Cowrywise vs Piggyvest: Which is the best app for saving

Cowrywise vs Piggyvest: In the financial Coliseum of Nigeria, two gladiators enter with chest puffing and heads high. they are wielding a metaphorical sword. It’s the clash of saving apps. The great battle of “Cowrywise vs Piggyvest.”

In one corner, we have Cowrywise, donning the armour of tailored savings plans and investment options. In the opposite corner, Piggyvest enters with the banner of automatic savings and diverse investment opportunities. As the crowd roars in anticipation, let’s step into the grand arena and witness the clash of these financial titans, dissecting their strengths, weaknesses, and the path each paves toward financial victory.

What is Cowrywise?

Cowrywise is a fintech platform that empowers individuals to take control of their financial future through seamless savings and investment options. Launched in 2017 by Razaq Ahmed and Edward Popoola, Cowrywise was designed to address the savings gap prevalent in Nigeria and provide accessible avenues for wealth accumulation. Currently, the platform operates under the ownership of Cowrywise Financial Technology Limited.

What is Piggyvest?

Piggyvest, on the other hand, is another heavyweight in the savings app arena. Founded in 2016 by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze, Piggyvest aims to help users cultivate a consistent savings habit while offering avenues for investment. Its user-friendly interface and innovative features have contributed to its popularity among Nigerians. Presently, the company operates under the ownership of Piggytech Global Limited.

Pros of Cowrywise:

Cowrywise boasts several notable advantages. Firstly, it offers a variety of savings plans tailored to different user needs, from short-term goals to long-term aspirations. Secondly, the platform provides access to a range of mutual funds, enabling users to diversify their investment portfolio without extensive financial knowledge. Moreover, the Cowrywise app features an intuitive and user-friendly interface, making it suitable for individuals of all ages and financial literacy levels.

Pros of Piggyvest:

Piggyvest, too, has a multitude of strengths. Its auto-save feature is a standout, allowing users to automate their savings according to their preferred frequency. The app’s investment options, such as agriculture and real estate, offer unique alternatives for growing one’s wealth. Additionally, Piggyvest’s “Group Savings” feature encourages communal savings for shared goals, enhancing the platform’s social aspect.

Cons of Cowrywise:

No platform is without its drawbacks. Cowrywise, while offering mutual funds, has a limited investment selection compared to Piggyvest. This might discourage more experienced investors seeking a wider array of investment opportunities. Additionally, some users have reported that the customer service response time could be improved, which can be frustrating when dealing with urgent issues.

Cons of Piggyvest:

Similarly, Piggyvest has its downsides. One common criticism is that the returns on certain investments might not always meet the expectations of users, leading to some disappointment. The app’s withdrawal process, though generally smooth, has encountered occasional technical glitches, causing delays in accessing funds for urgent needs.

Similarities between Cowrywise and Piggyvest:

Both Cowrywise and Piggyvest are centred around encouraging and facilitating a savings culture among their users. They offer ways to set aside money for future needs, whether it’s an emergency fund or a vacation fund. Additionally, both platforms provide a level of convenience that traditional savings methods can’t match, with everything accessible from the convenience of a smartphone.

Differences between Cowrywise and Piggyvest:

While the core concept of the two apps is the same, there are notable differences in their approach. One major distinction lies in the investment options offered. Cowrywise leans more towards mutual funds, providing users with professionally managed investment opportunities. Piggyvest, on the other hand, presents a wider range of investment choices, including those related to agriculture and real estate, appealing to users with diverse risk appetites.