#77: PiggyVest - How the savings and investment platform is providing financial services across Nigeria

Afrobility: Africa Tech and Business

Overview: Today, we’re going to explore PiggyVest - the Nigerian savings and investment platform. We’ll discuss the story across the following areas:

• African Banking & Neobank context

• PiggyVest’s early history

• Product & monetization strategy

• Competitive positioning & potential exit options

• Overall outlook

This episode was recorded on Oct 30, 2024

Companies discussed: PiggyVest, Chipper Cash, Kuda Bank, Paystack, Flutterwave, FairMoney, Paystack, Brass, Cowrywise, Carbon, Chipper Cash, Interswitch, GTBank, Sterling Bank & UBA.

Business concepts discussed: Neobank / Challenger bank / digital bank strategy, remittances Neobank monetization & Consumer Lending, consumer FinTech monetization strategy, consumer lending, retail banking strategy, customer segmentation strategy & low-end disruption

Conversation highlights:

• (00:30) - Introduction

• (05:50) - African Banking & Neobank context

• (30:16) - PiggyVest's Founding Story

• (41:15) - Fundraising and Growth

• (53:30) - Geographical Expansion and Partnerships

• (01:18:52) - Product and Monetization strategy

• (01:35:20) - Competition and options for exit

• (01:54:35) - Bankole’s overall thoughts and outlook

• (02:05:15) - Olumide’s overall thoughts and outlook

• (02:15:45) - Recommendations and small wins

Olumide’s recommendations & small wins:

• Recommendation: Sisqo - Got to Get it video - Insane shit. Sisqo singing and dancing his heart out. So dope.

• Recommendation: Rob Berger's Personal Finance YouTube channel

• Recommendation: The Patriarch: The Remarkable Life and Turbulent Times of Joseph P. Kennedy. Excellent book. A little bit of everything, entrepreneurship - History, politics, family life & hollywood.

• Small win: I spent the week in Cusco & Lima, it was magical and fun. Some sand, some llamas, lots of dancing. Epic shit

Bankole’s recommendations & small wins:

• Recommendation: BBC Radio 4 - In Our Time Podcast & Active - Asake

• Small win: Running 25 miles a week

• Other content: These Nigerian universities produced the most startup founders - Nairametrics

Listeners: We’d love to hear from you. Email [email protected] with feedback!

Founders & Operators: We'd love to hear about what you're working on, email us at [email protected]

Investors: It would be great to link up with you. Contact us at [email protected]

Join our insider mailing list where we get feedback on new episodes & find all episodes on Afrobility.com