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PiggyVest Profile – About, Employees, Net Worth, Founders, And All You Need To Know

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Piggyvest

PiggyVest Profile – About, Employees, Net Worth, Founders, And All You Need To Know

Introduction

Piggyvest

PiggyVest is a Nigerian online savings platform that helps Nigerians achieve their financial goals. They have a wide reach and a great number of Nigerians have embraced it. It is also the first online savings platform created in Nigeria.

Related: Interswitch Profile: About, Employees, Net Worth, Founders, And All You Need To Know

About

PiggyVest Fintech Company was created by a group of people comprising Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze. The idea to start PiggyVest came in the month of December in the year 2015. The idea was in form of digitizing an offline process of using wooden boxes to save money on a daily, weekly, or monthly basis. The idea was birthed after they saw a tweet of a lady who was able to save three hundred and sixty-five thousand naira (#365,000) at the end of the year using a wooden box.

At the moment, they were all working at PushCV, a startup they created to rival Jobberman but had the advantage of vetting the Curriculum Vitae and sending out matching applicants to the companies. The business had hit a rock and they were downsizing staff. They went ahead with the PiggyVest idea and piggybank.ng was launched on the 7th of January 2016.

At the time of its launch, it operated as a ‘savings-only’ platform. The fully tested version was prepared for public use by April 2016. The Fintech Company grew gradually by user-recommendations and testimonials from customers. They became free adverts and were a testament and pointer to the team. This showed that they were helping to solve a real need in society.

Related: TeamApt Profile: About, Employees, Net Worth, Founders, And All You Need To Know

Three years after their launch, in April 2019, piggybank.ng rebranded to PiggyVest and began to offer direct investment opportunities to users. This allowed them to combine ‘discipline plus flexibility to grow their savings and investments.’

When one of the co-founders, Odunayo Eweniyi was interviewed, she said; “The journey was full of self-doubt, and it took a toll on my self-esteem. The first thing I learned was that I had to be adaptable, people don’t give you money then use your own.  For the first two years of running the company, I had to work a side job, with the entire proceeds invested into running the start-up.”

She also revealed that each person had their strengths and skills and it was easy to assign responsibilities. There were months however where they could not pay themselves salaries as proceeds were not coming in. There was also no accountant in the team, so they had to manage their finances themselves.

Location

piggyvest piggybank website

PiggyVest’s primary office is located at Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria.

Executives

Odunayo Eweniyi – Co-founder and Chief Operations Officer (Nigeria)

Joshua Chibueze – Co-Founder (Nigeria)

Nonso Eagle – Co-Founder and Chief Creative Officer (Nigeria)

Terry Kanu – Chief Partnerships (Nigeria)

Ibukun Akinola – Head- Customer Finance (Nigeria)

Ayo Akinola – Head Of Business Development (Nigeria)

Nkoli Ejesi – Product Marketing Manager (Nigeria)

Gabriel Esu – Senior Product Designer (Niger)

Related: Flutterwave Profile: About, Employees, Net Worth, Founders, And All You Need To Know

Layo Ogunbanwo – Vice President Product Strategy (United States)

Ojimaojo Udale-Ameh – Senior Software Engineer (Nigeria)

Adewunmi Adewale – Account Manager (Nigeria)

Oluwaseunfunmi Okuntola – Customer Finance Officer (Nigeria)

Speede Aliyu – Investment Associate (Nigeria)

Other executives of PiggyVest Fintech Company include

Olumide Soyombo, representing LeadPath Nigeria and sits as a board member.

Employees

PiggyVest Fintech Company currently has thirty-nine (39) staff under its employ.

Salary

The average salary for an individual working at PiggyVest is One hundred and five thousand Naira (#105,000) per month.

A Customer Service Officer earns about a hundred and five thousand Naira per month.

Investors

Piggybank.ng, while seeking to break into the informal savings culture in Africa, announced a new product and service — Smart Target. Smart Target offers a more secure and higher return option for Esusu or Ajo group savings clubs common across West Africa. The announcement was made alongside the announcement for their Seed Funding. They realized a total of $1.1 million in their seed funding.

The financing for the seed fund was led with a one million dollars ($1,000,000) commitment from LeadPath Nigeria. Village Capital and Ventures Platform contributed Fifty thousand dollars ($50,000) each.

Related: Paystack Profile: About, Employees, Net Worth, Founders, And All You Need To Know

Google for Startups is another investor in PiggyVest.

Net worth

PiggyVest Fintech Company is worth millions of dollars. Their exact net worth however is not known.

Growth

Unlike other startups that invest heavily in marketing, PiggyVest and its team kept it simple. Their growth is attributed simply to peer-to-peer recommendations. Odunayo Eweniyi in an interview said; “Our users are our influencers, our advocates. They like the simplicity of our products, they see medium-long term results in their savings accounts and then they are compelled to tell their friends and family about us”.

The company also birthed a referral system that is quite unique. It enables the users to tell their stories about their journey with PiggyVest. When the story is sent it and receives approval, they get a link that they can share with people and on social media. In this way when anyone uses their link, they get credited with rewards.

Unlike some other startups also that have had to travel to Europe of different parts of the country for investors, PiggyVest had all their investors from Nigeria. Olumide Soyombo of LeadPath Nigeria, who is one of their board members and investors introduced them to a local investor network from which a number of their investors came from.

Conclusion

PiggyVest Fintech Company has grown by leaps and bounds and has continued to diversify. They launched Investify, a service that allows for investments. The days when the technological sector was overlooked has long gone in Nigeria.

Young people are taking the bull by the horns and setting the pace for what they want to see in Nigeria. After the launch of PiggyVest, several other financial technology, and financial services companies have also been birthed and have gained traction in Nigeria today. The world indeed is for our taking, especially as young people.

 

 

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Business

Basic Steps And Requirements For Starting A Dredging Business In Nigeria

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Dredging has to do with the mechanical excavation of sand, gravel, mud and other substances from the bottom of a water body such as a river, stream, creek, lagoon etc. to do that, you need a vessel known as a dredger.

The need for more buildings and other physical structures has made the market for dredging in Nigeria to become a much sought-after one. Of course, there will always be the need to build or construct. So, dredging never dies.

Aside from the construction of new buildings or roads, etc., dredging products such as sand, gravel, rocks, and pebbles are also used to reclaim swampy areas and for the production of construction materials.

Basic Steps And Requirements For Starting A Dredging Business In Nigeria

Basic Steps And Requirements For Starting A Dredging Business In Nigeria

How Does Dredging Work?

Some dredgers are water-powered, and these cuts and sucks up the dredged material, like sand, from the bottom of the waterway by a method which involves a stepping stool that is mounted on the cutter head passing the material via a suction pipe and this sucked via a suction pump via a drifting pipeline up to the shore. When it arrives on the shore, at the dump, is it moved using tipper to the sub-dump where it is piled up, ready for sale or use.

Opportunities Available in dredging commercial enterprise

There are plenty options in the dredging business. Let’s look at some of them below:

1) Dredging:

  1. Channelization of river
  2. Fabrication of dredger
  3. Managing the dredge team
  4. Reclamation and urban renewal
  5. Safety of a dredger
  6. Stockpiles and profits

2) Supply of sand to numerous locations

3) Sand search

4) Environmental impact assessment

5) Hydrographic survey

6) Leasing of dredging workplace tools such as:

  1. Dredger
  2. Excavator
  3. Low bed
  4. Payloader
  5. Swamp buggy

Basics Steps To Starting Dredging Business In Nigeria

Among the many uses of dredging, its use for the building of houses seems to be the most outstanding. Housing, of course, is one of the most basic needs of man. He can’t just do without it, just like food and clothing. Before the advent of the present technologies in building construction, man has always experimented with several materials to meet his housing needs. This ranges from mud, sand and rock, all in an effort to withstand the elements. With time, however, in a bid to get the much-needed solidness and strength for buildings, other materials have been introduced to building technology such as steel and glass.

Given the alarming shortage of residential and commercial buildings in the country, therefore, there has been much interest in the sand dredging industry in Nigeria, all in a bid to cater for the housing needs of Nigerians. Sand dredging is vital to keep the pace with building of homes and offices as well as industrial layouts in all over the country. Therefore, going into it is a great way to earn a decent income.

Kinds Of Dredgers To Buy

Two popular kinds of dredgers are available in the market. They include

  1. The discontinuous
  2. The persistent

The discontinuous dredger burrows and excavates the heap while the persistent dredger burrows consistently, raising and also transporting the dredged materials at the same time.

Types Of Dredgers To Go For

If you wish to buy dredger in Nigeria, go for the types manufactured by IHC as well as ELLICOT. There are more solid, sturdy and durable, although a bit expensive. China-made dredgers are not very strong, although less expensive.

Types Of Dredging Businesses To Do

There is hardly a part of Nigeria where dredging business does not thrive. However, the riverine areas have more market for the business. however, dredging business in Nigeria may be dissected into the following parts or classification systems:

  1. Class A —Dredging Firms only
  2. Class B — for Only Dredging and sand dealer as well as;
  3. Class C – Manual dredgers as alone

Class A – Dredging Firms Only

  1. Application for dredging routed to the Honorable Commissioner Ministry of Waterfront Infrastructure Development.
  2. Installment of the use charge of N50,000 [fifty thousand Naira only] Provides point by point depiction of proposed dredging area.
  3. Provision of the Environmental Impact Analysis Report.
  4. Provide Hydrographic review.
  5. Bathymetric review of the proposed area.
  6. Duplicates of current duty freedom authentication.
  7. An endorsement will be liable to the installment of the accompanying charges:

(an) (i) Payment of the total of N1,000,000.00 (One million Naira) per annum.

(ii) Proof of Ownership or Access to Portable Barges

(b) (i) Payment of the total of N750,000.00 (Seven Hundred and fifty thousand Naira) per annum

(c) (i) Payment of the entirety of N500,000.00 (Five Hundred Thousand Naira) per annum.

Classification B – Dredging/Sand Sellers Only

  1. Application for dredging routed to the Honorable Commissioner, Ministry of Waterfront Infrastructure Development.
  2. Installment of utilization expense of N50,000.00 [Bank Draft] Provide point by point portrayal of proposed dredging area.
  3. Provide the Environmental Impact Analysis report.
  4. Provide hydrographic study.
  5. Bathymetric study of the proposed area.
  6. Duplicates of current expense leeway authentication.
  7. An endorsement will be liable to the installment of the aggregate of the accompanying expenses.

(i) installment of the entirety of N1, 000,000.00[One million Naira].

(ii) Proof of possession or access to convenient freight boats

(b) Payment of the entirety of N750,000:00 (Seven Hundred and fifty thousand Naira) per annum.

(c) Payment of the entirety of N500,000:00 (Five Hundred Thousand Naira) per annum.

Classification C – Manual dredgers as it were

  1. Application for dredging routed to the Honorable Commissioner, Ministry of Waterfront Infrastructure Development.
  2. Installment of utilization expense of N50,000.00 [Bank Draft] Provide point by point portrayal of proposed dredging area.
  3. Verification of responsibility for Edge review and Ecological Impact Analysis (EIA).
  4. Provide an account of dredging procedure to be embraced.

The endorsement will be subjected to the installment of the accompanying expenses:

(i) Payment of the total of N200, 000:00 (Two Hundred Thousand Naira) per annum.

(ii) Proof of access to Portable Barges.

(iii) Payment of the total of N100, 000:00 [One Hundred Thousand Naira) per annum.

(c) Payment of the total of N50, 000:00 (Fifty Thousand Naira) per annum.

 

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20 Lucrative Small Businesses In Nigeria You Can Start Now

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Small businesses have always existed in Nigeria and are commonly operated in the streets. These businesses have catered to the immediate needs of many as they are easily accessible, hence the increase in the number of small business owners in the country. For many who are having a hard time deciding which to invest in, the list below will be of great help.

20 Lucrative Small Businesses In Nigeria You Can Start Now

20 Lucrative Small Businesses In Nigeria You Can Start Now

1.      POULTRY FARMING:

In Nigeria today, the amount of protein consumed daily is unimaginable, this makes poultry farming a very profitable business to invest in.  Poultry products like eggs, birds are consumed on a daily basis in homes, restaurant businesses etc. Therefore, investing in this business has a good margin for profitability and the best part is that you can start small.

2.      FISH FARMING:

For fish farming, you will need to equip yourself with the right information on how to properly build a fish farm so as to avoid losses. Types of equipment needed are fish ponds, a good supply of water and good drainage system before you proceed to get your fingerlings which will be nursed into the mature fish.

3.      SNAIL REARING:

Snail rearing is another business you can venture into. It requires less capital and snails reproduce at a fast rate. Snails can be reared in homes as they do not smell and are also in high demand in Nigeria.

4.      CROP FARMING:

There are many things that can be done with an unused land and one of them is crop farming. This can be done either on a small scale or on a commercial scale. The population in Nigeria makes farming a profitable investment. Rice, Cassava, yams, maize and vegetables are examples of crops that can be planted because they are in constant demand.

5.      RESTAURANTS:

Restaurants will continue to exist since not everyone can afford to patronize fast foods. As food is an essential for everyone, this business has a tendency to thrive. Bearing in mind that it is accompanied by its own unique stress but with good hands, this can be managed.

6.      CATERING:

Catering is also centered on food. Caterers exist because not everyone has the time to prepare meals for their events. This business is usually done on a contract basis and when handled with professionalism promises lifetime customers irrespective of how much you charge.

7.      CAR WASH:

The basic needs of this business are a very accessible location, a good supply of water, car washing equipment and a good support team.

8.     LAUNDRY SERVICES:

To run my service, you will need a reliable source of electricity supply and other equipment like a washing machine, dryer and pressing irons.

The ability to satisfy your clients will determine how much profits you can turn in.

9.      SOAP MAKING:

Just like food, soap is also in high demand in homes, offices, etc. Get the right knowledge, equipment, excellent packaging and strategic marketing, and you are all set.

10. HAIR AND BEAUTY SALONS:

As long as there are people, there will be salons. Everyone desires to look good and this boost the hair and beauty business. Acquire the skill, set up your shop and let people know about your business.

11. TAILORING AND FASHION DESIGN:

Fashion design requires skill and creativity. You can start small and build your brand with time. Build good relationships with your clients, offer quality service and this can earn you referrals as well as return customers.

12. SALE OF SECOND ITEMS:

Majority of the population in Nigeria buy second-hand clothes, shoes, curtains,  bed sheets etc. which makes this business a very profitable one. You can start with a bale and expand with time.

13. EVENT PLANNING:

Every event requires a planner either professionally or not. Event planners help ease the stress on the client by coordinating events from start to finish. With the right information, software and expertise you can build a good reputation as an event planner.

14. SALE OF ICE BLOCKS:

For areas where the power supply is low, ice block business is a good source of income. Ice blocks are needed on a daily basis by sellers of drinks.

15. TUTORING:

With the current emphasis on vocational training, Parents are in need of tutors to coach their children in subjects and arts like acting, dancing, singing and creative writing. This is an opportunity for everyone with these skills to earn money while instilling knowledge.

16. PARTY EQUIPMENT RENTALS:

This business is capital intensive as you will need to acquire the materials like canopies, chairs, drums etc. This business can be run from the comfort of your home.

17. SUPPLYING AND SALE OF FIREWOOD:

On a daily basis, firewood is used in Nigeria, either by caterers, restaurant business owners etc. Starting a firewood supply business can yield you good profits.

18. SNACKS AND COCKTAILS:

Little drops they say makes a mighty ocean, you can make snacks like puff-puff, bread, cake, meat pie etc. with drinks like zobo and pineapple drink for sale in areas like schools, offices etc. and earn some money daily.

19. OFFICE SUPPLIES:

For workers who are unable to shop for their office needs, you can be the middleman bringing their needs to their doorstep at fair prices.

20. WEBSITE DESIGNING:

Many businesses are moving with the tide and going digital which has led to a demand for web designers. You can acquire the skill and source for clients in need of this service. The internet is a good place to start.

Welcome on board to entrepreneur.ng

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20 Hot Tips to Get More Customers To Patronize Your Business

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If truly you need more client or customers then se this article to get our 20 Hot Tips to Get More Customers To Patronize Your Business. Just as it applies in the normal human scenario and in natural settings in general, it is only realistic for business to experience significant growth over a given period of time. Any business that does not grow is stagnant and in no distant date nor time, will see the exit door. Growth is essential for every business enterprise to thrive. There are variety of ways to achieve growth in a business and these are outlined below

Getting more customers to patronize your business has never been an easy task. But with the right tools, procedures and tips, you can achieve this in a very easy way. Of course, patronage is the life wire of any business, and in order to make any significant profit or remain in the business, the need for more patronage from a large pool of customers cannot be overemphasized.

For any business to remain significant and pull-in the much-needed revenue, it is necessary to get more people, especially new clients to patronize the business. To achieve this, therefore, it is necessary to know the cardinal steps to take in realizing continuous patronage.

In this discussion, therefore, I will be looking at about 20 hot tips which you can deploy to help you get more clients/customers to patronize your business and grow it within a very short time.

20 Hot Tips to Get More Customers To Patronize Your Business

20 Hot Tips to Get More Customers To Patronize Your Business

1.      Hire the Best Staff for Your Business

To grow your business you need the right team with good workable ideas on how to help grow your business. You should hire capable hands who can manage your resources effectively to get customers.

2.      Treat Your Staff Well

It is not enough to hire good staff, always seek out ways to reward, inspire and encourage them with incentives like cash, holidays, promotion, job enlargement, transfer to other departments, training, International travel, etc. This way you are certain that they will render good service to your customers.

3.      Chose a Good Business Location

A good business location guarantees easy access to customers. The location will either give your customers a positive or negative experience. Also, take note of the facilities available for your customers’ convenience.

4.      Close Substitutes for Products or Services

As much as possible try to have everything your customers need in your business, customers love the idea of a one-stop business where they can get the options for things they want.

5.      Quality Products and Discounts

Customers want good value for their money. Give customers excellent products at good prices and discounts and they will revisit your business daily.

6.      Identify Your Customers

All businesses have a specific niche they target. They do not serve everybody, you can grow your customer base by reaching out to your target audience, identify their needs and develop ways to better serve them.

7.      Good Management

A good management team helps to develop innovative ways to attract new customers while keeping old customers satisfied.

8.      Capitalize On Your Strength

Every business has a unique selling point, determine yours and capitalize on it. Market your strengths.

9.      Exceptional Customer Service

Good customer service is needed for any business to grow. Even if your products are top quality, with bad customer service you can perform below-expected results. Get feedback from customers and develop ways to serve them better.

10. Do After Sales Enquiry

Develop a strategy to get feedback from your customers to know or rate their satisfaction level of your product or service. You can contact customers personally to show how much you care.

11. Reward

Customers like to feel appreciated for their loyalty to your brand. You can organize a get-together, an award ceremony or an end of year party to show appreciation to these customers. Ensure you praise them and ask for referrals.

12.

Marketing Campaign

Networking with Industry Influencers

Networking is also a necessity to grow your business, connect with big game players in the industry. That way you can build relationships with them which will foster recommendations for your business.

13. Diversify

The variety they say is the spice of life. Diversity gives your customers the impression that they have choices to choose from when they patronize you.

14. Ask Customers to refer Clients to You.

Referrals are necessary for a startup to grow. Therefore, you can ask satisfied customers to refer clients to you.

15. Marketing Campaign

Marketing Campaigns can be used to create awareness if your brand in the minds of customers. You can do this on your business website using digital marketing strategies.

16. Social Media

Take advantage of social media to advertise your business, use bulk SMS, YouTube videos, Podcasts, Google AdWords, etc to connect with customers. You can also launch a marketing campaign using digital media.

17. Buy Smaller Companies

As your business grows and becomes more profitable, you can seize opportunities to acquire smaller companies in the same sectors as you. That way you can expand your customer base.

18. Technology

In Nigeria, technology has become an essential part of every business. Technology can be used to effectively produce and manage large orders for your products or services.

19. Use Freebies and Incentives:

Freebies have always worked as a powerful marketing tool to attract customers to your business.

dont waste time, this is going to help you and your friends, why not share with them now.

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