All Things Fintech in Africa

Piggyvest vs Cowrywise: Which Has The Best Features?

Piggyvest vs Cowrywise:

Piggyvest and Cowrywise are two of Nigeria’s wealth management pioneers. In this Piggyvest vs Cowrywise comparison, We’ll look at the features of both applications and how they stack up against one another.

Piggyvest vs Cowrywise: Overview

Piggyvest was the first wealth management platform in Nigeria, delivering digital savings programs to Nigerians. The firm then expanded its products to include investment programs.

Over 2,000,000 individuals use PiggyVest to better manage their money, minimize overspending, and be more accountable.

Cowrywise is a wealth management software for Nigerians, allowing them to conveniently plan, save, and invest their money.

Cowrywise provides automated and manual savings strategies, as well as mutual fund investments in Naira and dollars.

Piggyvest vs Cowrywise: Saving Features

Piggyvest offers the following savings plans:

  1. A default saving strategy for saving on a daily, weekly, or monthly basis.
  2. Individual savings objectives may be defined and met with the help of target saving.
  3. Flexdollar is a currency savings account that allows you to save money in other currencies.
  4. Safelock allows you to lock assets away for a certain amount of time and earn up to 12.5 percent interest per year paid upfront.
  5. Flex Naira is an abbreviation for Flexible Savings for Life’s Emergencies. You can earn up to 8% every year.

Cowrywise savings schemes are:

  1. Regular savings that allow you to save for at least three months.
  2. Life Goals, this plan provides a long-term saving option for the main goals in your life. This plan is for at least a year.
  3. Halal Savings is a website where you may save money with or without automation and without paying any interest. This approach is appropriate for Muslims who do not wish to pursue interests.
  4. Saving Circle; using this plan, you may save as a group. You may establish financial goals and work together with others to achieve them.

Piggyvest Vs Cowrywise: Investment Options

Piggyvest offers an investing option called Investify. It enables you to participate in low-medium risk primary and secondary investment opportunities that have been pre-vetted.

There are no hidden costs. You may begin investing in several industries, including as fixed income instruments, agriculture, and transportation, with as little as N5,000.

Cowrywise, on the other hand, exclusively enables consumers to invest in Naira and USD mutual funds through its portal. It provides access to the most diverse range of mutual funds in Nigeria.

Piggyvest vs Cowrywise: Interest Rates

Piggyvest’s normal savings plan has an annual interest rate of 8%, while its Safelock plan has an annual interest rate of up to 13%, and its Target savings plan has an annual interest rate of 8%, as does its FlexNaira plan. The Flex Dollar plan offers a 7% interest rate, whereas Piggyvest investment options provide up to a 25% interest rate.

Cowrywise, on the other hand, provides a variable interest rate on its savings programs. However, interest rates often range from 5% to 12%. While interest rates for mutual fund investments vary. You’ll have to go over their offerings to determine which ones appeal to you.

Piggyvest vs Cowrywise: Charges and fees

PiggyVest’s savings and investing choices are all suited to a specific need. Depending on the savings plan you pick, interest rates on your savings range from 10% to more than 13% per year.

A Cowrywise account charges earns you a yearly interest rate of 2.5 percent. To put this in context, the majority of what happens in your bank savings account is costs.

Deciding Factors for Piggyvest vs Cowrywise

There is no doubt that both Piggyvest and Cowrywise are excellent money management tools. But, if you had to pick a determining factor between these two, what would it be?

If we do a show of hands, how many people are there? The interest rate and investment plan variety, I’m sure, are the deal-breakers. In terms of savings programs, both platforms provide comparable interest rates.

They differ in their investing strategies. Cowrywise only allows you to invest in mutual funds, and their interest rates are often poor. Piggyvest, on the other hand, provides greater investment possibilities with a remarkable return rate of up to 25%.

Which is better? Piggyvest or Cowrywise?

It depends, like with everything else in life. Piggyvest and Cowrywise both provide excellent savings schemes, so you may select one or split your money between the two. This is an excellent method to diversify your savings.

Piggyvest is my choice for investing because of the diversity it provides and the great returns you may earn. I do not believe mutual funds, like foreign equities, are a good investment alternative for Nigerians. So, if I had to choose between the two. Piggyvest will be my hero.

Frequently asked questions about Piggyvest Vs Cowrywise

Which bank owns Cowrywise?

Central Bank of Nigeria issued financial license to Cowrywise to operate.

Your saved monies are safely invested on your behalf for the time period you specify. The investment portfolio consists of a combination of high-quality, low-risk financial instruments issued by both the Central Bank of Nigeria and the Debt Management Office (DMO).

How safe is cowrywise?

Cowrywise was designed with your safety in mind. Customers’ sensitive information is encrypted, made unreadably, and securely kept. They do not keep your credit card information since they use a PCI-DSS-compliant payment processor to handle all of their customers’ credit card information.

What is cowrywise interest rate?

Cowrywise provides interest rates on T-bills, government bonds, and commercial papers. For example, if a plan charges 5% interest each year, this rate will be prorated to provide you a daily return of 5% / 12 multiplied by your principle during the plan’s term.

what is the minimum amount to invest in cowrywise?

Savings may start with as little as 100. (One hundred Naira). No higher bounds.

Is cowrywise good for investment?

Cowrywise makes saving and investing easier. Cowrywise’s automated and user-friendly platform alleviates the burden and preparation necessary to save and invest on a regular basis. Your funds will also earn interest until the predetermined maturity date.

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