PiggyVest helped Nigerians save and became more than a savings app
The hurdles PiggyVest had to scale to pay out $2.3 billion to its customers since it started a decade ago.
In December 2015, Joshua Chibueze stumbled upon a viral post about a woman breaking her kolo, a traditional wooden savings box, to reveal her savings. Inspired by this post, Chibueze decided to start saving himself, purchasing a kolo online and tweeting about his new online savings idea. The team behind PiggyVest, led by Somto Ifezue as CEO, quickly realized that the idea could be transformed into an e-wallet, and they worked on building a digital kolo.
The product allowed users to link their debit cards, set an amount and schedule for automatic savings, and kept the funds locked until the end of each quarter, when users could withdraw them for free.
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