Cowrywise vs Piggyvest: Which is Better & Why? (2024)

  • November 14, 2023

Cowrywise vs Piggyvest: Looking to invest online in Nigeria but don’t know which to choose between Piggyvest and Cowrywise? We’ve tested both savings platforms, and this post contains a comparison of our experience with both.

Saving and investing have become essential parts of personal finance. With so many platforms now offering this service in Nigeria, it can be challenging to decide which one is the right fit for you.

In this article, we will compare two investment and savings apps, Cowrywise and Piggyvest, to help you make an informed decision.

Cowrywise and Piggyvest are two of the most popular digital savings platforms in Nigeria. Both platforms offer a wide range of savings and investment options, including fixed-income, goal-meeting savings, and mutual funds investment.

While they share many similarities, they also have unique features and benefits that set them apart.

Let’s dive into the details of each app to see which one is the best fit for your saving and investing goals.

Overview: Cowrywise vs Piggyvest

Before we start with our detailed comparison of the two most popular saving platforms in Nigeria, it’s important that we cover the basics and highlight what makes these platforms stand out.

What is Cowrywise?

Cowrywise vs Piggyvest

Cowrywise is an investment platform that focuses on helping users save and invest. It offers a range of investment options, including savings plans, mutual funds, and stocks.

Cowrywise also provides users with financial education resources, investment insights, and personalized investment recommendations.

What is Piggyvest?

Piggyvest vs Cowrywise

Piggyvest is an all-in-one savings and investment platform that enables users to save and invest their money.

It offers several features, including savings plans, investment opportunities, and pension plans. Piggyvest also offers an interest rate of up to 10% per annum on savings.

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Deciding Factor Between Piggyvest and Cowrywise?

There are a few things that you really need to keep in mind when looking to invest your money online. These key factors will help you decide which platform is better suited for your needs.

  • Savings & Investment options: Consider the range of savings and investment options available on each app and whether they align with your investment goals and preferences.
  • Interest rates: Evaluate how much you’ll make daily, weekly, monthly, and even annually saving online.
  • Fees: Look at the fees charged by each app and how they may impact your interest rates and investment returns.
  • User interface: Consider the ease of use and user-friendliness of each app. It should be easy to use even for absolute beginners.
  • Customer support: Look at the customer support options offered by each app and whether they meet your needs.
  • Account minimum: Consider the minimum savings required to get started with each app. It shouldn’t be too much for an average Nigerian.
  • Additional features: Look at any additional features or benefits offered by each app, such as investment education resources or personalized investment recommendations.
  • Payment Methods: It should have support for multiple payment methods (e.g. Bank Deposit, Bank Transfer, Paystack, Cryptocurrency and lots more).

Now that you’ve known what to look for while comparing Piggyvest vs Cowrywise, let’s take an in-depth look at each factor.

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Savings & Investment Options: Cowrywise vs Piggyvest

The first thing to look for in a saving and investment platform is the type of products that they offer. From foreign stocks and mutual funds to fixed savings, these platforms offer several products users can take advantage of.

Cowrywise Savings & Investment Options

Cowrywise has a wide range of savings and investment options including:

  • Regular savings: This allows you to save your money for a minimum of 3 months to meet your financial goals such as rent payments, car purchases, and more.
  • Emergency Plan: This helps you meet urgent money needs.
  • Saving Circles: This helps you save more, as it sets a challenge for saving with friends and family in a fun and motivational way
  • Halal Savings: These are for the Muslim faithful who want to save with no interest.
  • Money Duo: This is a savings plan to build wealth with someone you love.
  • Cowrywise also allows you to invest in Mutual Funds. This is a type of investment that lets retail investors pool funds together to invest in a diversified portfolio.

Piggyvest Savings & Investment Options

Just like Cowrywise, Piggyvest also offers tons of savings and investment products including:

  • Piggybank: This allows you to save daily, weekly or monthly, and earn daily interest on your savings.
  • Flex Naira: This allows you to keep your cash in Naira on Piggyvest and earn interest on it without a set withdrawal date.
  • Flex Dollar: This allows you to keep your cash in Dollars on Piggyvest and earn interest on it.
  • Safelock: As the name implies, this allows you to lock your money on Piggyvest, and then choose your withdrawal date yourself. Once the padlock is set nothing can unlock it, unless it reaches the stipulated withdrawal date.
  • Investify: This allows you to earn more on your savings by investing in pre-vetted, low-medium risk, primary and secondary investment opportunities. These include Agriculture, Real Estate, Transportation, Fintech, Fixed Income, and many more. This can also be referred to as the PiggyVest Mutual Fund investment plan.
  • Targets: This feature was created to help you target different savings goals.

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Interest Rates: Piggyvest vs Cowrywise

Interest rate is the most important factor to take a look at while comparing Cowrywise vs Piggyvest. While both platforms offer great returns on investments and savings, it could be difficult to pick one as the best. But let’s see what their respective interest rates are:

Piggyvest Interest Rates

Interest rates on Piggyvest’s various products are:

  • 10% per annum on Piggybank
  • Up to 13% per annum on SafeLock
  • 9% per annum on Target 
  • 8% per annum on Flex Naira
  • 7% per annum on Flex Dollar
  • Up to 25% on Investify

Cowrywise Interest Rates

Both the Savings and Investment plans interest rates on Cowrywise vary. However, the platform offers 10%-15% on savings, and mutual funds (Investment) can get up to 20% per annum.

Fees: Piggyvest vs Cowrywise

Another important factor while comparing Cowrywise and Piggyvest is the fees and charges. Wondering what charges will be incurred on these platforms? The answer is pretty straightforward.

From deposits to saving and investing, and even withdrawals, both Piggyvest and Cowrywise charge nothing for you to use their platform. That means every transaction on both apps is absolutely free.

However, it is important to note that you may be charged by your bank while making a deposit to those apps.

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User Interface: Cowrywise vs Piggyvest

Another thing to consider in the Piggyvest vs Cowrywise comparison is the platform’s user interface. A good saving platform must have a user-friendly interface that must be very easy to navigate even for a complete beginner.

In the case of Cowrywise and Piggyvest, both platforms/apps have a user-friendly interface, making it easy to navigate, save and invest.

Customer Support: Piggyvest vs Cowrywise

Another factor that shouldn’t be overlooked comparing Cowrywise and Piggyvest is customer support. Since both platforms deal with money, they should offer very flexible support mediums.

Both Cowrywise and Piggyvest have great customer service. Cowrywise offers customer support through WhatsApp and email, while Piggyvest offers multiple options, including email, social media channels, and phone support.

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Account Minimum: Cowrywise vs Piggyvest

A good saving platform must offer a very low minimum amount that can be saved. This is because spare money is usually very little, especially for Nigerians.

In this instance, this is where the big difference between Cowrywise and Piggyvest is.

On Cowrywise, the minimum amount that you can start your savings with is ₦1000, while Piggyvest allows users to start saving with a minimum of just ₦50.

Payment Methods: Piggyvest vs Cowrywise

When it comes to withdrawals and deposits, a good saving platform must offer very flexible payment methods. Let’s take a look at what these platforms offer.

Piggyvest Payment Methods

Piggyvest offers multiple payment methods including Naira Cards, Bank Transfers, and Mobile Money. You can withdraw directly to your bank accounts after unlocking your savings.

Cowrywise Payment Methods

Cowrywise also offers a variety of flexible payment methods including Bank transfers, and Card deposits. You can also make a withdrawal directly to your bank account from Cowrywise.

Now that we’ve looked at the individual features of Cowrywise and Piggyvest let’s compare them side by side.

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Overall Benefits: Cowrywise vs Piggyvest

Cowrywise and Piggyvest have their own unique benefits. However, let’s break them down. 

Pros: Cowrywise

  • User-friendly interface
  • Customer support through WhatsApp
  • No Charges apply to any transaction

Cons: Cowrywise

  • Limited savings and investment options
  • Limited customer support options

Pros: Piggyvest

  • Charge-free
  • User-friendly interface
  • Wide range of savings and investment options
  • Multiple customer support options

Cons: Piggyvest

  • No in-app chat support
  • Poor customer support via phone call

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User Reviews and Ratings: Cowrywise vs Piggyvest

To provide a more comprehensive comparison between Cowrywise and Piggyvest, we analyzed user reviews and ratings of both platforms. Overall, users of both platforms have praised their services, with many noting the ease of use and range of investment options.

However, some users have complained about issues such as delays in processing withdrawals and difficulties in contacting customer support. It is essential to note that these issues are not unique to Cowrywise or Piggyvest and may occur on any investment platform.

Cowrywise or Piggyvest: Which Savings App is Right for You?

Choosing between Cowrywise and Piggyvest mainly depends on your savings and investment goals and preferences.

If you prefer a platform with a straightforward interface and a wide range of investment options, Cowrywise may be the better choice. However, if you want a platform that offers a variety of savings plans and a guaranteed interest rate, Piggyvest may be the better option.

It’s also worth noting that both apps have their own strengths and weaknesses, and what works for one person may not work for others. It’s crucial to do your research and consider all factors before making an investment decision.


Both Cowrywise and Piggyvest are reliable digital savings platforms that offer users various investment opportunities. With this article containing in-depth information about Piggyvest vs Cowrywise, we believe you can make an informed decision on which platform to choose based on your investment goals and preferences.