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

Chijindu De-wigwe

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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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5 Important Tips For Starting A Fashion Business In Nigeria

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The fashion business in Nigeria is one industry with considerable profit potentials for prospective entrepreneurs looking forward to doing this business. Below are five tips you may find helpful if you are just starting out or thinking of venturing into this fashion business in Nigeria.

  1. Identify The “UNIQUE” Market Need(s).

The first step in starting a fashion business is to identify something the market is in need of and which is unique. Coming into the business with a special service or idea will help you to be ahead of the competition. So, commit to thinking about a sub-niche you have passion for within the fashion niche that is not currently filled. Deciding what niche to go into will help you to make targeted adverts and make the best of your marketing adverts. This will help to sell meet the unique needs your targeted audience has.

  1. Get Proper Training, Get a Business Plan.

Having identified the peculiar market need that you want to fix, the next thing you should do is to get good training. This will furnish you with the needed professional knowledge on how to work fabrics into fitted dresses.

You can do this by enrolling with a fashion institute for at least six (6) months if you have a pre-knowledge of fashion designing. If you haven’t been trained in fashion designing before, make it at least 1 year of training. However, if you’re thinking of running a clothing line and scaling up fast then training on sewing is optional as you can simply employ people to sew or work with a dress manufacturer to deliver the products- the sales of fashion clothes

Having completed your training, the next thing you will need is a business plan. To put this together successfully, you will need to carry out feasibility studies to enable you to understand your target market. Besides your target market, your feasibility studies will help you to identify and understand your competitors and how you can favorably compete alongside them.

One other importance of a business plan is that it will help you access grants and loan opportunities available to entrepreneurs which could be of help to your business as a source of starting capital.

tips for starting a fashion business in Nigeria

Tips for starting a fashion business in Nigeria

  1. Get The Needed Capital, Choose the Right Location

The amount you require to start your fashion business in Nigeria depends on the size of the business you have in mind and how you want to start it. If you intend to start from home, then the only cost will be that of acquiring the equipment needed.

On the other hand, for a factory-scale fashion business, various costs will be involved basic among which are the cost of acquiring a place, the cost of acquiring equipment, the cost of materials, and salaries you will be paying your workers. The capital required for this will normally range from some thousands to millions of naira.

Getting a location suitable for the business is something you have to pay close attention to as this can positively or adversely affect your business’s success. You should consider choosing locations with greater access to customers and that have little or no competition. This is highly essential especially when starting out as a newbie in the fashion business world.

  1. Have All The Necessary Equipment in Place

Getting the proper equipment in place before beginning to design and sew is of paramount importance in this business. You should at least have the following equipment in place when starting a fashion design business:

  1. A manual or industrial sewing Machine
  2. An embroidery machine to help make designs on clothes and
  3. A weaving machine that you will use to put finishing touches on sewn clothes that need weaving.

Other equipment that you should get include

  1. a pair of scissors,
  2. at least 3 measuring tapes,
  3. bunches of assorted sewing machine needles,
  4. at least a mid-range power generating set that can power the equipment you have comfortably,
  5. bunches of threads of different makes, shapes, and sizes,
  6. a sketch pad,
  7. Chairs, pencils, and chalks.
  8. at least one pressing iron (manual and electric).

The design stage is where you put your creativity to the test. However, you ensure that your designs are in-line with what your customers need and are ready to buy.  More importantly, ensure that you design dresses that are cost-effective and that will yield considerable profit.

Start by making sketches of the design patterns you have in mind on paper and carve out a paper prototype of the design to avoid incessant wastage of fabric.

  1. Build Your Brand and Market Your Fashion Business

Preserving and popularizing your brand should be top-priority to you. Your reputation is of vital importance to getting and keeping customers. So, ensure that you offer the best customer service and deliver before agreed deadlines.

If the business must sell, then you want to ensure that the customer experience your business offers is top-notch. You should be very creative, conscious of, and keep to delivery dates. This is to avoid the problem of having a bunch of unsatisfied customers especially at the early stage of your business. Endeavor to solidly establish your brand as one that delivers quality and on time.

Marketing involves a series of activities that put your business out to the public. Knowing how to publicize your brand is necessary if your business must grow fast. There are several ways you could market your fashion business. You could create a fashion ovation where models display your designs. Besides this, going online with your business marketing is one great way to increase your customer base. Create social media pages for your business and get a website as well.

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4 Great Marketing Tips For Small Businesses In Nigeria

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The Nigerian business environment plays host to numerous small businesses. Every small business in the country is affected by one form of competition or the other. Therefore, knowing the effective strategies for marketing goods and services is necessary for the enhancement of a business, especially a small business.

Every successful business has nimble marketing strategies it draws upon to see tangible results. When coming up with a marketing strategy, it is important that every small business be mindful of the four (4) fundamental Ps of marketing. These four P’s which are regarded as the foundation of all marketing programs are Product, Price, Place, and Promotion.

The 4 P’s of Marketing

Product

Whatever it is a business offers for sale counts as its product or service. Products are buyable- goods or services that can be paid for. These can be physical goods, service rendition, consultancy, etc.

Price

Price refers to how much a business’s goods or services are valued in monetary terms. The value for which goods and/or services would readily exchange is referred to as price.

Place

This is the location for the transaction or exchange of goods and/or services.

Promotion

This refers to how a business goes about creating public awareness of the goods or services it renders.

These Four Ps influence what a business is selling, how much it is selling, where the sale is going to take place, and what methods it will use to let consumers know about it.

With these in mind, therefore, how does a business design and implement marketing strategies in the Nigerian business environment for success? The following tips should do the trick:

1. Understand Your Market – (i.e. The Nigerian Market)

More than anything else, understanding your market is probably the most important part of marketing your business. You should carefully answer questions like:

  1. What are the needs of my target market?
  2. What solution will my business proffer to the existing market need?
  3. What class of persons (i.e. customers) will my business serve?
  4. What does the topography of competition in my business look like?
  5. How is my competition providing solutions?
  6. How can I improve the quality of my business delivery as time proceeds?

These are some of the questions you should endeavor to find vivid answers to while designing your marketing model as a small business in Nigeria.

Marketing Tips For Small Businesses In Nigeria

Essential Marketing Tips For Small Businesses In Nigeria

2. Pay Close Attention to Data

Data doesn’t lie.

Paying close attention to numbers is one component that is critical to successful marketing endeavors. As a small company, being efficient is of utmost importance, hence the need to pay very close attention to your metrics to find out what endeavors are working and which ones are not.

Since data analysis could be time-taking as well as tasking, you’d want to start with biannual reports to make things a little easier for you but while doing so, place greater emphasis on in-depth details.

The trends in the data you analyze should help you with deciding your next course of action as you plan your marketing.

3. Leverage Online Marketing Channels

With the prevalence of internet technology and its increasing benefits in the country, taking the marketing of your business online will not only be profitable (besides also widening your market) but it will also be an investment for the future. There is a lot of verifiable truth in this as access to and the use of the internet is still on the increase in Nigeria.

So, get a business website as soon as you can. It will not only help you to promote your business easily and efficiently but will also portray your business as one that is highly professional.

An aspect of online (digital) marketing is social media advertising. 

In the last few years, the social media has really gained enormous usage and popularity among Nigerians. Paid social media ads will amplify the extent of your business’ reach and boost the public’s awareness of your brand. Besides, with social media marketing, you can make your business instantly accessible to everyone worldwide who is online with any device.

4. Deploy Offline Media Advertising Opportunities

The traditional offline advertising channels still work to date despite the advent and use of online marketing. These traditional offline advertising channels are generally termed, “mass media”. The mass media are the radio, television, the print media (newspapers, magazines, flyers, posters, flex banners), amongst others.

You should consider using these mass media channels together with online marketing channels to enhance your marketing efforts.

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Practical Guide On How To Start A Profitable Food Processing And Packaging Business In Nigeria

Ossi Samuel

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start a profitable food processing and packaging business

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