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.