PiggyVest vs Opay

PiggyVest vs Opay: which is better? ( 2023)

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Here’s an article about the two giants amongst the list of fintech companies in Nigeria and in Africa. Despite the high level of fintech companies’ competition, these two stand out to be among the very best so far. However, this article entails “PiggyVest Vs Opay ” and every important thing you need to know.

According to Fintechnews.africa, it’s estimated that there were 200+ fintech companies in Nigeria as of 2022.

Inside line, it was revealed that these two companies sit amongst the list of top 10 fintech companies in Nigeria.

Directly or indirectly, all CBN-approved fintech companies have helped boost the economic growth of the nation.

Before diving into knowing PiggyVest Vs Opay review, it’s recommended you know the origin of fintech companies in Nigeria.

History Of Fintech Companies In Nigeria

This article about “PiggyVest Vs Opay” is incomplete without giving insight into the history of how it all started.

According to the article published by Nonyelum Ossai On Skabash.com, financial technology whose acronym is “Fintech” was established in the year 1991 by John Obaro, which paved way for the now popular fintech companies such as Opay, PiggyVest, Palmpay, Flutterwave, Paga, Remita, Renmoney, etc.

All these started in Nigeria when commercial banks like First Bank, Guaranteed Trust Bank (GT), Access Bank, and Union Bank began to incorporate technology into their banking system with the purpose of promoting smooth and faster operations.

Structural Adjustment Programmes which is known as “SAP” was introduced during the 1980s and led to high competition amongst the banks.

Today, fintech is becoming increasingly available in the country and makes it a lot easier for people to bank individually.

Related post: 25 Most Influential Fintech Companies In Nigeria [2023 Ultimate Guide]

Challenges Facing Fintech Companies In Nigeria Today

In every business, you’d have to face one, two, or more challenges, the same applies to fintech companies in Nigeria.

Despite loads of benefits, which include access to a short-term loan, deposit, withdrawal, investment, and pay bills, there are some heartbreaking challenges each fintech company has been facing since its years of existence.

To cut the long story short, below are a few among the list of challenges facing fintech companies in Nigeria today.

1. Chargebacks- This is a challenge that occurs as a result of an error probably from an e-commerce merchant or due to the unauthorized use of credit or debit card information. 

In a simple sense, a chargeback refers to a payment returned to a credit or credit card after a customer argues about the validity of a purchase made using the card.

2. Unclear Regulation- Another challenge most fintech companies face is this hard regulation and it’s the reason behind Non licensed fintech companies that operate illegally today.

Most of the online banking apps have become loan sharks because they weren’t approved by CBN due to the huge fund requirements.

Before anyone can get a license to operate fintech companies legitimately in Nigeria, he/she must provide proof of having the minimum sum of N2,000,000,000.00 (2 Billion Naira) as its shareholder’s fund which can be very difficult to provide.

In this case, most fintech companies have shunned the idea of getting licensed and operating illegally.

The majority of these illegal fintech companies lend out loans within a short period of time e.g 2 weeks, one month, or more but demand repayment earlier with huge interest rates.

See the list of loan sharks operating illegally in Nigeria here.

PiggyVest vs Opay: which is better?

3. Fraud- Between the year 2000 and 2013, fintech companies have lost nothing less than fifty-nine billion Naira to cyber fraud, this is one of the greatest challenges most fintech companies still face today.

However, the Central Bank Of Nigeria (CBN) had advised putting security in place to tackle fraud.

So, If you’re going to start a fintech company like Opay, PiggyVest, or any kind of fintech company, you’ve known the challenges and what it takes to become a CBN-approved company.

Ready to know what PiggyVest Vs Opay entails, kindly read on.

PiggyVest- Overview

PiggyVest is primarily a savings and investment app previously known as “Piggybank.ng”, it was launched on the 7th of January 2017.

It’s a platform that kick-starts its journey as a savings-only platform for three years. In the month of April 2019, the platform which was popularly known as “Piggybank” was rebranded to “Piggy” and added an investment opportunity feature in addition to savings.

Currently, the app has added a lot of features that attracted over 4,000,000 users across Africa.

Due to their level of transparency, users are able to save and invest as much as billions of naira every month.

According to PiggyVest, their mission is to ensure they give everyone the power to better manage their finances with the intention to be the best now and in the time to come.

PiggyVest Features

PiggyVest Features

The major PiggyVest features are savings and investment, they’ve been analyzed below:

1 Piggybank- Piggy Bank was their previous name which was later changed to PiggyVest, yet, the name still remains for one of the core features of the platform.

With Piggybank, you can without any restriction deposit and without at any time, this works just like that of commercial banks, the only difference is that you won’t go queuing in the bank, instead, almost every transaction will be carried out online.

2. Flex Naira- This feature is similar to the first one, it allows you to save/deposit and withdraw anything. However, customers using flex naira have endowed with the opportunity of an interest rate of 8% per annum, you can only enjoy this benefit if you save money in flex naira for a long period of time. 

3. SafeLock- SafeLock is one of PiggyVest’s savings options. It helps you to better manage your funds instead of getting everything spent.

The SafeLock PiggyVest banking feature enables customers to save money upfront and get it locked on PiggyVest until its maturity date. This feature enables anyone to lock his/her money for a number of days, even years. This is what I’ve also tried on Cowrywise, and believe me sincerely, it helps manage my money.

Note: The outstanding benefit you’ll always enjoy using the PiggyVest SafeLock feature is a 12.5 interest rate per annum.

You can lock your fund in PiggyVest for a year and beyond, the longer it’s locked the more the interest will accumulate.

An important thing you must understand is, once any amount is it little or big is locked on PiggyVest SafeLock, you won’t have access to it, even though you’ve changed your mind, this cannot work, you must wait for the maturity date. It’s however recommended you think twice before locking your money on PiggyVest.

4. Target Savings- Planning to purchase a car, or home, or start a new business this year? If yes, then making use of this PiggyVest feature should be considered.

Any amount of money saved in PiggyVest target savings will remain there until the appointed period of time.

This type of savings plan will earn you an 8% interest rate per annum and it’s more flexible than the first one- “SafeLock”.

5. PiggyVest Investify- Here, you can easily make money investing in several investment opportunities on PiggyVest.

Your investment interest rate will be determined by the type of investment plan you choose.

Before we go deeper into PiggyVest Vs Opay, let’s see if PiggyVest is approved by CBN or not.

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Is PiggyVest Approved By CBN?

No one ever wants to fall victim to the online loan shark, and that’s what triggered people to ask “Is PiggyVest approved by CBN”?

In short, according to the response given to someone on the PiggyVest Twitter handle on December 26, 2018, it shows the company is 100% approved by CBN and insured by the NDIC.

Kindly visit their FAQ page to learn more about their legitimacy.

You may also refer to the image below.


If you need more information about their legitimacy, do ensure you visit their official website to learn more via the link provided above that image.

PiggyVest Vs Opay: Which is Better?

You can’t give a conclusion yet until you read another about Opay as well.

Opay- Everything You Must Know

Opay is a mobile money app that was established in June 2018. It’s a platform operated by “Opay Digital Services Limited”.

This mobile money platform has spread across all the available states in Nigeria and boasts of having over 500,000 active mobile money Merchants who rely solely on Opay service.

Also, Opay is a big financial institution that boasts more than 18 million registered app users.

As seen on its official website, the company is committed to deepening financial inclusion through technology.

The company was founded by Opera Norway and has expanded across Asia, Africa, Mexico, Latin America, Nigeria, Pakistan, Egypt, etc.

Today, Opay has made mobile banking more efficient for millions of users across the globe.

Opay Features

  • Opay can be used in purchasing data subscriptions, and airtime of all networks in Nigeria, this includes Mtn, Airtel, Glo, 9Mobile, etc,
  • Can be used to pay your electricity bills in the comfort of your home.
  • Can be used to subscribe to your DSTV, GOTV, Startimes, etc.
  • Can be seamlessly used to borrow money from their loan app.
  • You can use it to bank within other financial loan platforms and commercial banks.
  • It can be used for investment just like one of the features of the PiggyVest app.
  • You can become a registered Opay merchant agent.
  • You can deposit and withdraw funds at any time.
  • It can also be used to fund betting accounts e.g Bet9ja, Supabet, Cloudbet, Nairabet, etc.

Before concluding on the best between these two giant financial institutions, let’s see if Opay is approved by CBN.


Related Post:

Is Opay Approved By CBN?

Yes, Opay is an approved financial institution. A post on nipc.gov.ng has provided details since November 2019 about how Opay secures its CBN approval.

PiggyVest Vs Opay: Any Difference?


This PiggyVest Vs Opay review has shown a key difference between the two giant platforms.

Research shows that PiggyVest is simply a savings and investment platform with 5 standard features.

Also, on every investment, there’s an interest that may vary, depending on the type of investment you opt-in for.


This article- Opay Vs PiggyVest also gave many reasons to believe it isn’t that similar to PiggyVest.

Opay is endowed with a lot of features as you might have read earlier in this article, if you skipped it, it’s recommended you scroll up a bit to see the many features of Opay.

On Play Store- the most recommended app downloading store, we can still see clear differences in the reviews given by users about these platforms. PiggyVest platform had an overall rating of 4.1 out of 5 with 43,000+ reviews while Opay had a 4.4 overall rating out of 5 with 249,000+ user reviews.

PiggyVest Vs Opay: Pros & Cons

It’s essential we mention the PiggyVest Vs Opay pros and con’s purposely to make this topic worth PiggyVest Vs Opay.

PiggyVest Pro’s

  1. PiggyVest directly or indirectly teaches people how to manage their income even when things seem harder.
  2. It could make you easily set your determination on long time savings which would incur huge interest.
  3. It enables you to earn big through your annual savings.
  4. The company is legit and approved by CBN.
  5. It’s not among the loan sharks.
  6. It’s the best bank to save money with a high-interest rate.

PiggyVest Cons

  1. According to some user reviews in the Google play store, PiggyVest’s customer care service is poor.
  2. If at all you want to breach your agreement by withdrawing your money before the maturity date, a 5% service charge would be deducted.

Opay Pro’s

  1. It has a lot of useful features.
  2. Merchants get a free POS terminal.
  3. You can easily pay your utility bills in the comfort of your home.
  4. Can easily get a loan from them.
  5. Users get 3 free bank transfers every day.
  6. Opportunity to invest and earn interest.
  7. They have the highest positive rating and reviews on the Google play store.
  8. It isn’t included among the loan sharks.
  9. Approved by CBN and insured by NDIC.

Opay Con’s (Disadvantages Of Opay)

  1. They have poor customer service.
  2. The app doesn’t lock automatically thereby exposing your funds to other people who use your mobile phone.

PiggyVest Vs Opay: Which Is Better?

Without being sentimental, this article “PiggyVest Vs Opay” has shown a lot of differences, yet, I can’t give a conclusion on what the best is.

This article has given enough insight into the capacity of each company, it’s now left to you to pick your choice.

But whichever you’ve chosen to use, always have it in mind that that doesn’t hinder or prevent you from using the other company.

They both have outstanding features and a reason to bank with them.

PiggyVest Vs Opay

Frequently Asked Questions FAQs

There are many questions related to the PiggyVest Vs Opay people ask oftentimes and I believed going through it would go a long way having more knowledge about the topic.

Question- Is Opay good to save money?

Answer- Yes, Opay is arguably one of the best apps for saving money. Its primary function is to make people seamlessly save their money followed by other features.

Question- Can I get scammed investing in PiggyVest?

Answer- PiggyVest is a legitimate company licensed by the Central Bank Of Nigeria (CBN). According to everything I’ve seen, this company is into a real business and has no intention of ripping people off their hard-earned money in times to come.

Question- Is there a way to make money on Opay?

Answer- Yes. The interest rate you earn on your investment aside, you can make money on Opay by simply referring new users to the company app through an affiliate link assigned to you.

However, before you can make money on Opay, you must have downloaded the Opay app from Play Store or from any legit app store and opened an account. Then, the assigned affiliate link can be shared with friends to get a commission on every signup.

Conclusion On PiggyVest Vs Opay

These two companies are great, legitimate, convenient, and a perfect Idea for individuals interested in online banking.

PiggyVest is ideal if you want to learn how to manage finances and or save money for future events.

Also with Opay, you can borrow, top up, subscribe, save, and invest in products that would bring residual income.

Everything that has to do with Opay Vs PiggyVest has been shared with you here, however, if you still have any question, kindly drop it in the comment section.

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