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Piggyvest and Cowrywise: which is better?

If you’re looking to save and invest your money in Nigeria, you’ve probably come across Piggyvest and Cowrywise – two of the biggest names in the digital savings and investment space. Both platforms make it easy to automate your savings by deducting funds directly from your bank account. They also offer investment opportunities to help grow your money over time.

But which one is the better choice for your specific needs? In this in-depth comparison, we’ll take a close look at the features, fees, returns, and overall user experiences of Piggyvest and Cowrywise to help you decide.

Piggyvest Overview

Piggyvest was one of the pioneers of the digital savings movement in Nigeria when it launched in 2016. It’s built around the concept of helping users develop the “discipline of savings” by automating transfers from their bank accounts into dedicated savings boxes.

Features Of Piggyvest

• Automated bank transfers into digital savings boxes/piggybanks
• SafeLock feature to prevent withdrawals for a specified duration
• Investment opportunities in mutual funds, real estate, and other assets
• Target savings feature to work towards specific goals
• Periodic “Piggyvest Flex” loan offers to access credit
• Referral program to earn rewards for getting others to sign up

Piggyvest’s savings feature is its core offering. You can create multiple piggybanks for different goals like rent, vacation, emergencies, etc. and set up automated daily, weekly or monthly transfers. The optional SafeLock prevents early withdrawals during lock periods.

On the investment side, Piggyvest has partnered with fund managers to give users access to mutual funds investing in various assets like equities, real estate, and fixed income instruments. The minimum investment amount is typically N5,000.

Cowrywise Overview

Cowrywise was founded in 2017 with the goal of improving access to savings and investment products through technology. In addition to basic savings tools, it places a strong emphasis on wealth management and investing.

Features Of Cowrywise

• Automated savings directly from bank accounts or debit cards
• Goal-based savings with progress tracking
• Access to various investment products like mutual funds and real estate
• AI-powered financial advice through “Wise Advisers”
• Educational resources like articles, calculators and webinars
• Integrated finance tracking to view account balances and transactions

Like Piggyvest, Cowrywise allows you to create dedicated savings plans and schedule automated transfers from your funding sources. It has a comprehensive goal-tracking dashboard to monitor your progress.

Where Cowrywise really shines is its breadth of investment offerings and emphasis on wealth management guidance. The platform gives access to over 25 mutual funds covering various asset classes, sectors, and risk profiles. It also has real estate investment products and plans to add more alternative investment options.

Fees and Returns

One of the biggest considerations when choosing between Piggyvest and Cowrywise is cost. Both platforms generate revenue through fees charged on their savings and investment products.

Piggyvest Fees

Savings: Free
Withdrawals: Free
Investments: Mutual Funds – 1.4% annual management fee deducted monthly
Other investments: Depends on product, ranges from 1-2% upfront or built into returns

Piggyvest does not charge any fees for using its basic savings tools. However, investing through the platform comes with annual fees ranging from around 1-2% depending on the specific investment product.

Cowrywise Fees

• Savings: – 0.25% quarterly fee on savings balance under N25,000
• Free for balances above N25,000
• Withdrawals: Free
• Investments: 1.25% annual management fee on mutual funds
– 1% upfront fee on real estate products

For savings under N25,000, Cowrywise charges a modest quarterly maintenance fee of 0.25%. Balances above that threshold are free. Mutual fund investments carry a 1.25% annual fee while real estate crowdfunding has a 1% upfront fee.

In terms of returns, both platforms generally aim to beat the rates offered by traditional bank savings accounts in Nigeria. However, actual returns will vary based on the specific investments you choose and fluctuations in the markets.

User Experience

Beyond just fees and returns, it’s also important to consider the overall user experience and “stickiness” of the Piggyvest and Cowrywise apps.

Piggyvest has one of the most user-friendly and gamified savings apps. It has a fun and engaging visual design that makes saving feel rewarding rather than punishing. Features like the SafeLock, savings badges/medals, and its soft marketing push for new products help drive user engagement.

Cowrywise also has a clean and intuitive user interface. While not as playful as Piggyvest, it has a professional and content-rich wealth management approach. The platform’s Wise Advisers provide automated advice while its financial education resources could help improve financial literacy.

Both Piggyvest and Cowrywise have two-factor authentication and other security measures to keep your money safe. They are also regulated by relevant Nigerian financial authorities.

Which One is Better?

There is no objectively “better” platform between Piggyvest and Cowrywise. Each has its own strengths and ideal users based on specific needs and goals.

Piggyvest may be a better choice if:

• You primarily want a fun, gamified way to develop a savings habit
• You prefer a seamless, automated savings experience without too many frills
• You want exposure to investments but don’t need a wide range of options
• You’re a beginner investor looking for simplicity and affordability

On the other hand, Cowrywise could be a better fit if:

• You want a more holistic wealth management platform beyond just basic savings
• You need robust goal planning, advisory, and financial education tools
• You want to diversify your investments across a variety of funds/assets
• You have a higher savings balance and can avoid the quarterly fees

Of course, there’s no reason you can’t sign up for and benefit from both platforms simultaneously if their offerings complement each other based on your needs.

At the end of the day, both Piggyvest and Cowrywise are excellent options that have empowered many Nigerians to save and invest more effectively in recent years. The “better” choice simply depends on your savings goals, investment preferences, and personal priorities.

Also Check: Eversend Vs Chipper Cash: Differences, Similarities, which is better

Frequently Asked Questions About Piggyvest and Cowrywise

What are the minimum amounts required to start saving/investing on these platforms?

Piggyvest and Cowrywise both have low minimum balance requirements. Piggyvest has no minimum to open a savings account, while Cowrywise requires just ₦100 to get started with investments and ₦5,000 for savings plans.

Are Piggyvest and Cowrywise regulated by financial authorities?

Yes, both platforms are regulated entities in Nigeria. Piggyvest is regulated by the Securities and Exchange Commission (SEC) while Cowrywise operates under the regulation of the Central Bank of Nigeria (CBN).

Can I withdraw my money anytime from these platforms?

With Piggyvest’s regular savings option, you can withdraw anytime without penalties. Cowrywise also allows free withdrawals from savings plans. However, investments in mutual funds and other products may have restrictions based on their terms.

What investment options are available on Piggyvest vs Cowrywise?

Piggyvest primarily offers access to mutual funds across various asset classes. Cowrywise has a broader range including over 25 mutual funds, real estate investments, and other alternatives.

How much can I expect to earn from investing with them?

Returns can vary significantly based on market performance and the specific investments. However, both platforms generally aim to provide higher returns compared to regular bank savings by investing across different assets.


As more Nigerians embrace technological solutions to improve their financial well-being, it’s an exciting time for the digital finance ecosystem. Whichever platform you choose, the key is to start developing good savings and investing habits today to secure your financial future. With Piggyvest and Cowrywise, you have innovative and trustworthy tools to simplify that process.

So what are you waiting for? If you haven’t already, download the Piggyvest or Cowrywise app today and take the first step towards achieving your money goals. Your future self will thank you.

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