Published Online:September 2024
Product Name:The IUP Journal of Case Folio
Product Type:Article
Product Code:IJCF060924
Author Name:Syeda Ikrama and Syeda Maseeha Qumer
Availability:YES
Subject/Domain:Management
Download Format:PDF
Pages:74-88
The case discusses how Odunayo Eweniyi, a tech entrepreneur, built a savings culture in Nigeria through PiggyVest, a standalone online savings and investment platform that enabled users to invest their savings with the potential for higher interest rates compared to a traditional savings account. Using advanced digital technologies and mobile solutions, PiggyVest democratized financial services for millennials and Gen Z users in Nigeria. With PiggyVest, customers could deposit as little as $1 a day into their account, whilst accruing about 6% interest per annum on automated savings. By investing in PiggyVest, users could maintain savings discipline and use their savings to accomplish personal goals. Its user base grew from 450 users in 2017 to 7 million users in April 2023. Besides being an entrepreneur, Eweniyi was also a human rights activist who supported women's empowerment and representation. In order to champion equality of women in Nigerian society, she launched two non-profits along with other female activists. She also co-ounded FirstCheck Africa in 2021, a female-focused angel fund for African women. As PiggyVest continued to grow, some of the challenges Eweniyi and her team could encounter going forward were lack of regulations in the fintech sector, attracting and retaining customers, building customer trust, acquiring the right talent, raising funds, and reaching scale and profitability.
“Thank you PiggyVest for creating this platform for young entrepreneurs like me, this is my third year with Piggyvest. When I started saving with Piggyvest, I was just a 20 years old girl struggling as a beginner lash tech while in uni. Within these years I have been able to save over 5 million naira from my business. And every time I cash out my money I have been able to do tangible things with it. In 2021 I launched my branded lash tray from the money I saved with PiggyVest. I have been able to grow myself from 0-100. Recently I opened a beauty salon, all thanks to PiggyVest. I could go on and on,”i said Balqeez J, a customer of PiggyVest, a fintech startup based in Lagos, Nigeria.