PiggyVest launches ‘Wellness Check,’ an initiative that checks on users during inactive periods

PiggyVest has launched the Wellness Check feature as part of its continued effort to provide financial access to users’ trustees in the Next-of-Kin (NOK) function. The latest addition represents a renewed take on what happens to a user’s account after demise.

In an email sent to customers, the investment platform explained that the Wellness Check initiative is structured towards placing checks on users after certain periods of inactivity in their accounts. If a user’s account has no activity like logins, fundings, or withdrawals for at least 18 months, PiggyVest will send an email before reaching out to the user’s next of kin if no response is received after four weeks.

“If your account has no activity for 18 months (no logins, fundings, or withdrawals), we’ll send you an email to check-in. If there’s no response or activity after four weeks, we’ll reach out to your Next of Kin,” part of the email reads.

According to PiggyVest, the initiative represents a renewed commitment to protecting users and their funds. It also encouraged customers to ensure their Next of Kin details are up to date.

Recall that weeks ago, the company responded to a tweet that questioned the authenticity of its NOK option. In its first response to what happens to a user’s matured funds after they die, Piggyvest said, “Their funds unlock at maturity, and then the designated Next of Kin (NOK) can access the funds.”

The company further noted that the feature has long been embedded in its services.

To properly inform the public on how such assets can be accessed, the fintech said,

“Please note, funds of a deceased person with a Piggyvest account can be accessed by an executor/administrator who may be the listed next of kin, upon submission of relevant legal documentation.”

While users may not fully understand the essentials of this function, PiggyVest’s adoption of the feature shows a proactive approach toward securing users’ funds, both alive and thereafter.

Also Read: PiggyVest’s tweet rekindles the need for next-of-kin conversations in fintech.

PiggyVest’s initiative comes when many are unconcerned about NOK

While the NOK feature is a vital component of an individual’s financial security, there has been a general lack of awareness regarding its importance. Most times, the importance of naming a NOK is often overlooked, leading to confusion and potential complications, especially in matters of financial inheritance.

The importance of a NOK lies in their role as the closest living relative, who serves as the primary point of contact and decision-maker in various situations, especially during emergencies or in the event of the person’s inability to make decisions themselves. They can provide necessary information, make medical decisions, and handle financial matters.

“In the unfortunate event of a user’s passing, their Piggyvest funds can be accessed by a legally appointed executor or administrator. This person may also be the Next of Kin (NOK) listed on the account, upon the submission of the required legal documentation,” a statement from PiggyVest reads, while explaining the NOK role.

The question of what happens to users’ digital lives after death has gained relevance, not just in Nigeria, but globally. In Sub-Saharan Africa, where over 60 per cent of the population is under the age of 25 and digital finance adoption is rising, understanding digital inheritance becomes essential.

Despite these figures, there’s still a lack of public understanding of the procedures involved in digital asset inheritance. Many users are unaware that their NOK information should be kept up to date or that their relatives will need to go through a formal legal process to access their savings.

For PiggyVest and other digital finance institutions, education and awareness are the key. As users continue to demand more transparency and support in navigating these sensitive transitions, organisations must communicate the implications of NOK declarations and other supporting legal frameworks.