Nigerian online savings and investment platform Piggybank has rebranded to PiggyVest as it takes on a much broader form, and plans expansion across Africa.
Launched in 2016, Piggybank is an online savings and investment platform targeted primarily at low and middle income Nigerians, allowing them deposit and put aside small amounts on a daily, weekly or monthly basis.
The startup, which secured funding last year, has over 195,000 registered users, who have saved in excess of US$15 million since 2016, but has now become PiggyVest, a much broader financial management platform, with the change effective from this week.
“We are building the future of savings and investments starting in Nigeria. So, we need a name that reflects that,” co-founder and chief executive officer (CEO) Somto Ifezue said.
The startup’s new identity is more than just a name change.
“We believe that it captures the essence of our direction as a business and our focus on the needs of our customers. Our new name is symbolic of this direction and it provides a glimpse into the exciting things the future has in store for us and our customers,” co-founder and chief operating officer (COO) Odunayo Eweniyi said.
As part of its expansion plans, PiggyVest will be developing more financial features to make the platform more robust and reach more users across the continent, and eventually the world. This enhanced platform will offer even more services – including insurance and group investment.