Eight in 10 Nigerians need to save at least 40% of their monthly income to survive and pay for daily expenses. Nigerian financial technology company wants to help.
The startup allows users to save small amounts of money daily, weekly or monthly until the user reaches their savings target with no deposit fees, no withdrawal fees and no monthly fees. The two-year old company’s app has more than 53,000 monthly active users.
That early success attracted seed fund Leadpath Nigeria, which led a $1.1 million funding round into Piggybank. Village Capital and Ventures Platform also joined. Piggybank says it will use the funding to acquire licensing, develop products and expand its marketing efforts.