Nigerian digital savings platform, PiggyBank, has just unveiled a new savings challenge for its customers. Dubbed the “PiggyBank Savings Challenge”, the scheme aims to up the ante on users’ saving culture.
The savings challenge gets users to set a savings target amount and make frequent deposits to meet that objective.
The savings challenge is simply target savings on https://t.co/N4QfG98yZd and you can setup a personal/group savings challenge.
Interest is 10% p.a and it's paid daily.
— PiggyVest (@PiggyBankNG) August 14, 2018
Like the rest of PiggyBank’s savings features, users will not have access to funds in the challenge until they meet a particular requirement. However, for the savings challenge, users will only access their funds when they hit the savings target. And when targets are reached, the funds will automatically be transferred to the regular savings account.
A failure to meet the target means funds will be transferred to “core” savings, says PiggyBank.
Interestingly, there’s an upside to the savings challenge beyond cultural change; PiggyBank promises a cushy 10% interest per annum on funds deposited for the challenge.
Participation in the challenge is two-part–there’s the group participation and there’s the personal challenge. Both are similar.
Once you meet your target, your funds are transferred automatically to your PiggyFlex account which you can access for free anytime! However, if you don't meet your target, your funds will be sent back to your CORE savings 😒(Don't be this guy)
— PiggyVest (@PiggyBankNG) August 14, 2018
The only difference is that the group saving challenge requires a group of users to deposit funds to meet a set-out savings target. Each member deposits some amount monthly until the target is met.
Each member is privy to the deposit log detailing the amounts deposited by each member of the group. And like the personal challenge, funds will be disbursed back to each group member when the target is reached.
To get started, if you already have a Piggybank account, simply login to the website(https://t.co/XkHhRvkwpz) and click on 'enable new features' then enable 'savings challenge'.
— PiggyVest (@PiggyBankNG) August 14, 2018
To participate in either of the challenges, all you have to do is log on to the Piggybank app and click on your choice. Have fun saving!
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