Are you looking for a way to save in dollars and protect your funds from Naira fluctuations?
Piggyvest, Nigeria’s leading online savings and investment platform, offers a solution with its Flex Dollar account.
In this comprehensive guide, we will walk you through the steps to save in dollars on Piggyvest and explore the benefits of this feature.
Let’s get started!
What is Piggyvest?
Piggyvest is a secure online savings and investment platform that empowers individuals to take control of their finances.
It was launched in 2016 as the first online savings and investment platform in West Africa. With over 1,000,000 users, Piggyvest has become a trusted platform for saving, investing, and earning passive income.
Why Save in Dollars?
Saving in dollars is a smart investment strategy, especially considering the continuous fall of the Naira against the dollar.
By saving in dollars, you can protect your funds from currency devaluation and potentially earn higher returns.
Piggyvest’s Flex Dollar account allows you to save in dollars conveniently and securely.
Getting Started with Piggyvest
To begin saving in dollars on Piggyvest, you need to create an account. Follow these steps to get started:
- Visit the Piggyvest website or download the Piggyvest app from the App Store or Google Play Store.
- Sign up for a free account by providing your email address and creating a password.
- Complete the registration process by verifying your email address and setting up your profile.
- Link your BVN (Bank Verification Number) to your Piggyvest account. This step is necessary to comply with regulatory requirements and ensure the security of your funds.
How to Save in Dollars on Piggyvest
Once you have set up your Piggyvest account, you can start saving in dollars using the Flex Dollar feature. Follow these steps to save in dollars on Piggyvest:
- Transfer Naira to your Piggyvest account: After linking your BVN, you can transfer Naira from your bank account to your Piggyvest account. Piggyvest provides you with a unique account number for this purpose. You can also fund your account using your debit card.
- Activate the Flex Dollar feature: Once you have transferred Naira to your Piggyvest account, navigate to the “Flex Dollar” section within the app or website. Click on the “Activate” button to enable the Flex Dollar feature.
- Save in dollars: With the Flex Dollar feature activated, you can now save in dollars. Choose the amount you want to save and select the duration of your savings plan. Piggyvest offers various savings options, such as daily, weekly, or monthly savings plans.
- Monitor your savings: Piggyvest provides a user-friendly interface to track your savings progress. You can view your savings balance, interest earned, and set reminders to make regular contributions to your savings.
Benefits of Saving in Dollars on Piggyvest
Saving in dollars on Piggyvest offers several advantages, including:
- Protection against currency devaluation: By saving in dollars, you can safeguard your funds from the depreciation of the Naira. This helps preserve the value of your savings over time.
- Diversification of currency holdings: Holding savings in different currencies, such as dollars, provides a level of diversification that can mitigate risks associated with currency fluctuations.
- Earn interest on your savings: Piggyvest offers competitive interest rates on its Flex Dollar savings. You can earn up to 7% per annum on your dollar savings, paid out monthly.
- Flexible withdrawal options: Unlike traditional savings accounts, Piggyvest allows you to withdraw your savings at any time. This flexibility ensures that your funds are readily accessible when needed.
- Collaborative saving: Piggyvest also offers a feature that allows you to team up with others to reach a collective savings goal. This can be a great way to save for shared expenses or long-term financial objectives.
Other Features and Investment Opportunities
Aside from saving in dollars, Piggyvest provides various investment opportunities to grow your funds. Here are some of the features and investment options available on the platform:
- Piggybank: Piggybank allows you to save money regularly, whether it’s daily, weekly, or monthly. You can set specific saving targets and withdraw your savings up to four times a year.
- Investment options: Piggyvest offers investment opportunities with attractive returns. You can invest in ventures with returns of up to 25% over a minimum period of nine months.
- Refer a friend: Piggyvest rewards users who refer others to the platform. By sharing your referral link, you can earn bonuses and increase your savings and investment potential.
- ALAT by WEMA Bank integration: Piggyvest has partnered with ALAT by WEMA Bank, enabling users to seamlessly transfer funds between their Piggyvest and ALAT accounts.
Is Piggyvest Safe?
Security is a top priority for Piggyvest. The platform utilizes advanced encryption technology to protect user data and transactions.
Additionally, Piggyvest is regulated by the Securities and Exchange Commission (SEC) and operates in compliance with all necessary regulatory requirements.
Conclusion
Saving in dollars on Piggyvest can be a smart financial move, allowing you to protect your funds from Naira fluctuations and potentially earn higher returns.
By following the simple steps outlined in this guide, you can start saving in dollars and take control of your financial future.
Explore the various features and investment opportunities offered by Piggyvest to maximize your savings and investment potential.
Start saving in dollars on Piggyvest today and secure your financial stability.
