According to piggyvest the money was used
for the following.

Stock up for the lockdowns

Pay rent /setup their spaces

Start new businesses

Pay off loans

Take care of health issues

Pay fees and much more.

With Nigeria tilting towards implementing technology in various areas of its economy, one would understand that various industries and companies would no longer need to depend solely on physical structures or their physical presence to carry out their business.

The Financial sector or space is beginning to accept this new addition, as fintech companies are beginning to strive in the sector, a lot of Banks and financial institutions have began to take virtual banking seriously.

With the pandemic and it's side effects, Nigerians and the world at large were made to understand and see the importance of virtual banking and also going cyber.

As physical presence was a factor to be considered, technology enabled lots of firms to carry out their business without being there physically, though the amount of money in circulation was small and a lot of financial setback backs which rocked the country happened to result in so many people starving and also sourcing for funds.

Popular Nigerian Fintech company, Piggyvest has put out a statement revealing the role they played in ensuring that their customers who saved and banked with them were not short of funds.

Piggyvest which is one of the leading Fintech companies in Nigeria, they bragged about paying over N95,000,000,000 in 2020.


Their impact truly has been felt in the fintech space and they have been able to make their customers smile, this is judging form the various feedbacks seen on their official twitter page.

https://ng.opera.news/ng/en/economy-finance/ab689c8343e2b6f7263673b16fb56923

Lalasticlala Codetemplar

Wow

Are these people not already outperforming commercial banks like this?

I mean are we sure the likes of Keystone bank with a commercial banking license can perform this good?

They are going to be pain in the bumbum for commercial banks when it comes to deposits.
I advise GTbank to acquire this bank asap under their holding Co.

Or maybe piggy should just upgrade to a commercial bank. Too impressive for a microfinance.

Shows the type of economic activities the nation engages in. 95 billion with not much significant robust economic productivity but mere petty trading. What a shame?

Impressive.

Fixey:
Shows the type of economic activities the nation engages in. 95 billion with not much significant robust economic productivity but mere petty trading. What a shame?

Well there's that. Banks are always available to supply capital to well guaged investments that yield something good for both their depositors and themselves.

The opportunity I see with platforms like piggy, cowry is that they incentivise long term deposits, unlike traditional banks, so it can help grow the economy.

i thought private uni students are dumb
Long Live CU

A friend told me they pay 7-8 ℅ interest in a month

I am among the beneficiaries

Mide3367:
I am among the beneficiaries

Lol abi now.

mamaafrik:
A friend told me they pay 7-8 ℅ interest in a month

So I heard. But it's per month.
I did also hear that they sell some agro investment for upto 20%.

Maybe I'd use them someday soon.

mamaafrik:
A friend told me they pay 7-8 ℅ interest in a month

Not correct. Interest is always calculated per annum

Impressive!