Piggyvest Pays Out ₦835 Billion in 2024, Surpasses ₦2 Trillion in Total Payouts
Nigerian fintech platform Piggyvest has achieved a new milestone, paying out ₦835 billion to its customers in 2024 and crossing ₦2 trillion in total payouts since its launch in 2016. The savings platform, which now boasts over 5 million customers, continues to establish itself as a leader in the Nigerian fintech space.
“2024 was our most profitable year, one of the years we achieved the most growth, and our most focused year as a company,” said Somto Ifezue, CEO and co-founder of Piggytech Global Limited, Piggyvest’s parent company. Piggytech also owns PocketApp, a payments app that recorded over ₦1 trillion in transaction volume in 2024.
Across its platforms—Piggyvest, Piggyvest Business, and PocketApp—Piggytech processed over ₦2 trillion in transactions last year. The company attributes its success to prioritizing customer needs and adapting to market trends. “We adjusted our interest rates to align with market trends and worked diligently to offer our users even greater value for every naira. Every milestone we hit stems directly from our focus on serving our users better,” Ifezue said.
Piggyvest’s assets under management grew by an impressive 76% in 2024, with users saving at an astounding rate of ₦44,000 per second toward the end of the year—an annualized savings total of ₦1.39 trillion.
The company plans to build on this growth in 2025 with the launch of a budgeting tool aimed at helping users better manage their salaries. “[Our customers] have complained that their salaries no longer last until the end of the month. This year, we plan to roll out an additional feature on Piggyvest to help you manage your day-to-day expenses and ensure your salary lasts until the next payday,” Ifezue announced.
Since its founding in 2016, Piggyvest has evolved its business model to meet the diverse needs of its customers. Initially focused on savings accounts with interest and restricted withdrawal periods, it has since expanded its offerings. This includes the introduction of Pocket (acquired through Abeg) for consumer payments and Piggyvest Business, which allows offline payment acceptance for retail stores.
Piggyvest is also leveraging its three financial licenses—a fund manager license from the Securities and Exchange Commission (SEC), a mobile money license from the Central Bank of Nigeria (CBN), and a microfinance bank license—to broaden its services. The company has hinted at plans to offer money management tools and credit services to Nigerians in the near future. With its focus on innovation, customer service, and financial inclusion, Piggyvest is poised to remain a key player in Nigeria’s fintech sector, empowering millions to save, manage, and grow their finances.
