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How safe is your money with Nigerian online savings and investment startup PiggyVest?

PiggyVest is a Nigerian tech startup that provides an easy-to-use platform for online savings and investments. Paraded as an option to traditional banks, it requires no deposit, withdrawal, monthly or maintenance fees. Basically, all the perks of banking, without the hassles of fees.

However, while the offer seems mouthwatering, many are reluctant to part with their money and personal details due to security concerns. As an online platform, there is always the possibility of bad actors hacking the system. So, just how safe is PiggyVest?

How safe is PiggyVest?

The platform uses the highest level of financial information encryption called PCI DSS Level 1. It is the same one used by credit card companies and ensures that there are are layers of requirements and protocols protecting businesses. Additionally, PiggyVest uses an encrypted 256-bit HTTPS SSL connection on all transmissions.

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Also, customers get a one time password (OTP) for transfers and withdrawals from their account and only someone with access to your phone and login details at the same time can access your account. And, you can take this a step further by enabling the platform’s 2FA which will ask you a unique question that only you will have an answer to when trying to make transactions on your PiggyVest account.

Concerning details such as personal info, credit card numbers, BVN and so on, the platform has these under lock and key with the PCI DSS safety protocls.

And most importantly, your money is safe with the company as it uses licenses from two Microfinance banks and not to forget that it is a registered cooperative under the name, Piggytech Cooperative Multipurpose Society Limited (Reg No: 16555). In the event of something happening to the company, like bankruptcy of dissolvement, all its funds are managed by  AIICO Capital, a secure investment management firm in Nigeria.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.