Piggyvest vs Cowrywise: Which is Better?

piggyvest vs cowrywise

Last Updated on November 30, 2022

Fintechs in Nigeria have changed the way people in the country save, invest and use their money.

Piggyvest and Cowrywise are some of the pioneers of wealth management in Nigeria. In this Piggyvest vs Cowrywise review. We will look at the features of both apps and how they both compare to each other.

See: How does Piggyvest Work?

Piggyvest vs Cowrywise: At a Glance

Piggyvest is the pioneer wealth management platform in Nigeria that started out offering digital savings plans to Nigerians. The company then went ahead to add investment plans to its offerings.


Over 2,000,000 people currently use PiggyVest to manage their money better, avoid overspending and be more accountable.

See: Who Owns Piggyvest App?

Cowrywise is a wealth management platform for Nigerians that help them to easily plan, save and invest their money with this platform.

cowrywise savings and investing app

Cowrywise offers automated and manual savings plans as well as Naira and dollar mutual funds investments.

Sign up to Piggyvest.

Sign up to Cowrywise.

Saving: Piggyvest vs Cowrywise

When it comes to saving plans, Piggyvest has:

  • A default saving plan for saving daily, weekly or monthly.
  • Target saving for setting and reaching individual saving goals.
  • Flexdollar; is for saving your money in foreign currencies
  • Safelock; this allows you to lock away funds for a fixed period of time and earn up to 12.5% interest per annum paid upfront.
  • Flex Naira; is for Flexible savings for life’s emergencies. You can earn up to 8% p.a.

While Cowrywise saving plans are:

  • Regular savings allow you to save for a minimum of 3 months.
  • Life Goals, this plan offers a long-term saving option for your life’s important goals. This plan is for a minimum of 1 year. 
  • Halal Savings, here you can save money with or without automation with no interest. This plan is suitable for Muslims who do not want interests.
  • Saving Circle; this plan allows you to save as a group. You can set savings targets and save together with others to meet them.

Checkout: Best Money Saving Apps in Nigeria with High Yield Interest

Investing: Piggyvest vs Cowrywise

Piggyvest has an investment option they can Investify. It allows you to invest in pre-vetted low-medium risk primary and secondary investment opportunities. No hidden fees/charges. With a minimum of N5,000, you can start investing in various industries such as fixed-income instruments, agriculture, and transportation.

Cowrywise on the other hand only allows customers to invest in Naira and dollar mutual funds on its platform. It offers access to the largest array of mutual funds in Nigeria.

Interest Rate: Piggyvest vs Cowrywise

Piggyvest interest rate on its regular savings plan is  8% per annum, on Piggyvest Safelock plan you can get an interest of up to 13% per annum, while on Target savings you get 8% per annum, the same thing with its FlexNaira plan. The interest rate For the Flex Dollar plan is 7% while you can get up to 25% on Piggyvest investment plans.

Cowrywise on the other hand offers a dynamic interest rate on its savings plans. But the interest tends to be around 5% to 12%. While interest rates for its mutual fund’s investments differ. You’ll have to check their offerings to see your preference.

Also Read: Paystack vs Flutterwave: Which is the Best Online Payment Platform for You in 2022?

Deciding Factors for Piggyvest vs Cowrywise

There is no doubt that both Piggyvest and Cowrywise are great options for managing your money. But if you were to decide a deciding factor between these two, what will it be?

If we do a show of hands I’m sure that the interest rate and investment plan variety are the deal-breakers. Both platforms offer similar interest rates in regard to their savings plans.

Also See: Trove vs Bamboo: Which Stocks Investment Platform is Better?

It’s in the investment plans that they differ. With Cowrywise you can only invest in mutual funds and their interest rates tend to be relatively low. Piggyvest on the other hand offers better investing options with a very commendable interest rate of up to 25%

Which is better? Piggyvest or Cowrywise?

Like with everything in life, it depends. Both Piggyvest and Cowrywise offer great saving plans so you can choose one or split your money between both platforms. A great way to diversify your savings.

Is Piggyvest Better than Cowrywise

For investing, I’ll pick Piggyvest because of the variety it offers and the high interest you can make. I dont think mutual funds that Cowrywise offers are a great investment option for Nigerians like foreign stocks. So if I had to really pick between the two. My hero will be Piggyvest.

You can Sign up for Piggyvest.

You can Sign up for Cowrywise.

Did you enjoy this Piggyvest vs Cowrywise review? Let me know what you think in the comments below.

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