Nigerian startup PiggyBank has launched with the goal of assisting users in putting aside small amounts of money at regular intervals in a bid to reach a savings target.
Using PiggyBank, Nigerians can automatically save small amounts of money daily, weekly or monthly depending on the savings target, with the service free to use.
All funds are deposited with banks and are insured, with PiggyBank making money from interest accrued. Setting up an account is easy, with users creating a savings plan once and deposits occurring automatically thereafter.
“Savings can be very difficult when done manually. Millennials tend to spend almost everything they earn,” said Joshua Chibueze, co-founder of PiggyBank.
“Some people still resort to the local savings method of putting money in a box which is totally unsafe. People generally lack the discipline and haven’t imbibed the culture of savings.”
PiggyBank seeks to address all these issues, working directly with traditional financial institutions.
“At the moment, we are operating in Nigeria but we have plans to expand to other West African countries once we are comfortable,” Chibueze said.