Connect with us


PiggyVest VS SumoTrust Vs CowryWise, Which is Better?

Entorm Editor



Piggyvest vs Sumotrust vs Cowrywise

PiggyVest VS SumoTrust Vs CowryWise, Which is Better?

A Comparative Analysis of Our Top 3 Nigerian Savings and Investment Platforms

When PiggyVest vs Sumotrust vs Cowrywise is mentioned, something comes to mind. The platforms all have something in common and it’s saving and investing online.

People paid huge prices to achieve financial literacy in times past. They had to endure scams, deceit, and much more regarding Investment.

As time rolled by, the story changed. The advent of online savings and Investment saw a rise in the knowledge of financial literacy.

Before getting detailed into the 3 savings platforms, take a look at this;

Table Comparison of PiggyVest Vs SumoTrust Vs CowryWise

Feature PiggyVest SumoTrust  Cowrywise
Interest rate 8-15% 10-15% 10-15%
Investment 12-24% in multiple options 24% on Hedge fund Mutual fund
Loan No Up to 20% of your savings No
Security Very secured Leads in security Very secured
Customer support good good good
Account number Yes Yes Yes
Money transfer Yes Yes Yes
Dollar Yes No No
Withdrawal Fees 5% 4.5% Must stick to date
App Rating  4.6 4.6 4.5

Image Representation of the top 3 savings apps in Nigeria

piggyvest vs cowrywise vs sumotrust

Related: How to invest 1 million in Nigeria: 3 Best places to invest

1. PiggyVest


piggyvest piggybank website

PiggyVest is one of the largest online savings platforms in Nigeria. It is similar to Cowrywise and Sumotrust. It is a platform that helps individuals monitor their finances effectively.

PiggyVest was the first online savings and Investment app launched in Nigeria.  It was launched on the 16th of January as a savings only platform. It offered the only savings platform as Piggybank for 3 years. On April 2019, Piggybank rebranded as PiggyVest and began to offer direct Investment opportunities to the users in addition to savings.

Comparing the interest rates between PiggyVest vs Sumotrust vs Cowrywise shows the different offers each platform offers. PiggyVest offers an 8-15% interest rate s annually to customers and an investment return of about 25%.

You can also save in groups.

Some special features of PiggyVest include

Savings on PiggyVest – Pros

Several savings options exist under the PiggyVest platform. They include;

  • Simple savings plan (Piggybank). The PiggyVest wallet is a simple savings plan giving you leave to keep away money as frequently as you want to straight from your bank account. Withdrawals are possible only every three months. You can also automate the account so cash would not have to be manually transferred. The plan is suitable for individuals who just want somewhere to stash funds.
  • Target savings. This is a savings option geared towards saving money for a purpose. The funds could be for school fees, buying a house or paying rent, buying a car or for a business. The savings are for targeted projects and will be accessed after the stipulated time is over.
  • Safe Lock: The safe lock plan is a plan for very long term savings. The plan is ideal for individuals who want to lock away funds for a long period of time. It yields a higher interest rate.
  • Flex Dollar: The flex Dollar is a new plan that was launched by Piggyvest. The plan is ideal for individuals looking to save or invest in dollars. With the plan, purchasing dollars is easy and has an interest rate of up to 7%. Making deposits on the platform is free.

Investments on PiggyVest – Investify

Piggyvest has an investment option called investify. It allows users to invest in primary and secondary opportunities. The opportunities are certified by PiggyVest to be low or medium risk, making it safe for investment.

Withdrawals on PiggyVest

Withdrawals are free depending on the preset withdrawal days. PiggyVest also has standard withdrawal dates. Any withdrawal outside the dates accrues a penalty of 5% of the withdrawn amount.


2. Sumotrust


reduce careless spending

Comparing PiggyVest vs Sumotrust vs Cowrywise, makes you understand the pros and cons of each platform. Sumotrust is also a reputable online savings and Investment platform, geared towards improving the savings and Investment culture of Nigerian millennials.

Sumotrust was founded by GT Igwe Chrisent and Co-founded by Ossi Samuel. It was previously known as Sumobank but now rebranded to Sumotrust on 27th December 2019.

Some great features accessible in Sumotrust includes – Pros

  • High-interest returns of 10-15%.
  • Free withdrawals except on careless withdrawals which is done to discourage customers from careless withdrawals.
  • Money request and money transfer.
  • Sumotrust is affiliated with, an online learning marketplace that allows you to gain access to a wealth of knowledge from online courses in different topics. You also get course discounts on every course when you buy courses using your Sumotrust account.
  • Leads in security: It has a top-notch security protocol including a blockchain layered security feature. Based on other security reviews on all the online Savings platforms in Nigeria, Sumotrust takes the lead.
  • Access 20% of your savings as loans using the mission support Feature

Savings on Sumotrust.

  • Main savings: It is an account type that helps users save automatically. You can decide to save daily, weekly or monthly. Withdrawals are possible only on stipulated days. The interest rates recordable here is 10%.
  • Fixed savings: Just like a traditional bank fixed deposit account, this is a type of savings account that money can be locked in for an extended time for a minimum of 6 months to as much as 10 years. The interest rate accrued is up to 15%. It is also called an investment account.
  • Mission savings: is dedicated to a cause. It is kept as a project account. Here, you can set a savings Target to reach a financial goal.
  • Kick account: This is a sub-account on Sumotrust where all the interest earned, bonuses, giveaways and freebies and paid to. Funds in this account do not yield interest-free and unlimited withdrawals.

Investment on Sumotrust

Sumotrust offers a secure hedge fund program called SHIFDA (Sumotrust high interest fixed deposit account) for high net worth investors with a 24% return on investment per annum.

The minimum investment is 500,000 Naira and you can invest as much as 100 Million Naira.

SHIFDA works like a fixed deposit but in this case, offered based on request with a minimum of 6 months maturity and can last as much as 10 years tenure.

Related: Top savings platforms in Nigeria

To get started with SHIFDA by Sumotrust;

  • Kindly visit and create a free savings and investment account.
  • Login to your account and navigate to the ‘SHIFDA Wallet’ tab from the menu section.
  • Read through the details and follow the instructions given to invest.
  • Once your Investment request has been approved, go ahead and create a ‘Fixed Savings’ in your account, you will see a notification about your account qualifying for SHIFDA. Kindly fill-up the form and complete the process.
  • On the maturity date, your capital and interest will be automatically released to your Kick wallet where you can withdraw instantly to your Bank.

Withdrawals on Sumotrust

Withdrawals are free depending on the preset withdrawal days. Sumotrust also has 4 free withdrawal dates in a year. Any withdrawal outside the dates accrues a penalty of 4.5% of the withdrawn amount.


Piggyvest vs Sumotrust vs Cowrywise

Accessing PiggyVest vs Sumotrust vs cowrywise, some differences exists. Cowrywise is an online savings and Investment platform. It was launched in 2017 by Razaq Ahmed and Edward Popoola. The platform has also grown and proven to be very reputable for saving and investing money in Nigeria.

Savings on Cowrywise

Cowrywise has great options to choose from. Examples are

  • Periodic savings plan. This savings plan allows you to save money automatically. The savings can be done on a daily, weekly, or monthly basis. It is used commonly by students and corp members.
  • Life goals savings plan allows you to save towards target goals. It is a long term savings plan and is suited for regular salary earners.
  • Fixed savings. This savings plan allows you to lock away money you will not be needing in 3 or 6 months’ time or a year’s time. The money is locked away and the maturity date is set. The plan is ideal for seasonal businessmen and those who make money at certain intervals.
  • Halal savings. This is a savings plan modeled towards the Islamic banking system. No interest is earned on money saved with this plan according to the Islamic faith. It is designed for Muslims and other individuals who believe in no interest rate when saving.
  • Saving circles. This is a plan used by a group of individuals with a common or mutual interest. Saving circles allow a group of people to meet a savings goal example saving towards a vacation, saving for an occasion etcetera.

Investments on Cowrywise

On Cowrywise, you can invest in mutual funds using the Systematic Investment Program (SIP).

It allows for piecemeal investments at intervals.

Withdrawals on Cowrywise

Cowrywise does not allow you to withdraw except on set dates. It ensures that the savings policy is strictly adhered to.



Comparing and deciding between PiggyVest vs Sumotrust vs Cowrywise depends on the specific plans you are looking for. They have different interest rates, Investment plans, and withdrawal schedules.

Interest rates for savings on PiggyVest is 8-15% and investment returns of 25%. On Sumotrust, the interest rates are 10-15% and investment returns of 24%, and that for Cowrywise is about 10%.

If you want a platform that offers a strict withdrawal policy, making you more dedicated towards savings then Cowrywise is best. If you are looking for top security, you will tilt towards Sumotrust.

One cannot categorically say one platform is better than the other. The decision is based on the features that best suit your needs.





Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


3 Major Startup Financing Challenges And How To Solve Them

Ossi Samuel



major startup financing challenges



Continue Reading


How To Make Money As A Secondary School Student In Nigeria.




It is true that you can make money as a Secondary School student in Nigeria. However, the challenge most times is how to go about it. This article explains the steps and how to leverage the available opportunities.

As a student in any secondary school in Nigeria, you might have had the thought of how you can make some money for yourself. The economy of Nigeria isn’t doing so great and most people have to fend for themselves. Your parents might try to meet your basic needs, but most times they just cannot satisfy all your wants. This is why you also need to have a way you make some extra cash for yourself. You can even start supporting your parents by paying some of the bills and saving up for your college.

You might have been told by your parents or guardians that you need to focus on your studies and get good grades. However, as a secondary school student, you have a lot of free time on your hands. If you know how to manage your time well, you can juggle part-time work with your academics and still make excellent grades. In this article, you will find out ways you can make money in Nigeria as a secondary school student.

8 Lucrative Ways To Make Money As A Secondary School Student In Nigeria

(1) Do Freelancing

This is one of the best ways to make passive income, even as a secondary school student. Freelancing is the process where you offer your services/skills to people in need of them. You as a freelancer have the freedom of choosing your working hours (obviously would be after school hours or on weekends). Skills like Graphic Design, Web Designing, Copywriting, Voiceover, etc. can make you handsome money if you know how to do them.

Although having a good digital skill will increase your chances of earning more on freelancing platforms, you can still do some simple jobs to get some cash. Some of these simple tasks include writing articles, proof-reading, transcribing, typing, and a few others. Here are some freelancing websites you can check out

  1. Fiverr
  2. Freelancer
  3. Upwork
  4. Guru
  5. iWriter

(2) Become A Hair Stylist

People always need to get a haircut every now and then. Ladies also love a good hairstylist that can make their hairstyle look like a princess’s own. If you have this skill, you can use it to make some money for yourself. Most ladies know how to plait simple hairstyles; you can do this for your classmates and charge them for your services. You can learn this skill from a barber/hairstylist in your area. It can take you a few months to have a good grasp of how to do it. Once you get good to an extent, you can start off on your own in making money with your new skill. You can also negotiate with your boss to give you some amount when you help him/her style a person’s hair.

(3) Sell Stationeries

Selling some stationaries in the school environment should not be that hard. Students always need an extra pen or a new notebook. You can be making money by meeting the needs of your fellow student. Stationeries such as school textbooks, rulers, graphs, rulers, pens, mathematical sets, etc. are materials you can easily sell. You might have to get capital from your parents or someone else to start off. Make sure you keep a record of your sales so as not to run at loss and also protect your goods from possible theft.

(4) Do Assignments for Fellow Students

Perhaps you are a very bright student and people always flock around you to copy your assignments. You can turn this into a money-making scheme for yourself. All you have to do is inform your mates that you can solve their assignment problems for a token. You get to make some money and educate yourself some more in the process.

(5) Become a Tutor

Tutoring is another means you can make cool cash for yourself. You can teach subjects you know very well with other students. A lot of students need help figuring out certain things, especially in English and Mathematics which are compulsory subjects. You can also work as a home tutor, teaching students who are a few classes below you. The money you will earn won’t be very high but it is enough to pay some of your bills.

(6) Work at A Restaurant

There is barely anywhere you go where there won’t be a restaurant. People always need to replenish their energy and feel good. Restaurants are always looking for extra workers to meet the demands of their customers. You can work in a restaurant after school hours or during weekends depending on your preference. It is not compulsory for you to know how to cook before you can work there. There are various other tasks that don’t require that kind of expertise. Make sure you do not overwork yourself as you would need to go to school the next day fully active.

(7) Write Contents for Individuals and Corporate Bodies

Content writing is a good way to earn an income and also educate yourself in the process. There are numerous blogs and website that needs people to write contents for their platforms daily. You can write articles for them and get paid some amount. iWriters is one platform that you can sign up on to work as a writer. They link you up with clients that need your service.

(8) Apply for Scholarships

This is a great way to make money and also make your parents proud. There a whole lot of scholarships out there for secondary school students that you can participate in. If you know you got what it takes to compete, go ahead and you might win yourself a handsome sum of money. You can also participate in various competitions and win cash prizes.


The ways to make money as a Secondary School student in Nigeria are not limited to the above list. However, you have to be willing to work to make the money you so much desire. Make sure you inform your parents before taking up a job as they might have objections or advice based to offer you. You do not have to involve yourself in scams or scandalous activities to make money as a student. Work diligently and smartly, you would eventually become self-dependent someday.



Continue Reading


How to Make Money in Nigeria as a Teenager




Would you like to make money in Nigeria as a teenager? I guess so. Even if you are not a teenager reading this, this article can still help your teenage child, friend, neighbor, student, relative and/or any teenager around you. By the way, by teenager, I am referring to anyone between the age of Thirteen (13) and Nineteen (19).

Now, the online world has presented us with such vast opportunities that you do not have to go through years of college before you start earning cool cash for yourself. As a teenager, you can start earning even before you enter college. Many people surf the web daily, looking for ways to make some money. You might need the need an extra source of income, either to support your parents or to buy those cool sneakers you have been eyeing for a while.

Getting some of your bills paid yourself would greatly ease the burden off your parents’ shoulders. You could even start saving up and investing to ensure yourself a financially buoyant future. Note: as a student, you still need to focus on your studies and not flop in your academics. This is why you need to take on what you can handle as a teenager. Get rid of the mindset of involving yourself in get-rich-quick schemes, all this would do is land you in debt or a loss.

The ways to make money in Nigeria as a teenager shared in this article are legit and more of a side hustle. But they are sure to make you some bulks. You could end up turning it into your future career if you are passionate about it.

5 Legit Ways To Make Money in Nigeria as a Teenager

Below are five great ways to make money as a teenager:

(1) Start a YouTube channel

We all have something we are passionate about. This can be a selling point for you. People are always going to YouTube to find helpful information, but mostly to entertain themselves. YouTube provides you with a wide range of audience; you can get creative and interest them with something.

If you consistently post good content, you are sure to get audiences for yourself. YouTube will pay you per view that you have on your videos. This is a great way to earn some cool cash even from the corner of your hostel. You might need to get a phone with a good camera, or just a digital camera if you can afford it. There are even tutorials on YouTube on how to start a YouTube channel.

(2) Become a Freelancer

If you have a digital skill that you are good at, you can sell your services to clients on freelancing platforms and get paid in dollars. A lot of people are making a living as a freelancer, some have even gotten very rich through this means. Although you really need to be good at your craft to constantly get clients in need of your services. While there are many skills you can market, a few of them stand out as high-income skills.

For example, skills such as content writing, web development, graphic design, video animation, and some others are in high demand. You could even land a contract job through some freelancing website, and work with a particular company for months, years even. Some freelancing platforms you can check out include Fiverr, Upwork, guru, freelancer, etc.

(3) Work as a Tutor

Perhaps you are a guru in a couple of subjects while in Secondary school or you just have certain skills that you can teach to others. You can turn this into a source of income for yourself. Organizing tutorials for your fellow students and others who want to learn from you, charging them a few bucks for your knowledge.

Many parents are even looking for personal tutors to take their kids some subjects in their homes. They pay good money and you do not have to worry about renting a space for your lectures. You could end up using the experience you gather from this job to land a Teaching/Lecturing job later in your future. Trust me, people are willing to pay for the knowledge they know they really need.

(4) Venture into Photography

If you have a knack for taking great pictures, you should consider using this skill to get yourself some cool cash. Each day, there is one event or the other. Weddings, House warming, Naming ceremonies, reunions, memorials. They all need someone to capture the memories in cute pictures. You can consider printing out business cards for yourself and handing them out to event planners you know, so you would be their first choice when in search of a photographer.

Be sure to have some samples of your previous works to show your credibility. You do not even have to be invited to these events to go there, most of them do not need invitations. Just go there, hang around with your camera and it’s sure you would see people calling you to take their pictures. Nigerians also love doing photo-shoots every now and then. You can add this to your list of services and have people book sessions with you. If you know your craft, this is a sure-fire way of getting cool cash and you can live comfortably off your earnings.

(5) Do Blogging

Much like having a YouTube channel, blogging is another confirmed way for you to make quite an amount of money. This method needs a lot of patience and hard work, but you can be sure it would all pay off in the end. You have to share great content of your blog consistently to get a good audience to your blog.

There are many online guides (videos, pdf(s), other blogs) that can help you figure out all you need to know before you start blogging. Keep posting on your blog daily to get people’s attention, you can keep a content calendar to help you with this. Once you get a good number of audiences, you can start earning on your blog through advertisement.


There are always opportunities to earn more money today and as a teenager, you are not left out. If you know how to take advantage of the many opportunities out there, you can make money in Nigeria as a teenager with ease. You have to be willing to do some work in order to get paid a good amount of money. Your credibility is very important in any job you take up and people should be able to count on getting quality work from you. Make sure you take your time to figure out which one of the above ways you want to go into, you can even choose to pick multiple ways. Just make sure you are able to deliver on a deal, on time, and in great quality.



Continue Reading