PiggyVest Vs Cowrywise: Which is better?

The fintech industry has witnessed a massive rise in customers, stakeholders, and popularity over the past decade. From Palmpay to PiggyVest and Opay, these tech companies have become key players in the country’s financial settings, giving traditional banks a run for their money. 

However, while they’ve collectively gained more ground, each platform has unique policies, rates, and products. So, today, let’s take a deep look at PiggyVest and Cowrywise, highlighting their features, pros, and cons. 

This post also compares their returns on investment and suggests the most suitable option for you. 

PiggyVest Products and Services

PiggyVest is the first saving and investment app in Nigeria created to encourage a saving culture among young and working Nigerians. 

Founded in 2017 as piggybank.ng, it is licensed by the Securities and Exchange Commission (SEC), insured by the Nigeria Deposit Insurance Corporation (NDIC), and registered by the Central Bank of Nigeria as a microfinance bank. 

PiggyVest offers secure online wallets where users can save and invest their hard-earned money. 

Below is the conclusive list of the products and services you can enjoy on PiggyVest:

Piggybank (Savings)

Here’s the first and main service available on the platform. This feature lets you save money in a highly secure wallet without paying extra charges. 


Apart from its secure wallet, PiggyVest provides multiple investment opportunities to eligible Nigerians. From Real Estate to Agriculture and bond, PiggyVest helps you put your money in properties or businesses that will yield more returns when they ‘mature’.

At the time of writing, a 3-bed luxury apartment is available at ₦15,000 per share. Visit the official page for more info. 


This feature is more like a fixed deposit account where you save a certain amount of money for some time without accessing it. The option allows you to earn up to 12.5% per annum, depending on the time frame. 

For instance, 10 – 30 days safelock gets 6% interest per annum, while 91 – 365 days attract 10% per annum. So, the longer the duration, the higher the interest rate. Interestingly, you need just ₦1000 to create a safe lock. 

Target Savings

Target savings is another service in which you or a group of people set an amount you intend to save within a specific period. You can either join an existing savings group or create a new one compatible with your financial capacity. 

PiggyVest Flex Dollar

This service allows you to save in dollars and earn daily interest, which you can convert monthly. However, this service is limited to users who have a Dollar Flex account. 

Flex Naira 

This is more like an emergency money you can touch at any time. However, you can only withdraw ₦2k and above from this wallet. 

Automated Savings 

Explore the automated savings by setting the date and amount you want to save monthly. When the time comes, the app will automatically deduct the money from the bank you linked to your PiggyVest account. 


PiggyVest has a wide range of services suitable for every user. Both low, middle, and high-class citizens can explore and make more money. 


PiggyVest is certified and insured by top government organizations. CBN, SEC, and other necessary bodies confirm its credibility. 

PiggyVest Pros

Here are some advantages of using PiggyVest: 

  • Top flexibility 
  • High-interest rate
  • Supports Emergency withdrawal 
  • App compatible with all devices
  • Impressive customer support 

PiggyVest Cons

  • You can’t withdraw less than ₦3000 from your Piggyback. 
  • Limited investment options compared to other platforms

Cowrywise Products and Services

Cowrywise is a popular platform offering digital financial services to Nigerians. Established by Razaq Ahmed and Edward Popoola in 2017, the fintech company has become a household name in the country’s wealth management section. 

Like PiggyVest, Cowrywise is endorsed by the Central Bank of Nigeria, the Security and Exchange Council, and other concerned authorities. Hence, it guarantees maximum protection for users’ savings and investments. 

Regular Savings Plans

Like PiggyVest, Cowrywise’s primary mission is to improve how people save their money in Nigeria. Hence, it provides a secure wallet where you can deposit a portion of your income for a minimum of three months and accrue some interest. 

Diverse Investment Options

Cowrywise provides a wide range of investment plans, allowing users to choose their preferred option. 

Halal Savings 

This plan is largely for Muslims or those who prefer to invest by Islamic finance principles. Cowrywise Halal involves riba-free savings, Shariah-compliant investments, and Sukuk. 

Though Halal plans don’t attract interest, they help you manage your money without breaking your religious beliefs. 

Emergency Savings 

Emergency plans are a part of the Cowrywise service that lets users withdraw at any time. If you fund your emergency wallet, you can easily access it during emergencies. 

Money Duo 

This feature encourages group savings. You and your family can set a target and start saving collectively. 

Meanwhile, each person has their record to avoid issues. 

Dollar Investment

Cowrywise recently introduced a dollar investment feature that allows users to invest in US dollars. This concept ultimately bridges the gap between them and PiggyVest. 


Cowrywise adopts advanced security measures to protect users’ funds and personal information. It is regulated by the Securities and Exchange Commission (SEC) for maximum protection. 

Automated Savings

Like PiggyVest, Cowrywise offers an automated savings feature that encourages consistent and automatic savings. 

Cowrywise Pros

  • Convenient and automated savings
  • Wide range of investment options
  • Halal investment plans available
  • User-friendly mobile app
  • Good customer support
  • Top Security 

Cowrywise Cons

  • Lower Interest rates when compared to PiggyVest
  • No safelock option

PiggyVest Vs Cowrywise: Returns on Investment (ROI)

When it comes to return on investment, PiggyVest is better than Cowrywise. PiggyVest offers higher interest rates on every savings and investment than Cowrywise. 

For instance, you can earn as much as 30% return if you invest in the housing property mentioned earlier in this article. 

Also, PiggyVest’s Corporate Debt Investment Notes accrue 8.9% interest in 6 months compared to Cowrywise’s 1.30% on FSDH Dollar Fund investment. Though Cowrywise rates aren’t too bad, they are a bit lower than PiggyVest. 

Meanwhile, below are different sections of the interest rate for both platforms. 

Cowrywise (Regular Savings)

Savings Duration Interest Rate  
3 months 8.0 % p.a
6 months 9.0% p.a
9 months 10.0% p.a
1 year 11.0% p.a
Above 1 year 12%

PiggyVest (Safelock)

Time Duration Interest Rate 
10 – 30 Days 6.0% p.a 
31 – 60 Days  7.0% p.a
61 – 90 Days 9.0% p.a
91 – 365 Days 10.0% p.a 
1 – 2 Years12.5% p.a 

Cowrywise (Investment)

Investment Interest Rate (YTD) 
FSDH Dollar Fund1.30% 
Stanbic IBTC Shari’ah Fixed Income Fund1.72%
Coral Income Fund2.28%
Coral Balanced Fund5.73%
Marble Halal Fixed Income Fund1.62%
United Capital Sukuk Fund2.51%
ARM Discovery Balanced Fund15.78%
Stanbic IBTC Enhanced Short-Term Fixed Income Fund2.70%
United Capital Balanced Fund3.71%
United Capital Wealth For Women Fund14.74%
United Capital Fixed Income Fund1.73%
Nigeria International Debt Fund2.40%
ARM Fixed Income Fund0.74%
Lotus Halal Investment Fund6.44%

PiggyVest (Investment) 

InvestmentInterest rate
Real Estate Investment42% 
Corporate Debt Note Series XI10%
corporate Debt Note XIV 10%
Corporate Depth Series XV 7.4% (9 months) 
Sovereign Debt Note 16.9%
16 Unit Luxury 3-bedroom30%

PiggyVest Vs Cowrywise: Quick Comparison

Below is a direct comparison of both platforms: 

Categories PiggyVest Cowrywise 
Piggybank Flex Naira Flex Dollar Target Safelock Halal Investment Regular Savings Money Duo Emergency Plans Saving Circles 
Investment Options:Limited/ a few investment opportunities Many investment options 
User Experience:

Guarantees smooth and impressive user experience Guarantee user-friendly interface. 
Security and Regulation:Secured and certified by Concerned authorities It is secure and safe for all users. 
Charges:Most of the services are free. However, it charges a 2.5% penalty fee for withdrawal amount.Charges ₦25 per withdrawal. 

Which Platform is Right for You (Conclusion)?

It all depends on your financial goals and preferences. PiggyVest appears to be the better option for those interested in high returns on your savings while Cowrywise is suitable for people interested in Shariah-compliant investment. Meanwhile, consider the fees, user experience, and customer support before your final decision.  









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Anthony Adewuyi

Anthony Adewuyi

Anthony is a Content Writer with MakeMoney.ng. He is passionate about Finance, Business, and Tech related topics. He is a Digital Entrepreneur with vast experience in Data Analytics and Advanced Google Analytics

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