Nigeria’s largest online savings & investing platform Piggyvest, has announced a major milestone of surpassing N2 trillion in total payouts to users since its inception in 2016.
The company announced that 2024 was a year of growth, that saw N835 billion paid out to users, on an average of N44,000 saved.
Speaking on this milestone, the company’s CEO and Co-founder Somto Ifezue described the year 2024 as a very profitable year.
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In his words,
“2024 was an amazing year. It was our most profitable year, one of the years we achieved the most growth, and our most focused year as a company. It was also a year that tested our resolve in the face of economic challenges, but we remained steadfast and continued to deliver value to our users”.
Across Piggyvest, Piggyvest business, and Pocket App, Piggytech processed over N2 trillion. Ifezue links the growth to focusing on customer service and meeting user needs. “We adjusted our interest rates to align with market trends and worked diligently to offer our users even greater value for every naira. Every milestone stems directly from our focus on serving our users better,” he said.
Key Milestones Achieved by Piggyvest in 2024
The company’s achievements in 2024 were beyond crossing the N2 trillion payout milestone. Highlights from its year-in-review include:
- Surpassed 5.5 million users on Piggyvest.
- Recorded 76% AUM growth.
- Over 8.2 million users across all its products.
- Over N835 billion was paid out, up from N545 billion in 2023.
- Recorded over N1 trillion transaction volume on pocket app, up from N760 billion in 2024.
- Named among the world’s Top 250 fintech companies by CNBC.
- N334 billion transaction volume on Piggyvest business in 2024, up from N282 billion in 2023.
Amidst Nigeria’s economic challenge, by the end of 2024, Piggyvest users were reportedly saving and investing at the rate of N44,000 every second. This comes as several challenges which include the high cost of living and an increase in the cost of food price, amongst others, reshaped their savings. It is understood that economic devaluation towards the end of 2023 significantly impacted the Nigerian economy. Inflation rose to 32.1%, levels not seen in almost 20 years.
Many have complained that their salaries no longer last until the end of the month. Recall that Piggyvest in its 2024 savings report, revealed that over 37% of Nigerians earn below N100,000 monthly, highlighting the low earning power affecting a significant number of the population. When asked about their saving habits, 57% of respondents indicated that they save a portion of their monthly income. This group is comprised of 47% who save consistently every month and 10% who only save occasionally.
This marked a concerning decline when compared to the PiggyVest Savings Report 2023, where 64% of Nigerians reported having a savings habit. Despite these financial pressures, almost 1 in 10 Nigerians now have emergency savings, demonstrating resilience and an increased commitment to financial preparedness even as fewer Nigerians are able to maintain consistent savings habits.
In a bid to help users manage their day-to-day expenses and ensure that their salary lasts until the next payday, the CEO Ifezue, announced that Piggyvest plans to introduce a new feature on the app in 2025. This feature is designed to help users better manage their day-to-day expenses and ensure their salaries last until the next payday.
Piggyvest’s growing user base and record-breaking payouts underscore the resilience of Nigerians in their quest for financial security. With new tools and features on the horizon, the platform aims to further support its users in navigating an increasingly challenging economic landscape.