Did you know that over 57% of the Nigerian population use the internet for their daily activities? The stance of the 21st-century digital revolution is undebatable. With the inevitability of the internet, the last decade witnessed the influx of mobile technologies to help people in different spheres of life such as education, commerce, career, and finance among others. This is particularly true as companies — for instance, PiggyVest and Cowrywise — have continued to tap into people’s desire to effortlessly use the digital space to better their activities.
The digital space is a fountain of many opportunities and possibilities for companies and individuals. In the past few years, PiggyVest and CowryWise have been vanguards in the Nigerian fintech industry. Although they are not the only Nigerian fintech companies, their groundbreaking digital wealth management services have been lauded by people who have developed their financial acumen and foresight through their proactive works.
While PiggyVest, formerly known as Piggybank, was established in 2016, Cowrywise was founded in 2017. Both are wealth management platforms on which you can save money through your debit card(s) (towards a target), lock your funds away for a period and earn interest. Compared to ‘normal’ banks, they help you with financial discipline more; withdrawals on days other than the set withdrawal days attract a penalty. Therefore, people, most especially youths, who use these platforms have learnt to restrict themselves from imprudent spending.
For many, financial investment is a bottleneck. They cower at the sound of ‘risk’, particularly when it concerns their money. PiggyVest and Cowrywise integrate different investment opportunities into their single platforms, partnering with different insurance companies to ensure that the investments bear little or no risks for their customers. They offer different investment opportunities; for instance, one can invest in agriculture, real estate, treasury bills, and transportation, among many others.
The companies have ensured that their services are easily accessed. The metamorphosis from delivering their services through the web platform to launching mobile applications was birthed by the penetration of smartphones. According to statista.com, the number of smartphone users in Nigeria, mostly youths, is between twenty-five and forty million. This means that 15-25% of Nigerians access the internet through smartphones. This numerical strength justifies the essence of their mobile applications which have been designed to make the platforms handier.
However, one major challenge for these Nigerian fintech ‘kings’ is that some categories of people mistrust any money-related internet service. It is a commonplace that they are considered as Ponzi schemes because of the too-good-to-be-true benefits. Those who have given positive reviews about them — how they have developed the culture of financial planning.
The two fintech companies have come to stay. Over time, they have considered customer feedback in developing new features. They have gained the trust of multitudes through their stubborn dedication. Therefore, It is not inappropriate to mention that many people have become cognisant of the complex world of finance through them.
This article was written by Adebayo Qudus Ayinde; connect with him on Instagram via here
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