Many people find saving money a huge challenge. The challenging economic environment makes it even harder to keep some money aside. However those who desire wealth cannot afford not to save. The act of constantly putting some money aside is proof that you can tap into opportunities when they arrive.
For some time now many financial experts have been in search of ways to help people save more. Many people want to save but they lack motivation and discipline to do so. Some even save, but when challenges requiring money comes they quickly use their savings to meet their needs. There needs to be a better system of saving that helps people save for as long as their goal permits.
Enter Piggybank.ng. According to its promoters this platform enables Nigerian debit card holders save little amounts of money with minimal effort. It purposes to empower people through saving and to build a savings culture in Africa.
Do Africans have a savings culture?
Africans traditionally know the importance of saving. Sadly they don’t practice what they preach. The World Bank tracks the savings rate of countries as a percentage of GDP. Nigeria and South Africa’s savings rate was 16 and 15.3% respectively in 2016. Kenya fared worse with a 8% savings rate. Many Africans need to seriously embrace the savings culture.
What are the benefits of saving?
There are several benefits of saving. These include providing security in old age, enabling one to take advantage of earning opportunities. Saving ensures funds being available for emergencies and building your confidence and self-esteem. Furthermore saving money enables you build a safety net and helps you get more financially disciplined.
What is piggybank.ng?
Piggybank.ng is basically a Fintech application. It works with financial institutions to enable debit card holders to save little amounts of money regularly. Savers get to save without much pressure into their piggybank account held in the United Bank for Africa. Piggybank.ng simply provides the saving technology to enable people save.
How does it work?
The process starts with logging onto piggybank.ng, click on create an account. All registration formalities can be completed in a few minutes. Decide how much and how frequently you want to save. Once you set your savings target then go ahead to add your debit card details. Piggybank.ng will automatically use your debit card to transfer the amount to your piggybank account.
What is most noteworthy about piggybank.ng is the fact that withdrawals are free if done during the scheduled withdrawal dates. Every piggybank account holder can withdraw for free 4 times in the year. Consequently those who want to withdraw on any unscheduled days are liable to paying a 5% interest on the withdrawn sum.
Piggybank.ng also provides for individuals to save between 50 – 10,000 Naira daily. Weekly savers may save between 1,000 – 50,000 Naira weekly. On the other hand monthly savers can save between 5,000 – 200,000 Naira monthly. The platform partners with UBA to store all depositor’s funds. Furthermore interest is paid on depositors’ funds to the tune of 1.5% every quarter.
Piggybank.ng does revolutionise the way we save and I wholeheartedly endorse it. There are however many reasons to save – for emergencies, future spending, retirement etc. I think piggybank.ng would be very useful if one chooses to save for the first two circumstances.
I also see this solution as excellent for saving small sums and developing a savings culture which is sadly lacking in most Africans. Visit www.piggybank.ng for more details.