ADVERTISEMENT
2023 General Election Count Down!
00
Days
00
Hours
00
Minutes
00
Seconds
Invalid date
Election Day!

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

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

ADVERTISEMENT

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It also boasted that the "total amount of withdrawals done in year 2016 was equal to the amount withdrawn in the first hour of our withdrawal day on Dec 31st, 2017."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

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Bimbo Ademoye gets epic surprise package from VJ Adams on 32nd birthday

Bimbo Ademoye gets epic surprise package from VJ Adams on 32nd birthday

'Dark October': Everything we know about Aluu 4 inspired true-crime movie

'Dark October': Everything we know about Aluu 4 inspired true-crime movie

Osun: Adeleke breaks silence, reveals next move after sack

Osun: Adeleke breaks silence, reveals next move after sack

8 sperm-killing foods that dads need to avoid!

8 sperm-killing foods that dads need to avoid!

CBN raises interest rate to 17.5%

CBN raises interest rate to 17.5%

4 things to do if you have a higher sexual drive than your partner

4 things to do if you have a higher sexual drive than your partner

Chidi Mokeme on digging deep to become 'Scar' in Netflix's 'Shanty Town' [Pulse Interview]

Chidi Mokeme on digging deep to become 'Scar' in Netflix's 'Shanty Town' [Pulse Interview]

BBNaija's Ka3na under fire for faking pregnancy to promote new business

BBNaija's Ka3na under fire for faking pregnancy to promote new business

Mixed reactions trail Tribunal judgement in Osun

Mixed reactions trail Tribunal judgement in Osun

ADVERTISEMENT
ADVERTISEMENT