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Piggyvest crash and scam allegation: Can you lose your money saved with online app?

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Piggyvest crash and scam: Social media went into a frenzy when claims that popular savings app, Piggyvest, was set to crash, after losing a huge chunk of their funds on a Ponzi scheme.

Here on this page, we are going to determine if customers can trust the savings app, or if it is a scam.

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Can I lose my savings if Piggyvest gets scammed?

A lot of people have been wondering if their money is still safe with Piggyvest, especially those they have locked for long-term savings.

A report claiming Piggyvest lost N2billion in an alleged Bamise ImagineLenders scam trending on Instagram has been described as completely false and unfounded by Piggyvest.

The Piggyvest Bamise scam allegation started after an Instagram user @_trapselena_ alleged that Piggyvest and some other top organizations in Nigeria invested in the company, Imagine Lenders managed by Bamise and his wife, Elizabeth.

It is alleged that the couple is currently on the run with billions of Naira in investors’ funds, while efforts are being made by some persons to track them down in the United Kingdom where it is believed they have been hiding.

Piggyvest reacting to the alleged Bamise ImagineLenders scam has reassured their customers saying all Piggyvest user funds remain safe and secure as always.

Can I lose my money if Piggyvest crashes?

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PiggyVest is an online savings platform that makes saving possible by combining discipline plus flexibility to make you grow your savings.

Initially, they operated in partnership with 2 Microfinance banks and used their licenses. In the year 2018, they went on to acquire a Microfinance bank and its license. We are also a registered cooperative Piggytech Cooperative Multipurpose Society Limited (Registration number, 16555). All saved funds are warehoused with their asset management partners who are all registered and licensed by the Securities and Exchange Commission (SEC).

Is PiggyVest insured by NDIC?

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According to the savings app, they are insured by the Nigeria Deposit Insurance Corporation (NDIC).

The NDIC (Nigeria Deposit Insurance Corporation) is an independent agency of the Federal Government of Nigeria. The purpose of the deposit insurance system is to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.

Confirming that they are insured by NDIC, Piggyvest wrote on Twitter;

100%. We operate as an MFB regulated by the CBN and funds insured by the NDIC. Kindly see piggybank.ng/faq for more information.

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Updated: October 18, 2021 — 1:19 pm

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