Piggyvest Acquires Savi, Paid Out 90 Billion Naira Last Year

Piggyvest Acquires Savi, Paid Out 90 Billion Naira Last Year

By Bashir Olanrewaju

Piggyvest Global Limited,  a leading Nigerian fintech company encouraging savings and investment, acquired Savi.ng, a wealth management app, as it caps its impressive performance that included payout of  more than 90 billion naira to customers in the first half of this year.

“The first half of 2021 has been an intense building period for the entire Piggyvest team,” the Lagos-based company said in a Wednesday statement.

“Earlier this year, we began discussions to acquire a savings and investment company, Savi.ng and all its assets and we are more than proud to announce today that the acquisition is now completed,” it added.

The value of the transaction wasn’t  disclosed.

While the company recorded “tremendous growth” that saw it pay back 90 billion naira to investors last year, it has already surpassed that figure in the first half of this year, according to the statement.

Piggyvest primarily takes in deposits from customers, offering interest rates higher than banks savings and fixed-deposit rates. It invests the aggregated deposits in government debt instruments such as bonds and treasury bills. It also helps source funds from investors to crowdfund promising business ideas, especially in agribusiness.