OgogoroFreak:
You are the one that had issues with their experience not me. I'm cool with their performance.

If you had read my post well you would see where I asked how long a company had to operate successfully before you consider them to be experienced.

Let me explain. If a fund manager came to me to ask me to invest my money, I will first and foremost look at the team’s investment experience and their track record managing retail funds in their previous lives.

Ideally, I want the partners to have spent over a decade managing people’s funds working with a reputable asset manager. I would also want to look at the performance of the funds they managed in their previous lives.

This is where I will start from and if I’m not satisfied with these, it’s a no go for me.

Sadly, most of the so called fintech managers do not have these

emmanuelewumi:



The security of the fund, information about the fund, transparency about the operation of the fund are equally important

Gbam!!!!

DaBogu:
10-15yrs

Gbam!!!!

Leezah:
What are you thoughts about, Yochaa, Nairang & Trove?

Yochaa is a trading partner with cardinal securities,
Nairang no idea
Trove are s a trading partner with arm securities, arm have been in business for over 16yrs

Return of my money is more important than the return on investment.

People who have worked hard for their money, will always asking probing questions before they invest. Maybe that is the reason why I have never been scammed.

I remember asking questions in 2007 from the promoter of Sefteg. My probing questions were becoming too much, to the extent that some people who wanted to invest were becoming skeptical.

They had to take me to the inner office so as not to spoil their show. They asked if I wanted to make money, answer yes or no. So why are you asking all these questions. I told them, I needed to know how they will make money that would pay us 10% every month.

Since they could not convince me, I went home.

Two months after Sefteg went under and investors lost billions of Naira.


We should always ask relevant questions before investing our hard earned funds

emmanuelewumi:
Return of my money is more important than the return on investment.

People who have worked hard for their money, will always asking probing questions before they invest. Maybe that is the reason why I have never been scammed.

I remember asking questions in 2007 from the promoter of Sefteg. My probing questions were becoming too much, to the extent that some people who wanted to invest were becoming skeptical.

They had to take me to the inner office so as not to spoil their show. They asked if I wanted to make money, answer yes or no. So why are you asking all these questions. I told them, I needed to know how they will make money that would pay us 10% every month.

Since they could not convince me, I went home.

Two months after Sefteg went under and investors lost billions of Naira.


We should always ask relevant questions before investing our hard earned funds

Even a newbie knows 10% per month won't work thats 120% per annum. I won't even be patient enough to ask questions at all. Even at gun point, I won't invest in such.

I have never been scammed too.

Piggyvest gives you 8% per annum and you can withdraw all of your funds at any time you want. No limit whatsoever.

OgogoroFreak:
Even a newbie knows 10% per month won't work thats 120% per annum. I won't even be patient enough to ask questions at all. Even at gun point, I won't invest in such.

Piggyvest gives you 8% per annum and you can withdraw all of your funds at any time to limit whatsoever.

Very good, if the funds are insured by NDIC.

I just prefer using accredited fund managers. My fixed income fund grew by 5% from 1st January till date, if it continues like that I am sure of over 10% at the end of the year

emmanuelewumi:
Return of my money is more important than the return on investment.

People who have worked hard for their money, will always asking probing questions before they invest. Maybe that is the reason why I have never been scammed.

I remember asking questions in 2007 from the promoter of Sefteg. My probing questions were becoming too much, to the extent that some people who wanted to invest were becoming skeptical.

They had to take me to the inner office so as not to spoil their show. They asked if I wanted to make money, answer yes or no. So why are you asking all these questions. I told them, I needed to know how they will make money that would pay us 10% every month.

Since they could not convince me, I went home.

Two months after Sefteg went under and investors lost billions of Naira.


We should always ask relevant questions before investing our hard earned funds

emmanuelewumi:
Return of my money is more important than the return on investment.

People who have worked hard for their money, will always asking probing questions before they invest. Maybe that is the reason why I have never been scammed.

I remember asking questions in 2007 from the promoter of Sefteg. My probing questions were becoming too much, to the extent that some people who wanted to invest were becoming skeptical.

They had to take me to the inner office so as not to spoil their show. They asked if I wanted to make money, answer yes or no. So why are you asking all these questions. I told them, I needed to know how they will make money that would pay us 10% every month.

Since they could not convince me, I went home.

Two months after Sefteg went under and investors lost billions of Naira.


We should always ask relevant questions before investing our hard earned funds

emmanuelewumi:
Return of my money is more important than the return on investment.

People who have worked hard for their money, will always asking probing questions before they invest. Maybe that is the reason why I have never been scammed.

I remember asking questions in 2007 from the promoter of Sefteg. My probing questions were becoming too much, to the extent that some people who wanted to invest were becoming skeptical.

They had to take me to the inner office so as not to spoil their show. They asked if I wanted to make money, answer yes or no. So why are you asking all these questions. I told them, I needed to know how they will make money that would pay us 10% every month.

Since they could not convince me, I went home.

Two months after Sefteg went under and investors lost billions of Naira.


We should always ask relevant questions before investing our hard earned funds

In your own opinion and experience, what questions should we ask?

emmanuelewumi:
Return of my money is more important than the return on investment.

People who have worked hard for their money, will always asking probing questions before they invest. Maybe that is the reason why I have never been scammed.

I remember asking questions in 2007 from the promoter of Sefteg. My probing questions were becoming too much, to the extent that some people who wanted to invest were becoming skeptical.

They had to take me to the inner office so as not to spoil their show. They asked if I wanted to make money, answer yes or no. So why are you asking all these questions. I told them, I needed to know how they will make money that would pay us 10% every month.

Since they could not convince me, I went home.

Two months after Sefteg went under and investors lost billions of Naira.


We should always ask relevant questions before investing our hard earned funds

Umana Umana and Forum.

When somebody came to me in the days of Umana Umana and Forum and told me to put in money, i just laughed and ask the person the business they will be doing or investing in to pay such returns. Umana Umana and Forum went burst.

Where all those wen no allow us hear word about MBA forex?.

OgogoroFreak:
Even a newbie knows 10% per month won't work thats 120% per annum. I won't even be patient enough to ask questions at all. Even at gun point, I won't invest in such.

I have never been scammed too.

Piggyvest gives you 8% per annum and you can withdraw all of your funds at any time you want. No limit whatsoever.

Who told you newbie will not fall for 10% per month?. Na today. What was MBA forex to pay ?.

NL1960:


Who told you newbie will not fall for 10% per month?. Na today. What was MBA forex to pay ?.

Lol. That statement was to stress how stupid the people who fall for such are.

DaBogu:
[b][/b] In your own opinion and experience, what questions should we ask?

Try and decode what I have been saying since.

OgogoroFreak:
Everything should be here please. So others can learn too.

Yes, it is very ok to deposit through sterling.

I was going to ask on that column of invest. I see sold outs and a few wanting to sell their units. Was going to ask you enlighten please

Piggyvest said they started operations as piggybank in 2016 but decided to change to the present name to give investors opportunity to do some themselves.

Their investments interests as was displayed there in their app is in Agriculture (Animal Husbandry; Cow and Chicken rearing, Cashew, rice and corn farms), Real Estates ( This one seem to be in the offing for now because nothing was displayed there, Transportation ( Packaged Okada like Play) etc.
All these investments are fully booked. I don't know if there are other areas they invest people's funds in. Anybody will be scared of non - registered "bank".

Personally after installing that app and trying to go through what they have to offer on other platforms, There have not satisfied my inquiries. They only thing I see people gunning after is high savings interest rates. So I will personally passover.


Like I see the house doing as usual. Trying to probe for truth to be revealed. It is a very good thing. Nobody is casting any aspersion on the fintech industry per say. Experienced people are just looking out for the newbie.

Some people have the financial muscle to loose ten million or even more and nothing will happen to them like Oga RayRay of MBA. That doesn't mean people should keep quiet and allow that man that made 2 million from block molding to venture into such business. It means the overall aim of this thread has been defeated.

C505:

I was going to ask on that column of invest. I see sold outs and a few wanting to sell their units. Was going to ask you enlighten please

Since everything is sold out, where is the money you will save earn the interest from?

I am not holding brief for (Piggy-vest) but we must remember that:

1. They own a Microfinance bank license (cbn regulated)
2. All funds are warehoused with a fund manager (sec regulated)
3. When people break there savings, it attracts a 2.5% charge. ( not to be mistaken with flex)
4. They serve as middle men to some agrictech companies. Easily make huge commissions ( as high as 40% of the profit )
5. Briefly traded crypto ( buying and selling attracted charges
6. They trade currencies - you buy dollar at 490 to save and they sell back to you at 480
7. And I guess they go into various businesses or commercial agreements with different firms.

All of this is not to convince anyone nor financial advice, just my 2cents on how i view the company.

Not impossible but it will be very hard. On piggyvest you can only withdraw to an account linked to your BVN.

OgogoroFreak:
Piggyvest is very much in operation. I have been using them and haven't experienced any sign of hiccups in their operation. #Smooth

They have a very responsive verified Twitter handle.

Though, I don't seem to understand the fear mostly people from this thread have for fintechs (even I-invest then) but I'll advice you to be very careful with your details cos it's an app and hackers can empty your account from the comfort of their bedroom.

A fool and his money are soon parted.

jobark:
I am not holding brief for (Piggy-vest) but we must remember that:

1. They own a Microfinance bank license (cbn regulated)
2. All funds are warehoused with a fund manager (sec regulated)
3. When people break there savings, it attracts a 2.5% charge. ( not to be mistaken with flex)
4. They serve as middle men to some agrictech companies. Easily make huge commissions ( as high as 40% of the profit )
5. Briefly traded crypto ( buying and selling attracted charges
6. They trade currencies - you buy dollar at 490 to save and they sell back to you at 480
7. And I guess they go into various businesses or commercial agreements with different firms.

All of this is not to convince anyone nor financial advice, just my 2cents on how i view the company.

Red flag, enjoy the party while it lasts

emmanuelewumi:



Red flag, enjoy the party while it lasts

Red flag?

What I have read so far about this fintech is eye opening.Is not my type of investment.I work had for my money..The return on my money is more important than return on investment.I once was in such problem when I tried assurance with one of the insurance companies after two yrs of putting my money

Tobex4realTobex234:


Cowrywise ≠ Crowdyvest

Yes, I know what I said, I personally know the person it happened to

C505:


Red flag?

Leave all these people to invest in what they want, they must not believe in what you believe in, apart from piggyvest there are many other Fintechs that are not doing it right like Stashbox etc that offer more than 15% per annum, Piggyvex has been in existence for 6 year, if you follow the Managers of this business you will see that they are one of the fastest proactive Fintechs we have in Nigeria, when CBN blocked Virtual account, within 24hrs they has setup a working alternative, when Thrive Aagric where oweing investors they paid the investors that invested through them, so leave this people to think what they want, it's not by force

emmanuelewumi:



Red flag, enjoy the party while it lasts

@ 8% per annum I won’t call it a party. It is somewhat conservative in comparison to other fintech / agrictech firms that range from 20% to as high as 60% per annum (this is what you call a party).

This said company has existed for over 5 years and basically just operates as a modern day digital wallet to encourage savings.

Over 95 Billion Naira was paid out in 2020

They are very tech averse here....careful though. You all will soon be labelled marketers or ponzi advertisers.

To be fair, due diligence has to be maintained before joining any of the fintechs. But kudos to all the genuine ones, they are the sole reason young people are learning the value of investing and saving.

EarlyCareer:
They are very tech averse here....careful though. You all will soon be labelled marketers or ponzi advertisers.

To be fair, due diligence has to be maintained before joining any of the fintechs. But kudos to all the genuine ones, they are the sole reason young people are learning the value of investing and saving.

The debate actually has nothing to do with being tech averse. The experienced and reputable fund managers also have apps and IT platforms that their clients use for transactions na

Lazyyouth4u:


The debate actually has nothing to do with being tech averse. The experienced and reputable fund managers also have apps and IT platforms that their clients use for transactions na

Agreed.

They all innovate too, however, the fintechs provide added value that appeals to their target demographic, obviously. That demographic appreciates the value they receive in real time. Bank apps cannot give you that. Maybe GTB small.

Just as how flutterwave has entered into partnership with PayPal for international transfers, payments, deposits, these guys all fill an important gap within our system. (A reason why VP Osinbajo is a strong fintech advocate)

Kuda, piggyvest, may be compared to SoFi or Cashapp and many similar innovations abroad. As all have said one way or the other, due diligence is important.

Both old ways of doing things and new ways can and should thrive together. This is actually a good discuss, as long as one is open minded to discuss. Everyone has a right to stick to a method they are comfortable.

Also, years of experience within a sector is key as a means to vet, however outliers exist.

Does piggyvest release quarterly reports?

afroxyz:
Does piggyvest release quarterly reports?

As someone has mentioned already, you could think of them as a digital wallet. I am not very sure how quarterly reports play in here....maybe account statement you mean? They are not selling shares.

Ever since Piggyvest issue was raised here... I just dey see strange accounts wey no dey frequent here

Nezzjnr:
Ever since Piggyvest issue was raised here... I just dey see strange accounts wey no dey frequent here

The thing come tire me too . Monkey hunting don they enter the matter