Cowrywise vs Piggyvest: Which is Better

Cowrywise vs Piggyvest have been a heat-up argument in the Nigerian tech space for a while and in the quest to know which is better, we take a look at their unique features, operating protocols, user experience, and other key points.

Piggyvest vs Cowrywise

They are both financial technology (fintech) platforms that allow users to save and invest their money easily and in case you are worried if Piggyvest or Cowrywise is approved by the Central Bank of Nigeria (CBN), you can put your mind at ease, they are dully approved to operate in the country.

Cowrywise operates under the license of the Security and Exchange Commission (SEC), while Piggyvest runs under Microfinance Bank approval and is regulated by the CBN.

Piggyvest was founded in 2016 by Joshua Chibueze, Somto Ifezue, and Odunayo Eweniyi. It is headquartered in Lagos, Nigeria, and is one of the most popular savings and investment platforms in the country.

They started as Piggybank Nigeria where they offer only savings packages to their users and are generally regarded as the "first online savings platform in Nigeria". 

Now they've taken the platform further after rebranding as Piggyvest, allowing users to save money, invest in mutual funds, and buy insurance policies. 

The platform has a minimum investment amount of 150 Naira (approximately USD 0.25) and offers competitive interest rates to its users. Piggyvest has raised a total of $7 million in funding and transacts over 1 billion Naira monthly while managing combined savings and investment accounts of over 1 million users.

On Google Play Store, Piggyvest currently has over 1 million downloads, with an average of 4-star rating, and over 40k reviews, most of which are positive, with the most recent ones giving Piggyvest a 5-star rating.

Watch below how Piggyvest invests their customer's money as explained by their co-founder Odunayo Eweniyi

Cowrywise on the other hand was founded in 2017 by Razaq Ahmed and Edward Popoola. Also headquartered in Lagos, Nigeria, and has grown to become one of the leading investment platforms in Nigeria. 

Cowrywise also allows users to save and invest in different financial products such as mutual funds and fixed deposits. 

The platform currently has a minimum investment amount of 150 Naira (approximately $0.25 USD) and offers competitive interest rates to its users. 

In funding, Cowrywise has raised over $3 million, transacts over 500 million Naira monthly, and currently has over 500,000 users.

On Google Play Store, their app has over 500k downloads, and an average rating of 4.4 stars with over 25k reviews, majority of their reviews are also positive with the most recent ones coming with a 5-star rating.

The difference between Piggyvest and Cowrywise

The difference between these major Nigerian investment platforms is the number of products and services they offer.

For example, Piggyvest runs a wider range of financial products including insurance than Cowrywise and users also earn reward points on Piggyvest while nothing of such is offered on Cowrywise. 

Both companies generate a significant amount of revenue regularly and have a high valuation even though most of their financial information is not publicly available.

If you have transaction issues with any of them, here are the customer care of Piggyvest and Cowrywise, 

Piggyvest customer care: +234700933933933

Cowrywise customer care: +2349030000857