. Does Piggyvest comply with regulatory requirements?
A. Yes, as a licensed financial institution, Piggyvest is required to comply with various regulatory requirements to ensure the safety and security of users’ funds.
Q. How safe and reliable is Piggyvest as a licensed financial institution?
A. Piggyvest is considered safe and reliable as a licensed financial institution because it complies with regulatory requirements and uses bank-level security measures to protect users’ personal and financial information.
Q. What are the investment options available on Piggyvest?
A. Piggyvest offers various investment options, including savings plans, fixed-income investments, and mutual funds.
Q. How does Piggyvest ensure the security of users’ personal and financial information?
A. Piggyvest uses bank-level security measures and a two-factor authentication system to ensure the security of users’ personal and financial information.
Q. How can I start saving and investing with Piggyvest?
A. To start saving and investing with Piggyvest, you need to create an account on the platform and fund it using your debit card or bank transfer.
Q. What are the fees associated with using Piggyvest?
A. Piggyvest charges fees for some of its services, such as withdrawal fees if they exceeds maximum allowed per month. However, these fees are relatively low compared to other financial institutions.
Q. What happens to my money if Piggyvest goes out of business?
A. If Piggyvest goes out of business, users’ funds are protected by the Nigeria Deposit Insurance Corporation (NDIC), which insures deposits up to a certain limit.
- Top 7 Most Reliable Online Investment Platforms in Nigeria (2023)
- 7 Best Money-Saving Apps in Nigeria Loved By People Like You
It is important to note that while Piggyvest is approved by the CBN and operates within the regulatory framework, investing always carries some degree of risk. Users should educate themselves about the different investment options available on Piggyvest and make informed decisions based on their individual financial circumstances and goals.
Overall, Piggyvest’s approval by the CBN and compliance with regulatory requirements provide assurance to users that the platform is a safe and reliable option for saving and investing their money.