Piggyvest Business

FREQUENTLY ASKED QUESTIONS

ABOUT PIGGYVEST BUSINESS

What is Piggyvest Business?

Piggyvest Business is an all-in-one platform designed to help businesses grow and better manage their finances. We provide the tools and insights you need to streamline financial operations, maintain control over your business finances, and grow funds strategically. Our platform offers a suite of features, including business accounts, invoicing, branch management, wallet APIs, and more. Sole Proprietorship & Partnerships 

Can any type of business use Piggyvest Business?

Due to regulatory restrictions, our services are unavailable to certain types of businesses. These include companies, services, and activities that involve restricted or prohibited items, such as illegal products, narcotics, firearms, or stolen goods. For clarity, we’ve outlined the specific categories below.

General Unsupported Categories

  • Any Merchant selling goods or services that violate any law, statute, or regulation.
  • Any Merchant selling products that infringe on the intellectual property rights of others, including counterfeit goods or any product or service that infringes on the copyright, trademark, or trade secrets of any third party, such as many Cyberlockers.
  • Any Merchant that engages in the unauthorised sale of brand-name or designer products or services.
  • Adult entertainment and/or adult content websites, including Electronic Commerce adult content (videotext) Bestiality.
  • Brand or reputational damaging (whether potential or otherwise) activities, including Child Pornography, Escort services, Mail Order Brides, Prostitution, Massage Parlours, Occult.
  • Digital Wallet, Cryptocurrency, or Prepaid Companies.
  • Drug Paraphernalia.
  • Firearms, weapons, ammunition, gunpowder, fireworks, other explosive substances, chemicals, or devices.
  • Research chemicals, peptides, and other toxic, flammable or radioactive materials.
  • Investment or “get rich quick” merchants, businesses or programs.
  • Marijuana dispensaries and related products or services.
  • Multi-Level Marketing Businesses.
  • Pseudo Pharmaceuticals.
  • Psychics and “occult” businesses.
  • Substances designed to mimic illegal drugs.
  • Business, content, services or behaviour that promotes, glorifies or engages in unlawful violence, physical or virtual harm to property, persons, or groups based on race, national origin, religion, disability, gender, or sexual orientation.
  • Pornography or other adult audience products or services, including images, video, audio, literature, live chat services or other media, which convey explicitly sexual behaviour.
  • In-person gambling, sweepstakes or contests, fantasy sports leagues offering monetary or value prizes or awards.
  • Bidding fee auctions.
  • Any unlawful activities/items or encouragement of the same.

Is it free to use Piggyvest Business?

Yes. Signing up and using Piggyvest Business comes at no cost.

What do I need to open a Piggyvest Business account?

To sign up, you’ll need basic details like your name, email, and phone number. For full access to the dashboard and all features, you’ll need to complete the Know Your Customer (KYC) process, which requires additional documents:

For Sole Proprietorships and Partnerships:

  • Tax Identification Number (TIN)
  • Business Registration Number (RC/BN)
  • Owner information
  • A recent utility bill
  • CAC registration documents

For Limited Liability Companies (LLC):

  • CAC registration documents
  • Details of directors and shareholders
  • Memorandum & Articles of Association (MEMART)
  • Tax Identification Number (TIN)
  • A recent utility bill

For Cooperative Societies:

  • CAC registration documents
  • Director details
  • Signatories details
  • Cooperative society documents
  • Memorandum & Articles of Association (MEMART)
  • A recent utility bill

For Companies Limited by Guarantees:

  • Business registration documents
  • Director details
  • Guarantor details
  • Ultimate Beneficiary Ownership Declaration
  • Board Resolution
  • Companies Limited by Guarantees documents

For Incorporated Trustees:

  • Business registration documents
  • Trustees details
  • Principal Officer details
  • Ultimate Beneficiary Ownership Declaration
  • Board Resolution
  • Incorporated Trustees documents

How do I reach out to Piggyvest Business support?

You can reach our support team via email at: [email protected]

Can I use Piggyvest Business for more than one business?

Yes. You can register multiple businesses on Piggyvest Business using different emails and business names.

If your business has multiple branches, you can also use the branch management feature to create and manage branches under a single business account, without needing separate registrations.

Can business owners outside Nigeria use Piggyvest Business?

Yes, as long as your business is registered and operating in Nigeria.

Do I earn interest on my funds with Piggyvest Business?

Yes. Only funds kept in a savings account on Piggyvest Business earn interest.

You can earn up to 11% on regular savings, and even higher returns when you use SafeLock or invest in money market instruments.

Can I add a team member or staff to my Piggyvest Business account?

You can give your team members or people who work in your organisation access to your Piggyvest Business Dashboard without sharing the same login details.

This streamlines data access and allows you to control the level of information and dashboard privileges each team member can have.

BUSINESS ACCOUNTS

What types of business accounts exist on Piggyvest Business?

Piggyvest Business provides two distinct types of business accounts: Expense accounts and Savings accounts. Each is flexible, easy to use, and tailored to meet your business’s diverse financial needs.

What are Expense accounts?

Expense accounts are for managing day-to-day business expenses. They have a unique virtual account number for easy funding and transaction tracking. You can transfer funds from an expense account to any other Piggyvest Business or external bank account.

What are savings accounts?

Savings accounts are for businesses looking to grow their savings. They come with a unique virtual account number and generate interest on the funds held. You can withdraw up to four times a month from this account before interest is forfeited.

Can I generate a statement of account?

Absolutely. To do so, simply log in to your Piggyvest Business account, and from the left sidebar, under the ‘Payments’ section, click on ‘Transactions’ and then ‘Generate Statement’. Or from the Home section, go to the ‘Quick Actions’ bar and select ‘Generate Statement’.

PAYMENTS

How can I fund my Piggyvest business account?

You can fund your business account with either a bank transfer to its virtual account number or by transferring from another business account within your Piggyvest Business dashboard.

Funding with bank transfer: Head over to the savings or expense account section (depending on what account you wish to fund), copy the unique virtual account number, and make a bank transfer from any bank.

Funding from another account on your dashboard: Go to the savings or expense account section (depending on what account you wish to fund), click ‘Fund Account,' and choose the expense account you wish to fund the account with.

Note: You can only fund a savings or expense account with your main expense account or any sub-expense accounts you create.

How can I withdraw my business money from my Piggyvest Business account?

You can withdraw from your business account by bank transfer from your business account to an external bank account or by sending to another business account within your Piggyvest Business dashboard.

Simply locate the ‘Quick Actions’ tab on the expense or savings account section, select ‘Send money’ under expense account and ‘Withdraw’ under savings account, select where you wish to send the money, and fill in all the details.

How do Scheduled Payments work?

Scheduled Payments allow you to automate and manage recurring fund transfers. There are two types of scheduled payments:

One-Time Payments: Your business can schedule a single payment at a specific date and time in the future.

Recurring Payments: Your business can schedule recurring payments at different frequencies over a set period. You can set the frequency of transfers (daily, weekly, or monthly) to suit your business needs.

How do I schedule payments?

Log in to your Piggyvest Business account, go to the ‘scheduled payments’ section on the dashboard, click ‘create a payment schedule,' specify the type of transfer (one-time or recurring), select where you wish to send the money to, fill in all the details, and activate it.

Can I make bulk transfers?

Yes, you can. Go to ‘Bulk Transfer' on your dashboard, click ‘Make a Bulk Transfer,' choose a payment name, select the account you wish to make the transfer from, and add a reason for the transfer, then click ‘Continue.’

Download the Excel template provided, input the details of the recipients in the template, upload the filled template back to your dashboard, and click ‘Review.’

Can I setup Autosave on Piggyvest Business?

Yes, you can. You can set up Autosave to set money aside in your savings account automatically, at your preferred frequency. Simply log in to your Piggyvest Business account, go to ‘Scheduled Payments’ on the dashboard, click ‘Create a Payment Schedule’, select ‘Recurring payment’, choose ‘Auto Save' from the options, fill out the necessary details, and click ‘Continue’.

Carefully review the payment details to ensure they are accurate, then click on ‘Set Scheduled Payment’. Enter your 6-digit PIN to authorise the recurring transfer, and click ‘Done’ to complete the setup.

BRANCHES

What are Branches?

Branches provide your business with a digital representation of a physical store or division (also known as a branch). This enables you to seamlessly manage your business finances across your different business locations within a single dashboard.

Who can manage a branch on the dashboard?

A branch is managed by a person assigned by the Super Admin, typically the branch manager. The Super Admin has the authority to manage users, roles, and permissions within a branch and can also manage and oversee a branch.

Can a branch manage its own business account?

Yes, each branch can manage its own business account. This means that each branch can independently handle its accounts, user management, and transactions.s of scheduled payments:

Can I customise roles and permissions for users in a branch?

Yes, you can customise roles and permissions for users within a branch.

INVOICES

How can I create an invoice?

Log in to your Piggyvest Business account, navigate to the ‘Invoices’ section on your dashboard, click ‘Create new invoice’, and fill in the necessary details, including customer information, item descriptions, quantities, prices, and any applicable taxes or discounts. Once you’re done, preview the invoice for accuracy and send the invoice directly to your customer's email or generate a PDF to share offline.

Can I customise my invoices?

Yes, you can fully customise your invoices to reflect your brand identity (your logo and colours).

How can I manage over due invoices?

In the ‘Invoices’ section, you can track all issued invoices, see which are paid, pending, or overdue, and send reminders to customers with outstanding payments. This feature helps you manage your receivables and maintain a healthy cash flow.

Can I issue receipts for paid invoices?

Yes, Piggyvest Business offers an automatic receipt generation feature. Once an invoice is paid, a receipt is automatically generated and sent to the customer. The receipt can be customised just like the invoice, allowing you to include your business logo and branding.

SAFELOCK

How does SafeLock work on Piggyvest Business?

SafeLock is a fixed savings option that allows you to earn up to 20% interest per annum on your business funds. The SafeLock feature helps curb the temptation to touch business funds that you have put aside to save.

What interest do I get on SafeLock?

SafeLock interests are prorated and paid for the duration you set. The interest rates are listed below:

  • 10 - 30 days, the interest is calculated at 14% per annum and prorated for the duration you set.
  • 31 - 60 days, the interest is calculated at 15% per annum and prorated accordingly.
  • 61 - 90 days, the interest is calculated at 16% per annum and prorated accordingly.
  • 91 - 180 days, the interest is calculated at 17% per annum and prorated accordingly.
  • 181 - 270 days, the interest is calculated at 18% per annum and prorated accordingly.
  • 271 - 365 days, the interest is calculated at 20% per annum and prorated accordingly. Above 1 - 2 years, the interest is calculated at 20.5% per annum and prorated accordingly.
  • Above 2 years, the interest is calculated at 21% per annum and prorated accordingly.

What’s the difference between ‘Upfront Interest’and ‘Interest at Maturity’?

  • Upfront Safelock interest means you get your interest immediately after locking your funds.
  • Interest at Maturity means you’ll get your interest only when the lock period ends. Your interest will be paid along with your matured locked funds.

Can I have more than one SafeLock?

Yes, you can have more than one SafeLock, and you can give them different names (purposes) too.

How do I get my SafeLock paid back when time is up?

Upon maturity, all funds in your Safelock get paid into your Savings account. If you created the lock for over 365 days, then your funds and interest will be paid on maturity.

Can my SafeLock be unlocked before maturity?

This is dependent on your Safelock option. If you received upfront interest, your locked funds can only be accessed upon maturity. However, if you choose to receive interest at maturity, the Safelock can be broken after 90 days of creation, but you’ll lose all accrued interest.

Why can't I get upfront interest for funds locked for over 365days?

This is because of market fluctuations. We can only guarantee upfront interest for funds locked within 365 days or less. For funds locked over 365 days, interest is paid at maturity based on the current market conditions.

What happens if I break my SafeLock before maturity?

We advise against breaking your SafeLock before maturity. However, if you choose to break your SafeLock (for Safelocks with interest at maturity) before the maturity date, you accept and comply with forfeiting all accrued interest.

SECURITY

Does Piggyvest Business have an office?

Yes, we do. We are located at Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde, Victoria Island, Lagos. You can also reach us on the following channels:

  • Email: [email protected]
  • Twitter: @piggyvestbiz
  • Instagram: @piggyvestbiz
  • LinkedIn: Piggyvest Business

How can I prevent theft or unauthorised transactions by staff on my Piggyvest Business account?

You can set up payment approval on your dashboard. This feature was created to enhance control and oversight in the fund transfer process. It involves a two-step approval process before a transfer is completed. Depending on the nature of your business, you can also add more approval levels.

How else is my account protected?

For an extra layer of security, you should enable Two-Factor Authentication (2FA) on your Piggyvest Business account. There are two options for 2FA: Email Verification and the Authenticator App.