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    Re: PiggyBank.ng and Flutterwave: The Game-Changing Partnership that Promises Faster Transactions

    Idris AbubakarIdris Abubakar
    February 27, 2018
    Re: PiggyBank.ng and Flutterwave: The Game-Changing Partnership that Promises Faster Transactions

    Update: This post is a companion analysis to our story about Piggybank’s partnership with Flutterwave. This article captures Piggybank’s features. However, it should be noted that there is limited information about its partnership with Flutterwave and PayStack.

    Nigerians are spenders but we also love the idea of saving money. Unfortunately, only very few people are really successful at curbing their spending habits. Oh, look the Samsung Galaxy S9 just came out, buying it. I saw Olamide wear this shirt in his new video, buying it. And these are just a few examples of how people end up being spendthrifts these days.

    PiggyBank.ng Partners Flutterwave For Faster Transactions

    Piggybank.ng is one company that saw the opportunity in this problem and took action immediately. By partnering with companies like Paystack and Flutterwave, the company has been successful so far.

    What is PiggyBank.ng?

    Piggybank.ng is a Fintech startup launched in 2016. Founded by three young entrepreneurs (Somto Ifezue, Joshua Chibueze and Odunayo Eweniyi) and the company has one goal: Help Nigerians become better at saving their money. It is a very hefty challenge considering the Nigerian economy, but it has been fruitful so far.

    The company runs a simple saving process, where it makes periodic deductions from a customer’s bank account and saves it for and on behalf of the customer. The money is stored in a digital wallet.

    And here’s where it gets interesting, the customer has very limited access to the money. The customer can only withdraw their funds four times in a year. And with another feature called “SafeLock”, customers get to save a fixed sum of money and can only access it on a particular date. In 2017, about 30% of all PiggyBank funds were stored in SafeLocks.

    Importantly too, customers earn interest on their money. In 2016, 6% interests were accrued on savings. So it’s a huge win-win.

    PiggyBank will have to pay me for this. Lol.

    Step 1 – Download the App.
    Step 2 – Register
    Step 3 – Add your ATM car details and save your first N100.
    Step 4 – Set your AutoSave date and amount. This is where you decide how much you want the app to automatically take from…

    — Oba (@OlaseniOladejo) January 1, 2018

    This system is a very tight one that instils discipline among savers. Drawing from their own personal experiences, the founders believe this is a unique model that fits the Nigerian environment. The company believes that by giving people an incentive to save they can help them get better at managing their finances.

    For the sake of security, the funds deposited are held, not with Piggybank, but with Nigerian bank, UBA. And since UBA deposits are covered by the Nigerian Deposit Insurance Corporation (NDIC), it’s safe to say that your funds are safe.

    In 2016, Piggybank used this model to help its customers save N21 million. Interestingly, in 2017, that figure was up, extremely up! The company helped its customers saved about a whopping N1 billion!

    This says a lot about how much people are willing to discipline themselves to reach their financial goals. In fact, some persons have shared their experiences about how Piggybank helped them become better savers within a short time.

    Saved closed to 200k in 3months nice one https://t.co/D2q9xKmoq4

    — 🇳🇬Marko Marin🇳🇬 (@_highmarcus) February 23, 2018

    I just hope people aren’t sleeping on @PiggyBankNG sadly I started late but better late than never.

    Help yourself develop a seamless savings culture

    Click https://t.co/PRqTFMZA76

    — Moyosore Olayokun (@olayotommy) February 22, 2018

    One year gone, I have saved 185k so far on Piggybank, painlessly. Well done guys @PiggyBankNG https://t.co/bjvYPNmxr6

    — Ahmad Mukoshy (@mukoshy) February 22, 2018

    In a bid to ensure that customers get speedy access to their money when it is due, Piggybank works closely with two respectable Fintech companies: Paystack and Flutterwave.

    Hey @PiggyBankNG thanks for showing us some love. We're stoked to be your payment partner. #PiggyBankNG#Flutterwave

    PS: We're making our way to instagram pretty soon. #FLWtakeover pic.twitter.com/aOia9fUFlC

    — Flutterwave (@theflutterwave) February 21, 2018

    Partnership with Paystack and Flutterwave

    Paystack and Flutterwave are big players in the Nigerian mobile payment industry. Both companies are focused on helping banks and businesses provide seamless and secure payment experiences for their customers.  Between the two of them, about $2 billion have been processed since 2016.

    Piggybank’s partnership with both companies ensures that on the “D-day” when funds are due after customers have been forced to look at their money grow and not touch it, there is no hick in withdrawal. Paystack and Flutterwave understand the timeliness of payment transfers and there system is quite easy.

    Just used the withdraw option on @PiggyBankNG now and the transaction wasn't even completed on the app yet when I already got a credit alert. Amazing stuff!

    — Mrs S. (@d3sola) February 20, 2018

    Just last December, Paystack and Flutterwave helped PiggyBank transfer over N1 billion within a very short period of time.

    With such a proven and impressive system of savings and withdrawals, Piggybank is definitely one company that Nigerians should trust. Whether it is in investing for education, a car in the future, a new house, or your child’s future, the Piggybank system makes sure you never miss your financial goal!

     


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


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    Idris Abubakar

    Idris Abubakar

    Abubakar Idris has interests in all things web, business and tech innovations. I write to inform.

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