"2024 marked our most profitable year, characterized by significant growth and a concentrated focus on our objectives as a company," stated Somto Ifezue, CEO and co-founder of Piggytech Global Limited, the parent company of Piggyvest. Piggytech also operates PocketApp, a consumer payments application that achieved over ₦1 trillion in transaction volume during the same year.
In total, Piggytech processed more than ₦2 trillion across Piggyvest, Piggyvest Business, and PocketApp. Ifezue attributes this growth to an emphasis on customer service and addressing user needs. "We adjusted our interest rates to reflect market conditions and worked tirelessly to provide our users with enhanced value for every naira. Each milestone we reach is a direct result of our commitment to improving user experience," he remarked.
Piggyvest reported a 76% increase in assets under management in 2024. The fintech company also noted that its users were saving ₦44,000 every second on the platform by the end of 2024, indicating an annualized savings total of ₦1.39 trillion.
Looking ahead, Ifezue announced plans to introduce a budgeting product in 2025. "Our customers have expressed concerns that their salaries often do not last until the end of the month. This year, we aim to launch a new feature on Piggyvest to assist users in managing their daily expenses and ensuring their salaries last until the next payday," he explained.
Since its founding, Piggyvest has adapted its business model multiple times. Initially, it allowed users to deposit funds into savings accounts with interest earnings, limiting withdrawals to four times a year and imposing penalties for early access. The platform has since expanded to include Pocket, following the acquisition of Abeg, and Piggyvest Business, a point-of-sale solution enabling retail stores to accept offline payments.
PiggyVest co-founder and Chief Marketing Officer, Josh Chibueze, announced to TechCabal in August 2023 that the company plans to leverage its three licenses—a Securities and Exchange Commission (SEC) fund manager license, a Central Bank of Nigeria mobile money license, and a microfinance bank license—to expand its financial services offerings, encompassing enhanced money management tools and credit solutions for Nigerian customers.