Hello and Welcome, Today we’ll talk about Piggyvest and Cowrywise: Which is Better?
Piggyvest and Cowrywise are two leading financial technology platforms in Nigeria offering online savings and investment options. This guide compares the merits of Piggyvest vs Cowrywise to help Nigerians decide which platform better suits their needs.
Founded in 2016 as Piggybank.ng, Piggyvest is a Nigerian fintech company that aims to make online savings and investments easy, accessible and rewarding to promote better financial planning.
Key product features include:
- Savings accounts with interest up to 10% p.a.
- Term deposits with guaranteed returns
- Target savings for goals
- Automated savings contributions
- Free transfers and withdrawals
Over 2 million Nigerians have signed up and saved over $1 billion showcasing Piggyvest’s growing relevance helping manage finances efficiently.
Introducing Cowrywise
Founded in 2017, Cowrywise is a Nigerian fintech managing over $20 million savings for 300,000 users. Their focus lies in enabling investment opportunities traditionally inaccessible including:
- Range of portfolio options suiting risk appetites
- Automated recurring investments
- Analyst research aiding decisions
- High liquidity allowing anytime withdrawals
- Low investment minimums from ₦1,000
Cowrywise makes wealth creation approachable to Nigerians leveraging digital finance and data-driven advisory.
Piggyvest vs. Cowrywise Features Comparison
While Piggyvest and Cowrywise both enable online money management, key product differences include:
Savings Accounts
Piggyvest offers savings wallets earning up to 10% interest versus Cowrywise not having deposit accounts. Piggyvest also insures funds up to ₦2 million unlike Cowrywise.
Investment Options
Cowrywise provides professionally managed investment portfolios including stocks, real estate, bonds, and Eurobonds. Piggyvest only offers automated savings plans and term deposits.
Ease of Withdrawal
Piggyvest allows instant withdrawals with no limits while Cowrywise locks up funds in investments for preset durations with caps on withdrawals.
Expense Tracking
Piggyvest offers more detailed analytics on expenditure and savings rates breakdown versus Cowrywise’s simpler investment reporting.
Collateral Loans
Piggyvest allows borrowers obtain quick soft loans using savings balance as collateral. No such facility offered by Cowrywise currently.
In summary, Piggyvest excels at flexible savings and expense management while Cowrywise focuses purely on investment opportunities.
Piggyvest vs Cowrywise Ease of Use
For first-time users, Piggyvest offers a simpler onboarding process to start saving versus Cowrywise’s investment account creation involving risk profiling before portfolio creation.
Cowrywise may appeal to already savvy investors adept with market concepts while Piggyvest better serves beginners knowing basic savings needs. Piggyvest also has more extensive educational articles guiding novice financiers.
Both platforms offer intuitive apps and responsive web dashboards although Piggyvest app scores higher on app store ratings currently.
Piggyvest vs Cowrywise Returns
Piggyvest offers guaranteed returns for savings and fixed deposits from 5% to 10% yearly. Cowrywise instead promises potentially higher but variable returns on investments averaging 10-17% p.a. based on market performance and portfolio risk chosen.
Piggyvest suits lower risk appetite earners prioritizing capital protection and guaranteed yields. Cowrywise better attracts those willing ride some volatility for higher gains.
Piggyvest vs Cowrywise Security
As fintechs, both companies implement strong data security provisions safeguarding user information and money including:
- Bank-grade encryption
- Secure code protocols
- Multi-factor authentication
- Banking partners holding custodial funds
- Industry certifications like PCI-DSS and ISO 27001
No public security breaches known to date. Piggyvest also insures savings up to ₦2 million for account holders unlike Cowrywise.
Piggyvest vs Cowrywise Customer Support
Both platforms provide dedicated customer assistance but Piggyvest response times appear faster based on user reviews especially via in-app chat and social media.
Piggyvest support channels include email, WhatsApp, SMS, chatbot plus local office visits. Cowrywise has email, chat and help center articles. No known call support numbers provided by either.
Piggyvest vs Cowrywise Signup and Funding
New users can easily create Piggyvest or Cowrywise accounts online in minutes with basic details. Video KYC plus quick debit card funding makes onboarding seamless.
Both have no account minimums so can start with small amounts like ₦1,000. Peak funding times are typically month-end aligning with salary payments.
Funds transfers from bank account complete instantly on Piggyvest while Cowrywise credits in 24 hours. Direct debits upcoming allow automating deposits.
Frequently Asked Questions
Which has better app ratings between Piggyvest and Cowrywise?
Piggyvest mobile apps score higher user reviews on Android and iOS app stores indicating easier onboarding and navigation for savers.
Can I use both Piggyvest and Cowrywise together?
Yes, Nigerians can complement Piggyvest for savings alongside Cowrywise for investments to optimize different financial needs simultaneously.
Is Piggyvest regulated in Nigeria?
Yes. Piggyvest holds proper operating licenses and runs compliant with guidelines enforced by financial bodies like CBN, SEC and NDIC.
Does Cowrywise have a mobile app?
Yes. Cowrywise offers iOS and Android apps enabling users conveniently open, fund and track investment accounts on the go.
Which has more users between Piggyvest and Cowrywise?
By disclosed fund volumes, Piggyvest currently serves over 2 million users against Cowrywise’s approximately 300,000 indicating greater retail saver penetration.
Can foreigners living in Nigeria use Piggyvest or Cowrywise?
Yes. Expats and foreign residents in Nigeria can freely signup, use services and enjoy same benefits as citizens if meeting KYC requirements.
How do I contact Piggyvest customer support?
Reach Piggyvest 24/7 via in-app chat, email team@piggyvest.com, Twitter DMs and WhatsApp message +234 700 000 8652.
How do I contact Cowrywise customer support?
Reach Cowrywise via email contact@cowrywise.com or in-app chat between 8am-5pm weekdays. Response within 24 hours.
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Conclusion
Piggyvest is ideal for goal-based savings, expense management and everyday liquidity needs. Cowrywise instead enables diversified investing and wealth compounding for willing risk-takers. While Piggyvest works well for rainy day funds, Cowrywise focuses long-term portfolio growth over 5-10 year horizons.
Evaluate specific financial priorities like safety, returns and convenience to determine if Piggyvest or Cowrywise better aligns. Many Nigerians use both platforms in tandem to enjoy combined benefits like short-term savings liquidity plus high-yield investments leveraging local fintech innovation and ethical practice.
After reading this article know you Piggyvest and Cowrywise: Which is Better?
