Piggy Bank end 2017 with N1 billion in savings, 3000% user growth

diamond hope

January 3, 2018 10:17 AM

Fintech startup Piggy Bank that is helping Nigerians save made massive leaps in 2017.

Nigerian fintech startup, Piggy Bank saved N1 billion in 2017 while increasing its users on the platform by 3000%.

Piggy Bank, which is a platform that works directly with financial institutions to enable individuals to save little amounts of money periodically, listed these feats in their 2017 statement concerning about its annual progress.

According to a statement released on Tuesday, January 2, 2018, Piggy Bank entered 2017 with just N21m in savings from when they began operations in 2016 but managed to end 2017 with a staggering N1b in savings from its users.

The platforms number of users have also grown by 3000% in 2017 with very minimal marketing while it was also able to finally launch its app on Google Play in June and on the Apple app store in July to a great reception.

"December was probably our most exciting month! And that’s saying something, seeing how active the rest of the year was. By December, we had grown by over 30x (3,000%) compared to 2016."

It also boasted that the "total amount of withdrawals done in year 2016 was equal to the amount withdrawn in the first hour of our withdrawal day on Dec 31st, 2017."

On the note of expansion and partnerships with other financial institutions Piggy Bank said in the statement that, "we just acquired a significant stake in a fully licensed and functional Nigerian Microfinance Bank to aid our operations and rapid expansion plans in 2018. We’ll give more information about this soon."

Although in its statement it did not disclose the name of the institution, information on its official website reveals it is currently in partnership with VFD micro finance bank which has its head office in Lagos with branches in Abuja and Enugu.

While the startup is soon to clock two years of operation in April 2018, it has been able to attain a steady and fast pace of growth in its financial sector. This can be attributed to having lower operating costs since it does not have physical branches and is able to charge fewer fees compared to conventional financial institutions.

Nigerians are also becoming more comfortable with technology and with Piggy Bank it affords them the option of not needing to commute to a physical bank in order to put away their savings while still being easily within reach if the need occurs.

diamond hope