PiggyBank, the hugely popular Nigerian saving platform is undergoing a restructuring. According to an official blog post, the startup announced it is pivoting from a strictly savings platform to a “robust financial platform.”
“We have morphed into more than just a savings platform, and are growing into a robust financial management platform with many products planned for the next few years, to enable you to better manage your finances.”
Launched in 2016, PiggyBank has grown quickly as a digital saving platform. Over the last two years, the startup has grown to reach nearly 200,000 users.
As part of this growth, it has since added non-saving features such as PiggyFlex and AvonFlex, a health insurance plan.
PiggyBank Becomes PiggyVest
Importantly, as part of the restructuring, PiggyBank has announced a change of name. PiggyBank will now go by the new name PiggyVest. According to the company, the new name and branding is to “better reflect our growth, who we are and our vision.”
The company says the change of name will not affect its current product offerings. Rather, it would allow the platform and its users have access to more tailored savings and investment products.
The startup is thus looking to add a host of new investment options to the PiggyBank platform over the next 12 months.
How Did Users React to the name Change?
The change of name, so far, has attracted mixed reactions from users online. Many users say they love the name and others went as far as calling the move laudable.
I actually thought Piggybank was just launching an investment feature this morning when I saw that Grey's tweet.😞— Elemi Meje (@TheAkindare) February 11, 2019
Interesting how Piggybank wants to make itself an investment vehicle too, considering that for now most investments l vehicles require a lot of paperwork and stuff, worth watching out for IMO— Aless Onye Nwa (@GoRilla_IX9) February 11, 2019
The savvy thing to do with your money is to move it from traditional banks to a piggybank.— All about Quality (@lovdayo) February 11, 2019
Interest that really counts
Thank you https://t.co/YxsAJ4ovBX
However, as with all things, not everyone is truly feeling the new name. Two users pointed out that the name process could have been done better.
Leave @PiggyBankNG and use piggyvest for whatever you want to use it for. Good to be innovative but that brand is already growing, don't try to do too much at Same time. Keep the old name. My one cent— Maxwell E. Ogaga (@Pstmaxwell) February 11, 2019
Everyone's dancing around this but I'm gonna say it out loud: This name sucks. PiggyBank is such a rich and relatable name for a competent well established brand. I remember when PGB was still red. Wasn't awesome but it didn't suck either.— The Commissioner of Good Design | 20.10.20 🇳🇬 (@isl3y) February 11, 2019
PiggyVest doesn't roll off the tongue
The name, Piggybank would've worked just as well as an umbrella name for many products. A bank also offers investment products. PiggyVest….hmmmn…I guess it will grow on people. 🤔🤔— Subomi (@subomiplumptre) February 11, 2019
Nevertheless, what’s done is done, users will just have to get along with the program.
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