Cowrywise and PiggyVest Scale up to Become Virtually Digital Banks

On July 30, this year, users of the Nigerian Fintech, online savings and investment platform, PiggyVest, received emails introducing them to the “NUBAN Account Numbers for PiggyVest”

The new PiggyVest NUBAN feature allows users to transfer funds to their PiggyVest wallet via multiple sources. Users can fund their accounts with Internet banking directly, USSD and other bank transfer channels, without needing a debit card.

PiggyVest users can now fund their PiggyFlex accounts through a dedicated bank account number from Providus Bank. Launched in June 2018, the PiggyFlex Account is a sub-account of PiggyVest where all interests earned on the platform are paid to users. Even more, users can now receive transfers from their friends and family, as well as payments for services rendered, straight into their PiggyFlex accounts to be accessed at anytime with no charge.

Around the same time NUBAN launched, Cowrywise, another Nigerian fintech online savings and investment platform, announced Stash, a new feature which was launched last week Friday. Much like the PiggyVest NUBAN, Stash allows users to fund their Cowrywise accounts through all transfer channels from any Nigerian bank. According to the co-founder and CEO of Cowrywise, Rasaq Ahmed, “What we have done with Stash is to plug Cowrywise into the instant payment getaway, just like any other bank account, and what it does is you can move money from any bank account in Nigeria and transfer it to your Cowrywise Stash”

He further explained how Stash, like PiggyFlex Account, has a dedicated virtual number for each user powered by Providus Bank. Speaking on this, he said, “We worked through Team Apt to get it done. Providus Bank is the available bank at the moment. But in the coming weeks, more banks will join the race and begin serving virtual account numbers that anyone can create on the back of any fintech platform. You’ll get to see GTBank, Zenith Bank, Sterling Bank, and Wema Bank account numbers in the next few weeks”.

Unlike the PiggyVest platform, transferring funds from the Stash account to a third-party account number attracts a transfer charge of N25. However, this is still far lesser than the regular N52.50 charged by Nigerian banks for inter-bank transfers.

According to both Cowrywise and PiggyVest, these new features will aid users in funding their investment and savings plans, while keeping emergency