COWRYWISE VS PIGGYVEST, what you should know before investing your money


This Article was Reviewed by The Chief Editor, Godfrey

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Savings is an essential part of human life especially in the journey to attain financial buoyancy and financial stability. The investment further makes it easier and attainable.

Years back, savings was done using the local methods such as the mortal piggybanks, etc. when the banks came into existence, it became easier to save but there were still some limitations such as having to visit the bank to make regular deposits into a savings account. The interest rate also became a discouragement to many.

Break Piggy Bank

Thanks to Fintech startups such as Piggyvest and Cowry wise, many interesting features have been introduced to make savings much easy and encouraging.

However, many are not sure of which platform to choose for saving, investing, and managing their money aside from their banks. This article will help you in making the right decision as to which platform to choose. The platforms are explained blow including their features and offers.

Brief introduction and year of establishment of COWRYWISE and PIGGYVEST

Cowrywise is a leading online saving and investment platform that was established in 2017 to make savings and investment easier for its users.

Piggyvest is also one the leading online savings platforms which were established in 2016 to help their customers achieve their financial goals by helping them save and invest with ease. Piggyvest was formerly known as Piggybank.


COWRYWISE VS PIGGYVEST, what you should know about their Saving Features

Cowrywise savings feature

Cowrywise has many saving features you can choose to suit your financial/income flow. Below are saving features they offer;

  • Regular Savings: With regular savings, you can save money on your owns terms and convenience for a minimum of three (3) months. As you save, you will also be rewarded.
  • Life goals savings: This is a saving plan that is targeted towards helping you achieve your life goals. It is a long-term savings plan with a minimum of one (1) year and rewarded with amazing returns.
  • Halal Savings: This savings plan aimed to suit the Muslims who do not want interest.  With this plan, there is zero interest in accordance with the principles of Islam.

You can save with and without automation, free of riba, and interest-free.

  • Periodic Saving Plan which allows you automatically save money on a regular basis. It could be daily, weekly, or monthly. The plan is targeted at regular fixed earners, NYSC members, or students who get regular monthly stipends.
  • Fixed Savings is for people who have money they won’t be needing for a while. It could be for 3 months, 6 months, a year, or even more. The lump-sum would simply be locked into a fixed savings plan with a maturity date set. This plan is suited for people whose businesses are seasonal and who make money at certain intervals.
  • Saving Circles: Saving Circles is a saving plan for people with a saving target and a group of people with saving targets that wish to save together and also to meet the target together. 

Piggyvest savings feature

  • Piggybank: Piggyvest offers a product known as Piggybank which gives you access to different forms of savings such as;
  • Automated Savings: Piggyvest offers an automated savings feature whereby you can choose to save automatically daily, weekly, or monthly. Once you choose the package that suits you, they do the rest as they ensure your specified amount is deducted and saved without stress.
  • Periodical Savings: With Piggyvest periodical savings, you can choose a particular period/ intervals which are convenient for you to save.  Build dedicated savings faster on your terms automatically or manually.
  • Manual Savings: In case you don’t fancy automatic savings, piggyvest also offers manual savings where you can manually top up your Piggyvest savings wallet at any time, anywhere, and save.
  • Safe lock: This feature lets you lock funds for some time to avoid temptation.  Safelock allows you to set money aside for some time without having access to it until maturity. It’s like having your fixed deposit.

You also earn up to 12.5% per annum paid upfront.

  • Target Savings: Target savings works in such a way to help you achieve your savings goal easier and faster. You can customize your saving rules and the duration of your target as you wish. You also get to choose from public mode, automated savings mode, multiple targets, and group savings.
  • Flex Naira: This feature helps you build an emergency fund against life’s risk and can help reduce frivolous spending. With this feature, you can withdraw and make a transfer from your wallet anytime you need it. You can also organize your emergency funds with labels in Flex Naira, while you earn interest on your funds as well
  • l.Flex Dollar: With flex dollar, you get to preserve and grow your money, beat currency devaluation and inflation rates by saving in dollars. You can diversify your savings and investments to help you reach your goal faster, and protect you against risk and volatility.

You can withdraw your money anytime while you also earn up to 5% per annum.

COWRYWISE VS PIGGYVEST, what you should know about their Mobile Application

Cowrywise Mobile Application

Cowrywise mobile application is a lightweight application which was released on March 19, 2018, it has more than 100, 000 downloads on the google play store. It has about 4000 reviews and 4.5-star ratings.

Reviews and comments from users that the application is simple and easy for us. Although there are some negative reviews as well, it could be seen from the comments section that the technical support team is available to answer and help resolve issues the users may face.

With the Cowrywise application, you get to access all the features on the Cowrywise portal. plus, other additional features such as “stash” which allows you to turn your phone into a digital wallet and save money at any time. You also get 24/7 support through the application.

Piggyvest Mobile Application

PiggyVest mobile application is also a lightweight application that was released on October 31, 2018. It has over 500, 000 downloads on the google play store.

It has more than 28, 000 reviews on google playstore and 4.6-star ratings.

With the Piggyvest mobile application, you get to access all the features and products on the piggyvest portal easily on the go.

From the user’s review, it can be deduced that the application is user-friendly and fast. However, users suggested some features to the developers to further make transactions much easier.

COWRYWISE VS PIGGYVEST, what you should know their Interest Rates

Interest Rate of COWRYWISE and PIGGYVEST

Both Cowrywise and PiggyVest offers great interest rates. While 10% is the  interest rate  per year for both platforms

PiggyVest however offers 13% to users locked into its SafeLock plan. Users of the Piggybank and Target Savings get 10% interest.

Cowrywise users get 10% for starters across the board. They however claim the interest could rise to as much as 15%, depending on how long the money remains in their system. There is, however, no clearly defined length or period nor milestones between 10% and 15%.

All interests are broken down and paid daily. For PiggyVest users, 13% interest for the SafeLock plan is paid upfront and is accessible at any time. PiggyVest also gives users a Flex sub-account where interests are paid and from where users can withdraw whenever they want.


The major investment plan however is the mutual investment plan which pools money from various small investors like you to make up one big investment. Returns are subsequently shared. However, you’ll be required to take a short risk assessment test to qualify for this.

On the Cowrywise platform, you can invest in mutual funds through a Systematic Investment Programme (SIP). This system allows you to invest bit by bit at a regular interval.

PiggyVest has investing which is a feature that allows users to invest in primary and secondary opportunities. These opportunities have been vetted and certified to be low and medium risk. Investments under PiggyVest are insured.


Withdrawals on both platforms are free as long as the withdrawals are on the set date /maturity date. PiggyVest also gives you the option to use its standard withdrawal dates (March 31st, June 30th, September 30th, and December 31st). Withdrawal outside these set dates attracts a penalty of 5% of the amount withdrawn.

Cowrywise has absolutely no option of emergency withdrawal outside of the set date. You may want to consider this if you choose to save with them. It is stricter than PiggyVest in its withdrawal policy.

However, the platform claims, it is to ensure users remain 100% committed to saving and meeting up with their goals.

COWRYWISE VS PIGGYVEST, what you should know about Security



Cowrywise claims to secure the user’s account and investments by providing a “Best-in-Class” investment that is risk-free.

Payment processors are PCIDSS compliant to ensure optimum security of user’s data electronically. All card and bank data are also encrypted to prevent unauthorized access to sensitive information.

Cowrywise also uses the “Two-Factor Authentication (2FA) o secure user’s account.


All financial information on the piggyvest platform is encrypted and stored to PCIDSS Level 1 compliant standards. PCIDSS level 1 is compliance is a set stated by credit card companies and audited by an independent third party.

Piggyvest platform also has the One Time Password feature to help secure the password and account of its users.

An added layer of security known as “Two-Factor Authentication” (2FA) helps to secure your transfers and withdrawals. When it’s set, you will have to provide an answer to a question you as a security question before you can proceed with your transfer or withdrawal.

In conclusion

Of a truth cultivating the habit of saving money is good but to achieve that financial freedom you desire, it is good you also invest. Let your money work for you.  The platform you decide to choose majorly depends on your goals and the duration you wish to get the goals achieved. The above comparison would help in making a choice that suits your goal. Their various interest rate attached to the packages they offer would also help in making the right choice.


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About the Chief Editor

Godfrey Ogbo, the Chief Editor and CEO of AtlanticRide, merges his environmental management expertise with extensive business experience, including in real estate. With a master's degree and a knack for engaging writing, he adeptly covers complex growth and business topics. His analytical approach and business insights enrich the blog, making it a go-to source for readers seeking thoughtful and informed content.

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