If you’re looking for a digital platform to help you save and invest money in Nigeria, you’ve probably come across PiggyVest and Cowrywise.
These are two of the most popular savings and investment apps in the country, and both have helped thousands of people build their savings habits.
But which one is actually better for your needs?
The truth is, both apps have their strengths and weaknesses, and the right choice depends on what you’re looking for in a savings platform.
Some people prefer one app’s features while others find the alternative more suitable for their financial goals.
To help you make an informed decision, we’ll compare PiggyVest and Cowrywise across different factors that matter most to savers.
Below is a detailed comparison of PiggyVest vs Cowrywise:
What PiggyVest Offers
PiggyVest (formerly Piggybank.ng) is one of Nigeria’s oldest and most trusted digital savings platforms.
The app launched in 2016 and has since helped over 4 million Nigerians save and invest money.
PiggyVest offers several savings options to help you reach your financial goals.
Piggybank: This is the main savings feature where you can save money regularly and earn interest. You set how much you want to save and how often (daily, weekly, or monthly), and PiggyVest automatically debits your account.
Safelock: This feature allows you to lock money away for a specific period, from 1 day to 365 days. You can’t access the money until the lock period ends, which helps you avoid spending it. Safelock offers higher interest rates than regular savings.
Target Savings: You can create specific goals with target amounts and deadlines. For example, saving for rent, a new phone, or a vacation. The app tracks your progress toward each goal.
Flex Naira: This is PiggyVest’s investment option where you can invest in low-risk investment opportunities. The funds are relatively liquid, meaning you can withdraw them when needed.
Investify: This feature allows you to invest in pre-vetted investment opportunities with potentially higher returns than regular savings.
PiggyVest charges a withdrawal fee of ₦100 for amounts below ₦5,000 and no fee for withdrawals above ₦5,000.
Withdrawals typically take 2-4 hours during business hours.
The app offers interest rates of up to 13% per annum for Safelock, depending on how long you lock your funds.
What Cowrywise Offers
Cowrywise launched in 2017 and has grown to become one of Nigeria’s leading automated savings and investment platforms.
The app focuses on making saving and investing accessible to everyone, regardless of their income level.
Cowrywise offers various savings and investment plans:
Regular Savings: You can save money automatically by setting up recurring debits from your bank account. Choose daily, weekly, or monthly contributions based on your preference.
Savings Circles: This feature allows you to save with friends, family, or colleagues toward a common goal. It adds a social element to saving and helps keep everyone accountable.
Halal Plan: This is a Sharia-compliant savings option for Muslims who want to save according to Islamic principles. It doesn’t earn interest but protects your money from inflation.
Emergency Fund: Cowrywise helps you build an emergency fund with a recommended target of 3-6 months of expenses. The funds remain accessible when you need them.
Investment Plans: Cowrywise offers various mutual fund investment options with different risk levels. You can invest in dollar funds, equity funds, and fixed-income funds.
Fixed Savings: Similar to PiggyVest’s Safelock, this locks your money for a specific period (30-365 days) and offers higher interest rates.
Cowrywise charges no withdrawal fees for regular savings.
However, there’s a 0.5% fee if you break a fixed savings plan before maturity, plus you forfeit the accrued interest.
Withdrawals from regular savings typically take a few hours during business hours.
The app offers interest rates of up to 15% per annum for fixed savings, depending on the duration.
Interest Rates Comparison
Interest rates are one of the most important factors when choosing a savings platform.
Both PiggyVest and Cowrywise offer competitive rates, but they vary depending on the type of savings plan.
PiggyVest’s regular Piggybank savings earn around 10% per annum.
Their Safelock feature offers up to 13% per annum, with rates increasing based on how long you lock your funds.
The longer you lock your money, the higher the interest rate you receive.
Cowrywise’s regular savings earn around 10-12% per annum.
Their Fixed Savings offers up to 15% per annum, which is slightly higher than PiggyVest’s Safelock rates.
Cowrywise also offers investment options in mutual funds that can potentially earn higher returns, though these come with market risks.
For dollar savings and investments, Cowrywise provides access to dollar mutual funds, which can help protect your savings from naira devaluation.
Overall, Cowrywise tends to offer slightly higher interest rates, especially for fixed savings.
However, the difference isn’t massive, and both platforms offer competitive returns compared to traditional savings accounts.
Ease of Use
Both apps are designed to be user-friendly, but they have slightly different interfaces.
PiggyVest has a simple, straightforward interface that’s easy to navigate even for first-time users.
The app clearly displays your total savings across all plans on the home screen.
Setting up automatic savings is quick and takes just a few taps.
The app’s design is colorful and engaging, which makes saving feel more fun and less like a chore.
Cowrywise also has a clean, intuitive interface that’s easy to understand.
The app provides more detailed information about investment options, which might be slightly overwhelming for beginners.
However, this extra information is valuable if you want to understand where your money is going.
Cowrywise offers more educational content within the app to help you make informed decisions.
Both apps are available on iOS and Android, and both have web versions if you prefer using a computer.
In terms of ease of use, PiggyVest might have a slight edge for absolute beginners, while Cowrywise offers more depth for those interested in learning about investments.
Withdrawal Process and Speed
Being able to access your money when you need it is crucial for any savings platform.
Both PiggyVest and Cowrywise allow you to withdraw your regular savings at any time.
PiggyVest withdrawals typically process within 2-4 hours during business hours.
If you request a withdrawal after hours or on weekends, it processes on the next business day.
PiggyVest charges ₦100 for withdrawals below ₦5,000, but withdrawals above ₦5,000 are free.
For Safelock funds, you cannot withdraw until the maturity date unless you contact customer support and forfeit your interest.
Cowrywise withdrawals from regular savings are free and typically process within a few hours during business hours.
Weekend withdrawals process on the next business day.
For Fixed Savings, you can break the lock early, but you’ll pay a 0.5% penalty and lose all accrued interest.
Investment withdrawals may take longer (1-3 business days) depending on the type of investment.
Both platforms are reliable when it comes to withdrawals, though some users report that PiggyVest can be slightly faster.
The withdrawal fees on PiggyVest for small amounts might be a consideration if you frequently withdraw small sums.
Security and Trust
When choosing a savings platform, security should be a top priority.
Both PiggyVest and Cowrywise are registered with the relevant Nigerian financial authorities and use bank-level security.
PiggyVest is registered with the Securities and Exchange Commission (SEC) and partners with licensed fund managers.
Your funds are not kept in PiggyVest’s accounts but with partner financial institutions.
The app uses 256-bit SSL encryption to protect your data and financial information.
PiggyVest has been operating since 2016 and has built a strong reputation with millions of users.
Cowrywise is also registered with the SEC and works with licensed fund managers and trustees.
Your investments are held by these regulated institutions, not directly by Cowrywise.
The platform uses advanced encryption and security protocols to protect user information.
Cowrywise has been transparent about their operations and regularly shares updates with users.
Both platforms are legitimate and trustworthy with strong security measures in place.
Neither has experienced major security breaches that compromised user funds.
Your choice between them shouldn’t be based on security concerns, as both are equally secure.
Investment Options
If you’re interested in more than just saving and want to grow your money through investments, this section is important.
PiggyVest offers investment opportunities through their Investify feature.
These are typically fixed-income investments with predetermined returns.
The options are pre-vetted by PiggyVest, so you don’t need deep investment knowledge.
However, the investment options are somewhat limited compared to what you’d find on dedicated investment platforms.
Cowrywise offers a wider range of investment options through mutual funds.
You can invest in dollar funds, equity funds (stocks), fixed income funds (bonds), and balanced funds.
Each fund has different risk levels and potential returns clearly explained.
Cowrywise also provides detailed information about each fund’s performance, fees, and strategy.
The platform makes it easier to diversify your investments across different asset classes.
If you want to invest in dollars to hedge against currency devaluation, Cowrywise makes this accessible.
For serious investors or those wanting more investment options, Cowrywise has a clear advantage.
If you just want simple, low-risk investment opportunities alongside your savings, PiggyVest’s offerings may be sufficient.
Customer Support
Good customer support can make a big difference when you encounter issues or have questions.
PiggyVest offers customer support through email, in-app chat, and social media.
They’re generally responsive, though response times can vary during busy periods.
The app also has a comprehensive FAQ section that answers most common questions.
Many users report positive experiences with PiggyVest’s customer support team.
Cowrywise provides support through email, in-app messaging, and social media channels.
They also have a detailed help center with articles covering various topics.
Cowrywise is known for being responsive and helpful when users have questions or concerns.
The platform also provides educational content to help users understand savings and investments better.
Both platforms have generally good customer support, though individual experiences may vary.
Check their social media pages to see how they respond to user inquiries and complaints.
Additional Features
Beyond basic savings, both apps offer features that enhance the user experience.
PiggyVest offers a referral program where you earn money for inviting friends to use the platform.
The app sends you regular savings reports showing your progress and motivating you to save more.
PiggyVest also has a points system where you earn points for consistent saving, which can be converted to cash.
The platform occasionally offers special promotions and bonuses for users.
Cowrywise offers Savings Circles, which allow you to save with groups toward common goals.
This social feature makes saving more engaging and holds you accountable.
The app provides detailed analytics and insights into your savings and investment performance.
Cowrywise offers a more comprehensive financial planning tool to help you set and track multiple financial goals.
The platform also provides regular market updates and educational content to improve your financial literacy.
Which One Should You Choose?
The answer depends on what you’re looking for in a savings platform.
Choose PiggyVest if:
- You want a simple, straightforward savings app with minimal complexity
- You prefer an app with a longer track record (since 2016)
- You like the idea of earning points and bonuses for consistent saving
- You mainly want to save money rather than invest in various instruments
- You don’t mind paying small withdrawal fees for amounts below ₦5,000
Choose Cowrywise if:
- You want access to a wider range of investment options beyond basic savings
- You’re interested in dollar investments to hedge against currency risks
- You want slightly higher interest rates on fixed savings
- You prefer no withdrawal fees on regular savings
- You want to save with friends or family using the Savings Circles feature
- You value educational content and detailed investment information
Both platforms are excellent choices for building savings habits and growing your money.
You can even use both platforms simultaneously to take advantage of the unique features each one offers.
Many Nigerians use PiggyVest for short-term savings goals and Cowrywise for longer-term investments.
Final Words
PiggyVest and Cowrywise are both reliable, secure platforms that can help you save and invest money effectively.
PiggyVest excels at making saving simple and rewarding with its user-friendly interface and gamification features.
Cowrywise stands out for its broader investment options and slightly higher interest rates on certain plans.
The best choice for you depends on your financial goals, investment interests, and personal preferences.
If you’re just starting your savings journey and want something simple, PiggyVest might be the better starting point.
If you’re ready to explore different investment options and want more control over where your money goes, Cowrywise offers more flexibility.
Whichever platform you choose, the most important thing is that you start saving consistently.
Both apps make it easy to automate your savings so you can build wealth without constant effort.
Start with either platform today, and you’ll be surprised how quickly your savings grow when you make it automatic and consistent.
