One of Nigeria’s lead financial institution, Piggyvest has acquired its smaller competitor Savi.ng to boost reach.
Piggyvest which in 2020 saw a fruitful year as a result of the pandemic were able to pay the sum of N90 billion to its year. Upon the reach of the first half of 2021, the company acknowledged that it has surpassed the aforementioned amount and seen more dreams come true and several aims fulfilled.
WHAT IS SAVI.NG?
Savi.ng on the other hand was a wealth management app launched in 2018 that allowed users to save via features like automated savings, fixed deposits, joint savings and PAYE.
WHAT DOES THE ACQUISITION IMPLY?
For the already existing Piggyvest users, nothing changes. Everything would continue to work as normal. The best provisions for savings and investments would be done as promised and as a user, you will continue to be a part of the 3 million man (and counting) community in the Piggyvest family.
Prior to the acquisition of Savi.ng, Piggyvest revealed that it had in the last 6 months preparing – laying foundations, building partnerships needed for the next phase of growth and seeing how to reach a wider audience.
The acquisition of the Savi.ng wouldn’t alter the operations of those formerly in use of the app as everything would remain same. All accounts would be migrated to Piggyvest and the vision still remains fostering a financial freedom for all.
Piggyvest cofounder, Mr. Joshua Chibueze explained that it was more of a team acquisition. He further stated that this was to consolidate with the growth and capacity to dominate Nigeria’s hotly competitive savings and investment space.
This move also indicates a more positive trend for Africa’s local startup ecosystem as more acquisitions and announcements would be revealed as the year sums up.