Is Piggyvest Approved by CBN? Everything You Need to Know
Piggyvest is an online/digital savings and investment platform that offers simple, easy and seamless money savings and investment for Nigerians. Initially, the fintech firm began in 2016 as a savings app called Piggybank, and rebranded to Piggyvest in 2019 with Investment plans added to it services.
Since it inception in 2016, many Nigerians have been wondering whether the savings app is licensed and approved by the Central Bank of Nigeria (CBN) to operate in the country. On a norms, any application that bridge the gap between making money and investing should be thoroughly monitored by authority because their are many savings and investment platforms out there that misleads people.
Hence, many people wants to find out the legitimacy of Piggyvest and whether the fintech firm is approved by CBN to offer services in Nigeria.
Piggyvest has emerged as a popular platform for Nigerians to save and invest their money. However, when it comes to financial services, safety and credibility are of paramount importance. Many people wonder whether Piggyvest is approved by the Central Bank of Nigeria (CBN) fto ensure their hard-earned money is in trustworthy hands. In this article, we'll delve into the details to determine if Piggyvest is CBN-approved.
Is Piggyvest Approved by CBN in Nigeria?
Yes, Piggyvest is licensed and approved by CBN to operate as a savings and investment platform. To make this possible, the fintech firm is issued a Microfinance Bank (MFB) license by the Central bank of Nigeria (CBN). The company has confirmed through it official website that its operations are at the highest level of internet and bank-level security and it's fully compliant with the Nigeria Data Protection Regulation (NDPR).
In addition to this, all depositions on Piggyvest platforms are secured and insured by the Nigeria Deposition Insurance Corperation (NDIC). More-so, Piggyvest transactions are supervised by the American International Insurance Company Limited (AIICO), a top asset management company in Nigeria registered by the Securities and Exchange Commission( SEC).
Endorsement by the Central Bank of Nigeria (CBN), the Nigeria Deposition Insurance Corperation (NDIC), the top asset management company in Nigeria - AllCO, registered by the SEC, and the company's registration with Corperate Affairs Commission (CAC) proofs that Piggyvest is a secure and legit savings and investment platform in Nigeria.
Is Piggyvest Legit?
Yes, Piggyvest is a legit and secure savings and investment platform in Nigeria. The fintech firm operate legally in Nigeria. To back it operations within the country, it obtained MFB license from the Central Bank of Nigeria (MFB), registered it trading name with Corperate Affairs Commission (CAC), and insured it funds through Nigeria Deposition Insurance Corperation (NDIC) to make sure customers assets are secure.
Furthermore, Piggyvest operates at the highest level of internet and bank-level security and is fully compliant with the Nigeria Data Protection Regulation (NDPR). Therefore, Piggyvest is recommended as one of the safest savings and investment platform in Nigeria.
Conclusion: Is Piggyvest Licensed by CBN?
In summary, Piggyvest is approved by the Central Bank of Nigeria (CBN) and as it is a deposit-taking financial institution, all deposits are insured by the Nigeria Deposition Insurance Corperation (NDIC). Furthermore, it is also registered with the Securities and Exchange Commission (SEC), which oversees its operations within the framework of Nigerian financial regulations.
Piggyvest has gained trust and popularity among users for its commitment to financial security and innovation in the fintech space. As with any financial decision, it's essential to conduct your due diligence and make informed choices when using the platform.
When using Piggyvest or any other financial service in Nigeria, it's crucial to stay updated on the latest regulatory developments and to ensure that the platform you choose aligns with your financial goals and preferences.
