Piggyvest vs Cowrywise: review, features, function, publish date, founder

Saving money is an essential aspect of financial planning. With the advent of technology, several digital savings platforms have emerged to make the process more convenient and accessible. Two of the most popular savings platforms in Nigeria are Piggyvest and Cowrywise. While they share similarities, they also have distinct features that set them apart.

Jun 5, 2023 - 16:33
Jun 5, 2023 - 16:40
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Piggyvest vs Cowrywise: review, features, function, publish date, founder
Piggyvest vs Cowrywise: review, features, function, publish date, founder

Saving money is an essential aspect of financial planning. With the advent of technology, several digital savings platforms have emerged to make the process more convenient and accessible. Two of the most popular savings platforms in Nigeria are Piggyvest and Cowrywise. While they share similarities, they also have distinct features that set them apart. In this article, we will explore the differences between Piggyvest and Cowrywise in terms of their savings features, functions, and referral programs.

Piggyvest Saving

Piggyvest is a digital savings and investment platform that enables users to save money automatically and invest in various opportunities. One of the unique features of Piggyvest is the ability to save towards specific goals, such as a vacation, rent, or wedding. Users can set these goals and save towards them gradually, with the option to pause or cancel at any time.

Another feature of Piggyvest is the flexibility to save using different methods, including automated savings, manual savings, and quick save. Automated savings enable users to set a fixed amount that will be deducted from their bank account at a particular interval. Manual savings allow users to deposit money into their Piggyvest account whenever they want. Quick save is a feature that enables users to save small amounts of money daily, weekly, or monthly by linking their debit card to the platform.

Cowrywise Saving

Cowrywise is also a digital savings and investment platform that enables users to save and invest their money. However, unlike Piggyvest, Cowrywise focuses on helping users build a savings culture by providing educational content on personal finance, investing, and wealth creation. They offer various savings plans, including regular savings, fixed savings, and life goals.

Regular savings allow users to save money at their convenience, while fixed savings enable users to lock their funds for a predetermined period, earning a higher interest rate. Life goals are customized savings plans that help users achieve specific financial goals, such as buying a car or house.

Piggyvest and Cowrywise Features Comparison

Both Piggyvest and Cowrywise offer unique features that appeal to users. Piggyvest's ability to save towards specific goals is an advantage for users who have specific plans in mind. Cowrywise's educational content is a game-changer for users who want to learn more about personal finance and investing.

Another significant difference between the two platforms is their interest rates. Piggyvest offers interest rates of up to 10% per annum on its savings accounts, while Cowrywise offers interest rates of up to 15.5% per annum on its fixed savings plans. However, it is essential to note that interest rates are subject to change based on market conditions.

While the least interest rate is 10% per year for both, 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 board

Piggyvest and Cowrywise Function Comparison

Piggyvest and Cowrywise have similar functions in terms of saving and investing. They both offer automated savings, manual savings, and the ability to invest in various opportunities. Piggyvest has a wider range of investment opportunities, including agriculture, real estate, and transportation, while Cowrywise focuses on mutual funds.

Both platforms have user-friendly interfaces that make it easy to navigate and carry out transactions. Piggyvest and Cowrywise also offer instant withdrawal of funds to users' bank accounts, making it convenient for users to access their money whenever they need it.

Piggyvest and Cowrywise Referral Programs

Referral programs are an essential aspect of digital savings platforms as they incentivize users to invite their friends and family to join the platform. Piggyvest and Cowrywise have robust referral programs that offer rewards to users who refer others to join the platform.

Piggyvest offers a referral bonus of N1,000 for every user referred, while Cowrywise offers a referral bonus of N250 for every user referred. However, Cowrywise's referral program is more innovative, as they offer a reward system based on the number of referrals made over time. For example, users can earn bonus points for referring five people in a month, which can be converted to cash rewards.

To register on Piggyvest and Cowrywise 

I use PiggyVest to save & invest securely. Sign up with my link and get ₦1,000.00 to start your own savings journey - https://www.piggyvest.com/?newref=1&ref=5f68b6c4d01019

On Cowrywise, Enjoy zero fees on investments and emergency plans when your friends signup, save/invest up to ₦5,000 with your referral code. https://get.cowrywise.com/r/AdamaQUX

 Use this referral code "AdamaQUX"

Founder of Piggyvest and Cowrywise 

Eweniyi is the founder of Piggyvest, he graduated from Covenant University in 2013 with a first-class degree in Computer Engineering. Eweniyi started out to launch Push CV with Somto Ifezue and Joshua Chibueze after her graduation in 2013. Two years later, the trio went on to start PiggyVest in 2016.

Razaq Ahmed is the founder and CEO at Cowrywise.

Conclusion

In conclusion, Piggyvest and Cowrywise are two popular digital savings platforms in Nigeria that offer users unique features and functions. While they share similarities, they also have distinct differences that set them apart. Piggyvest's ability to save towards specific goals and its diverse investment opportunities make it an excellent choice for users with specific plans in mind. Cowrywise's educational content and higher interest rates on its fixed savings plans make it a great choice for users who want to learn more about personal finance and investing. Ultimately, the choice between Piggyvest and Cowrywise depends on the user's savings goals and preferences.

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