On New Year’s Day, 2016, Joshua Chibueze, a computer scientist and entrepreneur based in Lagos, Nigeria, floated the idea on his Twitter feed of digitizing the kolo, a wooden box similar to a piggy bank, used in many Nigerian homes to save money.
Odunayo Eweniyi (right), a fellow entrepreneur (and Twitter friend of Chibueze’s), was the first to reply to his tweet. “The conversation progressed from digitising to automating the kolo,” Eweniyi recalls. Alongside a third co-founder, Somto Ifezue, they built an online savings platform to help medium-to-low-earning Nigerians save small amounts daily, weekly, monthly, or annually. Launched as PiggyBank.ng in February 2016, today it is known as PiggyVest.
Nigerians could sign up easily using their smartphones, automate savings and earn interest, with rates between six and ten per cent.…
