Nigerian fintech company Piggyvest has announced that it has reached 5 million users and processed over ₦2 trillion in transactions in 2024, marking a significant milestone in its growth journey. The company's CEO and co-founder, Somto Ifezue, attributed the growth to the company's focus on customer service and meeting user needs.

Piggyvest, which was launched in 2016, has evolved its business model several times since its inception. Initially, the platform allowed users to deposit funds into savings accounts and earn interest, with withdrawals restricted to four times a year and a penalty fee for early access. Over time, the company has expanded its offerings to include Pocket, a consumer payments app, and Piggyvest Business, a point-of-sales product that enables retail stores to accept payments offline.

In 2024, Piggyvest paid out ₦835 billion to its customers, with users withdrawing over ₦2 trillion since the platform's launch. The company's assets under management grew by 76% in 2024, with users saving ₦44,000 every second on the platform towards the end of the year, equivalent to an annualized savings total of ₦1.39 trillion.

Ifezue credited the company's growth to its focus on customer service and meeting user needs. "We adjusted our interest rates to align with market trends and worked diligently to offer our users even greater value for every naira," he said. "Every milestone we've achieved stems directly from our focus on serving our users better."

In addition to its savings platform, Piggyvest's parent company, Piggytech Global Limited, also owns PocketApp, a consumer payments app that crossed ₦1 trillion in transaction volume in 2024. Across Piggyvest, Piggyvest Business, and Pocket App, Piggytech processed over ₦2 trillion in transactions in 2024.

Looking ahead, Piggyvest plans to launch a credit product in 2025, which will enable users to manage their day-to-day expenses and ensure their salaries last until the next payday. According to Ifezue, the company's customers have complained that their salaries no longer last until the end of the month, and the new feature is designed to address this need.

Piggyvest's growth and expansion plans are significant not only for the company but also for the broader fintech industry in Nigeria. As the company continues to innovate and expand its offerings, it is likely to have a profound impact on the country's financial landscape.

In August 2023, Piggyvest's co-founder and CMO, Josh Chibueze, told TechCabal that the company planned to leverage its three licenses – a fund manager license from the SEC, a mobile money license from the Central Bank of Nigeria, and a microfinance bank license – to expand into money management and offer credit to Nigerians. The company's progress towards achieving this goal is a testament to its commitment to innovation and customer-centricity.