My PiggyBank History
In my younger years, December was my favorite month, for obvious reasons: The festivities, food, cousins coming over, new clothes and shoes, and most importantly, money. We would have Christmas and New Year parties in my house and almost everyone would give the children some money. Weirdly though, I was the youngest child and I still managed quite a good haul every year. Afterwards, the joy of having spare cash to buy sweets, chocolates and firecrackers would be snuffed out by the voice of my mother asking us to ‘submit’ our Christmas loot to her for ‘safekeeping’.
We wised up after a while, and got ourselves locally produced piggy banks, also known as “kolo”. It was basically a small, cylindrical cask with a tiny hole at one side. The point is that it is easy to put money in, but difficult to get money out of, except you desperately needed it. At that point, you could either device a careful strategy of getting the cash out, or break the cask in frustration. Therefore, any money that goes into the piggy bank wasn’t worth spending on sweets or chocolates. Savings 101. This did a better job of saving our money than “mama’s bank plc”.15 years later and I still haven’t found a personalized system as good as the piggy bank. Well, at least, not until I discovered - wait for it – PIGGYBANKNG Tada!
How does it work?
You start by downloading the app on the Google Play Store, App Store (iOS), or create a free account directly on their website at www.piggybank.ng, after which you follow three simple steps:
1. Open a Piggybank Wallet: After creating an account, you have to set how much and how frequently you want to save into your Piggybank.ng account.
2. Save your money “small small”: You choose your savings frequency. It could be daily, weekly or monthly, Piggybank.ng gets the amount you set from your debit card safely into your Piggybank.ng account.
3. Withdraw quarterly: You can withdraw all or part of your savings into your bank account at any of the withdrawal dates for free. You can either set your own free withdrawal day or you can use Piggybank’s fixed free withdrawal dates every year. However, if you choose to withdraw before or after the withdrawal dates, it comes with a penalty fee of 5%.
This app is important because, in this our age of credit/ debit cards and instant gratification, the savings culture is gradually being eroded. Technology, as we know it, can be two pronged. It can be overwhelming creative and destructive at the same time, depending on how you use it. After all, it’s just another medium devised to improve man’s activities.
PiggyBank’s Promise to you
So, while Jumia and Konga tell you that it’s not so difficult to buy stuff over the internet anymore, PiggybankNG is also making a bold statement in its own right: That it is not so difficult to save money anymore, and that you can do it at your own pace, anytime, anywhere. Small small.
Oh, did I mention that they accept ALL Nigerian debit cards? What’s your excuse for not saving now?