The saving culture is one to be cultivated more and more within the African people so as to help communities improve their lives. That is why Nigerian Fintech startup, Piggybank laid a foundation to encourage the saving culture through technology and it continues to impress since its launch in 2016 after helping its users save a whooping 21M Naira in under six months,where users were only allowed to set their own preferred day and time of debit so as to accommodate everyone efficiently.
Today, the startup has launched yet another feature to help Nigerians save money without hassles. It’s called SafeLock and it can be likened to customized fixed deposit account.
SafeLock allow users to set aside a specific amount of money for a fixed period, during which time they’re not allowed to access it. Once it reaches the period, the locked amount is automatically returned to users’ Piggybank savings. The interesting part about this feature is how one earns interests for locking his account.
If you don’t know what Piggybank is about, let us give you a brief breakdown. Piggybank enables Nigerian debit card holders save little amounts of money frequently with minimal effort, through an automated process and provide up to 4% annual interest on savings.
Users can save tiny amounts daily, weekly or monthly and can withdraw same for free only on set withdrawal dates. This is to deter users from withdrawing just anyhow, thereby helping them reach their savings target.
However, if something comes up and they need to withdraw outside the set withdrawal date, they’ll have to part with a 5% penalty fee on the withdrawn amount.
We encourage more and more such innovations not only for making the news globally but for making an impact on the lives of Africans.
