Piggyvest, a nine-year-old Nigerian savings platform, paid ₦835 billion to customers in 2024, surpassing 5 million users. Since launching in 2016, customers have withdrawn over ₦2 trillion, a portion of the total deposits held by the platform.
“2024 was our most profitable year, marked by significant growth and focus as a company,” said Somto Ifezue, CEO and co-founder of Piggytech Global Limited, Piggyvest’s parent company. Piggytech also owns PocketApp, a payments app that reached ₦1 trillion in transaction volume in 2024.
Piggytech, the parent company of Piggyvest, Piggyvest Business, and PocketApp, processed over ₦2 trillion in transactions in 2024. CEO Somto Ifezue attributes this growth to prioritizing customer service and addressing user needs. “We adjusted our interest rates to reflect market trends and worked tirelessly to deliver more value for every naira. Every milestone we’ve reached comes from our dedication to serving users better,” he said.
In 2024, Piggyvest reported a 76% growth in assets under management. By the end of the year, users were saving ₦44,000 per second on the platform, equating to an annualized total of ₦1.39 trillion.
Looking ahead to 2025, the fintech plans to launch a budgeting feature to help customers manage daily expenses and stretch their salaries to the next payday. “Many users have told us their salaries no longer last the entire month. This year, we aim to provide tools to help them manage their finances better,” said Ifezue.
Since its founding, Piggyvest has continually evolved its business model. Initially, it offered interest-bearing savings accounts with limited withdrawal options, charging penalties for early access. Over time, it expanded with the acquisition of Abeg, now PocketApp, a consumer payments platform, and launched Piggyvest Business, a POS solution for retail stores.
In August 2023, co-founder and CMO Josh Chibueze revealed plans to leverage Piggytech’s three licenses—a fund manager license from the SEC, a mobile money license from the Central Bank of Nigeria, and a microfinance bank license—to expand into money management and offer credit solutions to Nigerians.