PiggyVest vs Cowrywise: Best App for Nigerian Students to Save and Invest

Managing money is often one of the biggest challenges for students. Between school fees, accommodation, feeding, and daily expenses, it can be difficult to set money aside. Yet, saving and investing remain important habits for students who want financial freedom during and after school. Financial technology apps like PiggyVest and Cowrywise have made it easier for students to save consistently and even grow their money through investments.

Both apps are popular among Nigerian youths, offering features that encourage disciplined saving and access to investment opportunities. But the question many students ask is: which is better between PiggyVest and Cowrywise? This article looks closely at both platforms, comparing their features, advantages, and limitations to help students choose the one that suits them best.

1. PiggyVest: Overview and Features

PiggyVest, formerly known as Piggybank, is one of the leading saving and investment platforms in Nigeria. It is designed to help users automate savings and earn interest while also giving them access to various investment opportunities.

Some of the major features of PiggyVest include automated savings, fixed lock savings (called Safelock), target savings for specific goals, and group savings. In addition, it offers investment opportunities through a product called Investify, where users can invest in low to medium risk opportunities.

For students, PiggyVest is attractive because it allows saving small amounts regularly without pressure. The app is also easy to use, with a simple interface that makes tracking savings straightforward.

2. Cowrywise: Overview and Features

Cowrywise is another financial app that has become popular among Nigerian students and young professionals. It is built to encourage disciplined savings while giving access to investment in mutual funds and other financial products.

Cowrywise emphasizes structured financial planning. Users can create different saving plans such as emergency funds, target savings, and periodic savings. One standout feature is that funds saved on Cowrywise are automatically invested in low-risk financial instruments, ensuring users earn returns on all balances.

For students, Cowrywise is appealing because it requires no minimum balance and offers opportunities to start investing with as little as ₦1,000. It is also regulated by the Securities and Exchange Commission (SEC), giving users confidence in its safety.

3. Ease of Use

Both PiggyVest and Cowrywise have mobile apps that are easy to navigate. However, PiggyVest is often considered more beginner-friendly due to its straightforward design. Students who are new to digital saving may find PiggyVest more comfortable to start with.

On the other hand, Cowrywise is slightly more advanced, with a design that feels professional. Students who want to move beyond simple savings into structured investment may prefer Cowrywise’s approach.

4. Interest Rates

One of the biggest factors students look out for is how much interest they can earn on their savings.

PiggyVest offers interest rates of up to 13% annually depending on the type of saving plan chosen. The Safelock feature, for example, allows users to lock funds for a period and earn higher interest.

Cowrywise, on the other hand, invests funds automatically in mutual funds, so returns vary depending on the market. On average, users can expect between 10% to 15% annually, though this is not fixed like PiggyVest’s interest structure.

5. Investment Opportunities

When it comes to investment, both apps provide options but with different approaches.

PiggyVest offers Investify, which provides access to pre-vetted opportunities in agriculture, transportation, and fixed-income assets. Students can start with small amounts, making it flexible.

Cowrywise focuses more on mutual funds, which are diversified investment vehicles managed by professionals. This reduces the risk for students who may not have deep financial knowledge. By pooling funds together, Cowrywise ensures users benefit from professional fund management.

6. Safety and Regulation

Safety is a major concern when it comes to financial apps. PiggyVest partners with licensed asset managers and uses secure systems to protect funds.

Cowrywise, on the other hand, is directly licensed and regulated by the SEC, which gives it an added level of trust. Both platforms take security seriously, but Cowrywise’s direct regulation gives it an extra edge in terms of credibility.

7. Withdrawal Policies

For students, flexibility in withdrawing funds is important. PiggyVest allows free withdrawals on specific days of the month, while charges apply for withdrawals outside those days. However, users can use the Safelock feature to discipline themselves by locking money until a set date.

Cowrywise also encourages discipline by limiting instant withdrawals. Savings plans have fixed maturity dates, and withdrawing before the date often requires cancelling the plan. This helps students avoid impulsive spending but may be less flexible for those who need emergency funds.

8. Accessibility for Students

Both apps are highly accessible to students since they require no physical bank visits. Registration is done through smartphones, and both accept small deposits. PiggyVest, however, allows even smaller amounts to be saved, which suits students who can only put aside a few hundred naira at a time.

Cowrywise, while still affordable, is better suited for students who can commit slightly higher amounts consistently, especially since investments in mutual funds may start from ₦1,000.

9. Which One Is Better for Students?

The choice between PiggyVest and Cowrywise depends on the financial goals of the student.

Students who simply want to save regularly in a simple and flexible way may find PiggyVest more suitable. It is easy to use, requires very little starting capital, and offers fixed interest rates that are predictable.

Students who want to build investment habits and are comfortable with slightly structured saving systems may prefer Cowrywise. Its focus on mutual funds introduces students to real investment while still being safe and beginner-friendly.

10. Long-Term Benefits for Students

Regardless of which app is chosen, both PiggyVest and Cowrywise provide long-term benefits for Nigerian students. They encourage financial discipline, prevent wasteful spending, and create opportunities to grow wealth over time. Starting early in saving and investing gives students an advantage in achieving financial stability after graduation.

ALSO READ: How to Manage Money After School