Business and Finance

Piggyvest and Cowrywise: which is better?

Piggyvest and Cowrywise are prominent players in Nigeria’s fintech landscape, offering a range of savings and investment options to cater to diverse financial goals. Both platforms share similarities in their features, such as regular savings, investment opportunities, and user-friendly interfaces. However, several factors distinguish them, including savings plans, interest rates, fees, user interface, customer support, account minimums, payment methods, and withdrawal processes.

What is Cowrywise

Cowrywise is a Nigerian fintech platform founded in 2017 by Razaq Ahmed and Edward Popoola. Specializing in savings and investment, it empowers users with innovative financial solutions. Cowrywise offers a diverse range of investment options, including savings plans, mutual funds, and stocks, making wealth-building accessible to both novices and seasoned investors. Through automated saving plans and personalized recommendations, it simplifies financial journeys, fostering confidence and peace of mind. With a mission to democratize access to wealth-building opportunities, Cowrywise stands as a dynamic and powerful force in the realm of financial planning and investment strategies.

What is Piggyvest

Piggyvest, founded in 2016 by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze, stands as a trailblazing Nigerian fintech platform revolutionizing personal finance. An all-in-one savings and investment platform, Piggyvest boasts innovative features such as Autosave, Safelock, PiggyFlex, and PiggyVest Investify. It provides a seamless user experience with a user-friendly interface and robust security measures. Offering savings plans, investment opportunities, and pension plans, Piggyvest caters to diverse financial goals. With an impressive interest rate of up to 10% per annum on savings, Piggyvest has set a benchmark for hassle-free money management, earning widespread recognition for its pioneering approach in the realm of financial services.

Piggyvest and Cowrywise: which is better?

Savings and Investment Options

Cowrywise provides a variety of savings and investment options, including regular savings, emergency plans, saving circles, halal savings, and money duo. They also offer investment opportunities in mutual funds, allowing users to pool funds for a diversified portfolio. Piggyvest, on the other hand, offers Piggybank for daily, weekly, or monthly savings, Flex Naira and Flex Dollar for flexible savings, Safelock for locked funds, and Investify for investing in pre-vetted opportunities.

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Interest Rates

Comparing interest rates, Piggyvest offers competitive rates, such as 10% per annum on Piggybank, up to 13% on Safelock, and up to 25% on Investify. Cowrywise offers dynamic interest rates, ranging from 5% to 12% on savings, while mutual funds can yield up to 20% per annum.


Both platforms do not charge fees for deposits, savings, or investments. However, users may incur charges from their banks during transactions.

User Interface

Both Cowrywise and Piggyvest boast user-friendly interfaces, ensuring easy navigation for users, whether beginners or experienced investors.

SEE ALSO: Fairmoney vs Renmoney and Palmpay; Which is the best Loan App?

Customer Support

Customer support is crucial in financial platforms, and both Cowrywise and Piggyvest excel in this aspect. Cowrywise offers support through WhatsApp and email, while Piggyvest provides multiple options, including email, social media channels, and phone support.

Account Minimum

Cowrywise sets a minimum savings amount of ₦1000, while Piggyvest allows users to start saving with just ₦50, making it more accessible for individuals with limited funds.

Payment Methods

Both platforms offer flexible payment methods, including bank transfers and card deposits, facilitating convenient withdrawals to users’ bank accounts.

Withdrawal Process

Cowrywise encourages disciplined savings by allowing withdrawals only on specific dates, promoting a systematic approach. Piggyvest, on the other hand, offers more flexibility, allowing users to set their withdrawal dates or use provided dates, with the option of making withdrawals free of charge using Flex Naira.


When considering the features of both platforms, Piggyvest stands out with its lower minimum savings amount of ₦50, providing greater accessibility to a broader user base. Piggyvest’s flexible withdrawal options and competitive interest rates, especially on its Safelock and Investify plans, contribute to its appeal.

Cowrywise, on the other hand, excels in offering diverse savings options, including regular savings, emergency plans, and unique features like saving circles and halal savings. Additionally, Cowrywise boasts a dynamic interest rate structure, allowing users to earn varying returns based on the duration of their savings.

Piggyvest and Cowrywise: which is better?

Choosing the better platform depends on individual preferences and financial goals. Piggyvest may be more suitable for those seeking flexibility in savings and higher interest rates on certain plans, while Cowrywise appeals to users looking for a wide array of savings options and a dynamic interest rate structure.

However, both platforms have strengths that cater to different needs, and users should carefully evaluate their financial objectives, risk tolerance, and preferences before selecting the platform that aligns with their goals. Whether it’s Piggyvest or Cowrywise, these fintech platforms contribute significantly to democratizing access to financial services and empowering users to enhance their savings and investment strategies.

SEE ALSO: Palmpay vs Opay: Which is better?


What are the disadvantages of PiggyVest?

PiggyVest has a 2.5% withdrawal penalty, inflexible withdrawal policies, and its dollar account cannot receive dollar transfers. Despite these drawbacks, its advantages include high-interest rates, transparency, an automatic savings feature, and the opportunity to earn piggy points.

Is Cowrywise good for saving?

Yes, Cowrywise is excellent for saving and makes the process interesting and enjoyable. The platform allows seamless investment of Naira in dollars, encouraging users to think about saving and investing a portion of any income they receive.

Is PiggyVest the best?

PiggyVest is considered a top-notch online bank that excels in helping users save money more effectively than traditional banks. It challenges users to save and offers innovative features, making the saving experience more engaging and rewarding.

Can I lose money on Cowrywise?

While some funds on Cowrywise may experience losses, others can yield higher returns than traditional savings. The key point is that Cowrywise helps diversify and spread the invested funds, which is crucial in managing investment risk.

Is my money safe in Piggyvest?

Yes, your money is safe in PiggyVest. The funds in your PiggyVest Account are managed by PV Capital Limited, a registered Fund/Portfolio Manager with the Securities and Exchange Commission of Nigeria. All operations are in compliance with applicable regulations, ensuring the safety and security of your funds.

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