Piggyvest Crosses ₦2 Trillion Payouts in 2024, Amid Economic Challenges
Nigerian savings and investment platform Piggyvest, has announced a major milestone, surpassing ₦2 trillion in total payouts to users since its inception in 2016. In a statement seen by Financial Inclusion Africa, the company revealed that it paid out over ₦835 billion in 2024 alone, representing a 53% increase from its 2023 payouts.
“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,” said Somto Ifezue, CEO and Co-Founder of Piggytech Global Limited, the parent company of Piggyvest, PocketApp, and Piggyvest Business.
Key Milestones Achieved by Piggyvest in 2024
The company’s achievements in 2024 go beyond crossing the ₦2 trillion payout milestone. Highlights from its year-in-review include:
- Surpassing 5.5 million users on the Piggyvest platform.
- Growing Piggyvest’s Assets Under Management (AUM) by nearly 80% in one year.
- Being recognized by CNBC as one of the Top 250 FinTechs globally.
- Paying out ₦835 billion to users in 2024, a significant increase from ₦535 billion in 2023.
- Processing over ₦2 trillion within the Piggytech ecosystem in 2024 alone.
By year’s end, Piggyvest users were reportedly saving and investing at a rate of ₦44,000 every second. “It’s an encouraging sign that Nigerians remain resilient in taking control of their finances and planning for a more secure future,” Ifezue noted.
Looking ahead, the CEO announced plans to introduce a new feature on the Piggyvest 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.
“Many have complained that their salaries no longer last until the end of the month. This year, we plan to roll out an additional feature on Piggyvest to help you manage your day-to-day expenses and ensure your salary lasts until the next payday,” Ifezue explained.
Challenges Highlighted in the Piggyvest Savings Report 2024
The Piggyvest Savings Report 2024 shed light on the significant economic pressures Nigerians faced last year, including record-high inflation, a rising cost of living, and reduced disposable incomes. Nigeria’s inflation rate hit 32.7% in 2024, a sharp rise from 25.08% in 2023, marking the highest levels since 1996.
The report also revealed the following key findings:
- Over 3 in 10 Nigerians earn less than ₦100,000 monthly.
- More than 2 in 10 Nigerians have no source of income, indicating nearly half of the population is unemployed or underemployed.
- 64% of Nigerians lack emergency funds, leaving them vulnerable to unforeseen financial challenges.
Despite these challenges, 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.
