Cowrywise or Piggyvest: Which App Offers Better Investment Opportunities and Returns?

 A brief overview of Cowrywise and Piggyvest

Cowrywise and Piggyvest are two of the leading fintech platforms in Nigeria that provide digital savings and investment solutions to users. Both platforms offer a range of financial services, including savings, investments, and pension plans, to help users achieve their financial goals. 

They use technology to make financial services accessible, affordable, and convenient for users.

 Purpose of comparison

The purpose of this blog post is to compare Cowrywise and Piggyvest to help users make an informed decision about which platform to use. We will look at the features, pros and cons, and compare the two platforms in terms of savings options, investment options, user interface and experience, customer support, fees and charges, and security measures.

Cowrywise Overview

Cowrywise is a digital savings and investment platform that was launched in 2017. The platform aims to make saving and investing easy, secure, and accessible to everyone. Cowrywise is registered with the Nigerian Securities and Exchange Commission and operates under a micro-pension license.

B. Features

1.     Savings: Cowrywise offers users the option to save money in a variety of ways, including fixed savings, target savings, and periodic savings. Users can save as little as ₦100 ($0.24) per day and earn interest on their savings.

2.     Investments: Cowrywise offers investment opportunities to users in mutual funds, stocks, and other investment options. The platform offers a range of investment options to suit different risk profiles and investment goals.

3.     Pension plans: Cowrywise offers micro-pension plans to users, allowing them to save for their retirement. The platform partners with licensed pension fund administrators to provide users with a range of pension options.

4.     Mutual funds: Cowrywise offers access to mutual funds from different fund managers, allowing users to invest in a diversified portfolio of assets.

Click here to Cowrywise Website

C. Pros and cons

1.     Pros:

• Easy-to-use platform with a simple and intuitive user interface.
• A range of savings and investment options to suit different needs and risk profiles.
• High-interest rates on savings and investment options.
• Low fees and charges.
• Micro-pension plan is available for retirement savings.

2.     Cons:

• Limited investment options compared to other platforms.
• Limited customer support channels.
• Withdrawals are subject to a waiting period of up to five days.

Piggyvest Overview

Piggyvest is a digital savings and investment platform that was launched in 2016. The platform aims to help users save money and invest in secure and profitable ventures. Piggyvest is registered with the Nigerian Securities and Exchange Commission and operates under a micro-pension license.

B. Features

1.     Savings: Piggyvest offers users the option to save money in a variety of ways, including automated savings, safe lock, and quick save. Users can save as little as ₦100 ($0.24) per day and earn up to 10% annual interest on their savings.

2.     Investments: Piggyvest offers investment opportunities to users in the agriculture, real estate, and transportation sectors. The platform also offers a range of investment options, including mutual funds and stocks.

3.     PiggyFlex: PiggyFlex is a flexible savings option that allows users to save and withdraw money at any time without any penalties or fees.

4.     Target savings: Piggyvest offers a target savings feature that allows users to save towards a specific financial goal, such as a wedding, education, or travel.

5.     Group savings: Piggyvest also offers a group savings feature that allows users to save money with friends and family members towards a common goal.

Click here to Piggyvest Website

C. Pros and cons

1.     Pros:

• A range of savings and investment options to suit different needs and risk profiles.
• High-interest rates on savings and investment options.
• Flexible savings option available.
• Group savings feature available.
• Customer support is available via different channels, including phone, email, and social media.

2.     Cons:

• Fees and charges are relatively high compared to other platforms.
• Withdrawals are subject to a waiting period of up to two days.
• Limited investment options in comparison to other platforms.

 

Savings options

Both Cowrywise and Piggyvest offer a range of savings options, including fixed savings, target savings, and periodic savings. However, Piggyvest offers more flexible savings options, such as automated savings, quick save, and PiggyFlex. Overall, Piggyvest offers more diverse and flexible savings options than Cowrywise.

B. Investment options

Both Cowrywise and Piggyvest offer a range of investment options, including mutual funds, stocks, and other investment options. However, Piggyvest also offers investment opportunities in the agriculture, real estate, and transportation sectors. Piggyvest also offers a target savings feature that allows users to invest in a specific project. Overall, Piggyvest offers more diverse investment options than Cowrywise.

C. User interface and experience

Both Cowrywise and Piggyvest offer an easy-to-use platform with a simple and intuitive user interface. However, Piggyvest's platform is more visually appealing and user-friendly than Cowrywise's platform.

D. Customer support

Both Cowrywise and Piggyvest offer customer support via different channels, including phone, email, and social media. However, Piggyvest's customer support is more responsive and offers more personalized support to users.

E. Fees and charges

Cowrywise generally charges lower fees and charges compared to Piggyvest. Cowrywise also offers a micro-pension plan at no extra charge, while Piggyvest charges a fee for its pension plan.

F. Security measures

Both Cowrywise and Piggyvest have robust security measures in place to protect users' funds and personal information. Both platforms use two-factor authentication, SSL encryption, and other security features to ensure users' safety.

G. Pros and cons compared

• Cowrywise offers a micro-pension plan at no extra cost, while Piggyvest charges a fee for its pension plan.
• Piggyvest offers more diverse and flexible savings and investment options than Cowrywise.
• Piggyvest has a more visually appealing and user-friendly platform than Cowrywise.
• Cowrywise generally charges lower fees and charges than Piggyvest.
• Piggyvest's customer support is more responsive and offers more personalized support to users.
• Cowrywise has a limited number of investment options compared to Piggyvest.
• Cowrywise has a longer waiting period for withdrawals than Piggyvest.
• Piggyvest charges higher fees and charges than Cowrywise.

Overall, both platforms have their strengths and weaknesses, and users should consider their specific financial needs and preferences when choosing which platform to use.

Recap of the comparison

In summary, Cowrywise and Piggyvest are both digital savings and investment platforms that offer a range of features to help users save money and invest in profitable ventures. While both platforms offer similar savings and investment options, Piggyvest offers more diverse and flexible options, such as PiggyFlex and target savings. Cowrywise, on the other hand, offers a micro-pension plan at no extra cost. Additionally, Piggyvest's platform is more visually appealing and user-friendly, while Cowrywise generally charges lower fees and charges.

 Final thoughts and recommendations

Both Cowrywise and Piggyvest are excellent platforms for users looking to save and invest their money in a secure and profitable manner. However, users should consider their specific financial needs and preferences when choosing which platform to use.

 If a user is looking for a more visually appealing and user-friendly platform with a diverse range of savings and investment options, Piggyvest may be the better option. If a user is looking for a platform that offers a micro-pension plan at no extra cost, and generally charges lower fees and charges, Cowrywise may be the better option. 

Overall, both platforms are great options, and users should choose the one that suits their specific needs and preferences.