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Cowrywise Vs Piggyvest : which is better savings platform

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Competition between or among firms ensures innovation and efficiency on the part of the firms as each firm tries to outsmart the other. Thus, no matter how similar competing firms are there will be some features that set them apart.

Saving is a crucial aspect of everyone’s life which requires high level of meticulousness when making choices or decision related to it.

Most people wish to save wisely in other to make more value out of their money. If you’re one of such people but entangled in the web of selecting the best savings platform among the two leading Fintech startups in Nigeria (Cowrywise or Piggyvest), then this article is for you.

This article will take an in-depth and comparative look at the features and benefits of Cowrywise and Piggyvest to let you know the best savings platform between both.

Savings Features: Cowrywise vs Piggyvest

Cowrywise Savings Features

Cowrywise is a savings and investment Fintech startup in Nigeria that seeks to make savings and investment simpler and highly rewarding.

It was launched in March 2017 offering premium financial services to the mass market. With as little as N100, Cowrywise allows you to start saving and investing in the periodic plans.

Cowrywise have provides four different savings features that cater to people various financial goals.

Regular Savings which helps you save for a minimum of three months with an interest rate of 10%-15% per annum. 

Life Goals which enables you to save towards a goal such as tuition, for a minimum of one year. 

Halal Savings which is for Muslims who do not want interest rates on their savings. 

Savings Circle which encourages people to have group targets and save towards them.

Piggyvest Savings Features

Piggyvest founded in February 2016 opened the Fintech startup market in Nigeria.

It allows you to save little amounts of money (either daily, weekly or monthly) towards a particular target or lock your funds away for a specified amount of time. There are different features on Piggyvest tailored to meet the saving needs of people. These are:

Piggybank which is the core savings aspect on Piggyvest, and it pays 10% per annum. 

Safelock which allows you to put aside money for a specified period and you cannot access the funds until the time has expired. 

Targets which helps you save towards a particular goal such as house rent.

Flex Naira which is a flexible savings wallet that keeps the interest from all other features.

Flex Dollar which allows you to convert your savings to dollars. Market conditions determine the interest rates on this feature.

Interest Rate: Cowrywise vs Piggyvest

Piggyvest and Cowrywise also differs in terms of interest rate which is vital fact to consider when choosing the best suited platform for saving.

Piggyvest interest rate is between 10%-15.5%, and interests on Investify can be up to 22% per annum. Cowrywise offers 10%-15% on savings, and mutual funds can get up to 20% per annum.

Withdrawal: Cowrywise vs Piggyvest

Piggyvest has a more flexible withdrawal system that allows you to manually set your withdrawal dates or use the Piggyvest official dates which are March 31st, June 30th, September 30th and December 31st. It attracts a 5% penalty fee if you withdraw outside the set dates. Cowrywise is stricter on withdrawals and is better for financial discipline as you will not access the funds till the time you set is up.

From the highlighted different features of the two leading savings and Investment startups, one can conclude that Piggyvest is perhaps the most flexible savings platform between the two. Piggyvest provides customers various savings options to choose from.

Piggyvest is also better suited for saving because it has more flexible withdrawal system. You can withdraw your money outside the set dates on Piggyvest with penalty charge of 5%. This is impossible with Cowrywise. So in the case of emergency Piggyvest got you covered.

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Fin-Tech

Spotify to increase family plan

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The music and digital streaming real time feature is raising the expense of its Family Plan by $1 every month this Friday, the organization affirmed to MarketWatch on Monday. Family Plan clients  started getting messages Monday about the forthcoming value climb, which will see the month to month administration that packs up to six premium records for relatives move from $14.99 to $15.998 every month.

That is the solitary increment that American Spotify SPOT, +4.91% audience members will see for the present. Also, there will be a one-month effortlessness period for existing Spotify endorsers before they see their bills go up.

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Agri-Tech

The GameStop vs Wallstreet saga explained.

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The GameStop vs Wallstreet saga explained.

GameStop was the current week’s another thing. All the more explicitly: the unrealistic and breathtaking convention of its stock cost — which, as of this composition, was generally $336 an offer. How it arrived is not really an account of incredible procedure or rousing individual exertion. Indeed, nothing major has changed in the course of the most recent year about GameStop, a Grapevine, Texas-settled computer game retailer with shops settled in shopping centers cross country.

Truth be told, GameStop has battled throughout the most recent year, as the pandemic has eased back actual business and, in the course of recent years, rivalry from downloadable game substance has pushed its productivity down and constrained it to recoil its actual impression. This carried GameStop to the consideration of two gatherings that wound up being critical to the stock value’s gigantic development throughout the most recent week. The main gathering included short-venders who all contributed intensely that GameStop’s offer cost would keep on falling. The second was a Reddit contributing subgroup, r/WallStreetBets.

The GameStop stock had been getting some certain input on the Reddit site for quite a while. Yet, beginning in January of 2021, that eagerness started blending with an abhorrence for the huge institutional speculators, for example, mutual funds, which were intensely short on GameStop.

Toward the beginning of January, r/WallStreetBets individuals started purchasing up GameStop stock, which thusly pushed up the cost. It rose from around $17 an offer toward the beginning of January to north of $330 today (Jan. 29). It was, as one r/WallStreetBets told Wired: “an image stock that truly exploded.”

Exploded being the usable idea, as the blaze set off wild protests by those institutional speculators whose short positions were gravely uncovered by the attack of retail financial specialists, who appeared to be sufficiently happy to uncover them. Robinhood, the day-exchanging application for retail merchants where a significant part of the GameStop purchasing occurred, is currently being sued by its clients for its choice to stop exchanging GameStop and other abruptly unstable image stocks. That get ignited the interest of officials. Also, the totally eccentric circumstance has set off a whirlwind of think pieces posing the normal arrangement of unanswerable inquiries:

Is this a triumph for retail financial specialists or the start of the end? Is this a David-and-Goliath tale about Redditors versus speculative stock investments? Is this the first crowdfunded short crush throughout the entire existence of the market? Is this actually a siphon and-dump plot gone ideal time? Will this obliterate the financial exchange as far as we might be concerned?

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Fin-Tech

CashApp updates feature.

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Users of cashapp can now get Bitcoins back after completing a transaction. Months ago, cashapp only allowed users to receive dollars back after their transactions but with the increase in the usage of Bitcoins on the app, and Square’s bitcoin holdings increasing, it had decided to add this new feature.

This move is part of the broader market plan to stay in competition with PayPal who has also incorporated cryptocurrencies into their portfolio.

The move is also possibly a way for Cash App to stay ahead of competitor PayPal, which has also recently entered the cryptocurrency arena. Other firms have made similar moves, with crypto lending firm BlockFi partnering with Visa to roll out a new bitcoin-backed credit card in 2021, CoinDesk reported.

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