25-year-old Nigerian fintech entrepreneur Odunayo Eweniyi the Co-Founder/COO of PiggyVest has been voted one of the Top 100 Inspirational Women in Nigeria and Forbes Africa named her one of the top 20 young wealth creators in Africa.
Piggybank.ng (now PiggyVest) started as a sustainable alternative to actual physical piggy banks, was launched in 2016, as a savings product with 50 percent active savers and $7 million in assets under management. The startup introduced innovative products such as Safelock, Target & Group Savings, PiggyFlex, AvonFlex and TrackIt. In May 2018, the company closed $1.1M in seed funding for license acquisition and product development.
PiggyVest has helped over 230,000 African millennials invest and save over $15 million in since 2016. The startup has helped bridge the gap of a broken financial system by creating over quarter million African millennial investors with savings of over N1.3 billion monthly.
PiggyVest will develop and include more financial services whilst maintaining its simplicity and convenience as the platform expands to reach more savers and investors across Nigeria, Africa and the world.
The automation system, deduct fixed amounts of money from users’ accounts periodically, according to their instructions toward a target – savers have access to four free withdrawal days a year, after which their withdrawal attract a penalty. It’s saving interests rates is about 50% more than commercial banks which their bank charges for every transaction that form part of their revenue.
Odunayo’s journey as a first class graduate of computer engineering of Covenant University, Nigeria started the same year she left university, after she couldn’t fit anywhere and it became clear to her she had to start something on her own. She has also cofounded pushcv.com and frontdesk.ng
Odunayo’s advice to other millennial is to see failures and mistakes as opportunities to embrace and learn; to aim big and persevere; and not to place a limit on yourself but to be laser focused in going forward to achieve one’s dream.
Well done Odunayo and more grease to your fintech elbow???????♀️