Cowrywise Vs Piggyvest – Weighing In On Nigeria’s Top 2 Savings Apps

Saving is one culture most people find difficult to adhere to. Some people have the desire to save money in order not to be frivolous about their spending but it takes discipline to go through with it. With Cowrywise and Piggyvest saving apps, Nigerians now have other platforms to use when it comes to saving money, instead of relying solely on commercial banks.

All You Need To Know About Cowrywise

In 2017, Cowrywise was launched as a platform to help people save money rather than spend it unwisely. They gave their customers options to choose from their available products which are:
Regular Savings

The minimum you can save your money under Regular Savings is 3 Months and above. This will help you to be disciplined in saving as you can not break the plan when it is not matured. You also have the option of creating different savings plans for various reasons if you like.

Saving Circles

Saving Circles helps you save with other people. It has three alternatives you can choose from;
Challenges – here you can save money with your family members and friends with ease.
Money Duo – as the name implies, it is meant for only two people. Couples can save together under this option.

Collections – it is a better choice for private investment clubs and project groups to save cash.

Life Goals

The purpose of the Life Goals savings is for a long term which lasts for one year. Life Goals savings have different preferences you can choose to save under, like Home, Education, Business, Family, Vacation, and Retirement.

Halal Savings

This option is for Muslims who do not care about interests because of their faith. Cowrywise made it convenient for everyone to save not minding their belief systems.

Emergency Plan

It is good to save for unforeseen circumstances and Emergency Plan helps you achieve this goal. When you use this feature, you have something to fall back on in case of an emergency. There will be no need to run about looking for money when you already have some stashed away via saving with Emergency Plan.

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The good part about this plan is that you can collect your cash anytime as long as you know it is for an emergency, unlike Regular Savings which last for 3 months.

All You Need To Know About Piggyvest

Since Piggyvest started its operation in 2016, millions of people have resorted to saving with it to curtail their spending habits. The platform offers different services to their community for them to make use of the products that serve their needs better.

Some of their services include:

Piggybank

Here, you have the option to save your funds on either a daily, weekly, or monthly basis with an interest rate of 10% per annum. Piggyvest chooses the withdrawal date for your funds in Piggybank but if you decide to withdraw before the given date, you are expected to pay a 2.5% breaking fee.

Targets

Here, you get to save money for a particular purpose. It could be to start a business, buy a machine, or whatever it is you want. The interest rate is 9% per annum.

Safelock

Under Safelock, you are the one to choose the time frame for when you want to save your money. The interest under Safelock is paid upfront. That is, if you lock your money for 25 days, they pay you the percentage you will receive within that time at once. Unlike Piggybank, you can not take your money when it has not reached the maturity date.

Flex Dollar

Flex Dollar allows you to save money in Dollars. You also get 7% interest per annum.

Flex Naira

This is a flexible service as you can withdraw your money that is in Flex Naira anytime you want without paying any fee because it serves as an emergency fund with 8% interest per annum. So, always leave some money in it.

Cowrywise Vs Piggyvest: Which should you go for?

Cowrywise and Piggyvest are licensed by the Security and Exchange Commission in Nigeria and they are currently the leading savings apps in Nigeria.

When it comes to investments and discipline, Cowrywise has proven to be more suitable than Piggyvest because you can collect your money before the maturity date in Piggyvest but you can not do that with Cowrywise, you have to wait until the maturity date.

Also, Cowrywise does not have a stipulated amount to start investing with, unlike Piggyvest that the minimum amount is N5,000.

Between the two apps, if you are interested in savings alone, then Piggyvest should be the one to opt for. Its flexibility feature helps those who are likely to break their savings plans before the maturity date.

The downside to it is that you may not achieve your savings goals if you keep taking your money before the due date, which is a sign of indiscipline.

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On the other hand, Cowrywise is the best option for both savings and investments as their policies are stringent which will make you be disciplined and follow the rules at all times and they have a vast investment opportunity under their Mutual Fund features, unlike Piggyvest that has only four categories of investments (Transportation, Agriculture, Fixed Income, and Real Estate) which are usually sold out.

This gives potential investors the notion that the available investments on Piggyvest are for some persons only, for insiders, people who know people. This serves to discourage genuine investors.

So, as a Nigerian who wants to imbibe the culture of saving and investing, you have either Cowrywise or Piggvest to choose from. Ultimately, you will choose a pig or a cow. It depends on your preference and needs.

By Grace O.

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