Piggybank Nigeria raises $1 million in venture capital funding

Piggybank.ng, a Nigerian online and mobile app savings platform has raised $1m from a consortium of investors led by LeadPath Nigeria, and with participation from investors Village Capital and Ventures Platform. Piggybank began operations in 2016 by founders Odunayo Eweniyi, Joshua Chibueze and Somto Ifezue. Most Nigerians have no access to credit and are expected to pay for services in advance so this platform is expected assist those low to middle income customers. Savers manage their finances by depositing small amounts of money for free on a daily, weekly or monthly intervals and can earn 6% per annum on automated savings or 10.95% per annum on fixed deposit savings.

 

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