PiggyVest Inches Closer to Being a Bank, Introduces Account Numbers for its Users

Users React to PiggyBank's Name Change and Restructuring

PiggyVest (formerly PiggyBank), the prominent Nigerian savings platform has released yet another feature for its users. Now, the platform gives its users a dedicated bank account number, Flex Account Number, for them to carry out transactions.

Launched in 2016, PiggyVest has grown quickly as a digital saving platform. Over the last three years, the startup has to reach nearly 200,000 users. And in a recent restructuring, which saw it change names, the platform added non-saving features such as PiggyFlex, AvonFlex, a health insurance plan, and a host of new investment options.

PiggyVest’s mail to users. Source: Twitter

Now, users of the platform will get to be assigned a designated bank account number that will allow their PiggyFlex account be credited directly.

Prior to this new feature, funds could only be added to their PiggyVest account via the use of a debit card. So instead of going through a money to bank – bank to PiggyVest route, PiggyVest wants you to go one way.

With the Flex account number, users can now fund their Piggy Flex account directly with transfers via internet banking, USSD, Mobile app or the bank transfer channels – without the need of a debit card.

The account number will also allow users accept transfers from friends and family directly into your PiggyVest as well as payment for services. However, PiggyVest says to generate the account number is a choice for users.

With these new additions in product offerings, its only a matter of time before PiggyVest becomes a fully digital bank like ALAT, Kuda and Rubies.

Interestingly, PiggyVest is not the only prominent investment platform in recent times to unveil this. Personal finance platform that helps users save their money by investing, Cowrywise, also unveiled a new feature, Stash account number, today. Similar to the Flex account number, the number allows users to fund their Cowrywise accounts directly from any bank.

https://twitter.com/Damilare_/status/1156135149802835973

A coincidence? Maybe. But saving/investing just got more easy!


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