PiggyVest VS SumoTrust Vs CowryWise, Which is Better for Saving and Investing Money?

PiggyVest VS SumoTrust Vs CowryWise, Which is Better?

A Comparative Analysis of Our Top 3 Nigerian Savings and Investment Platforms

When PiggyVest vs Sumotrust vs Cowrywise is mentioned, something comes to mind. The platforms all have something in common and it’s saving and investing online.

People paid huge prices to achieve financial literacy in times past. They had to endure scams, deceit, and much more regarding Investment.

As time rolled by, the story changed. The advent of online savings and Investment saw a rise in the knowledge of financial literacy.

Before getting detailed into the 3 savings platforms, take a look at this;

Table Comparison of PiggyVest Vs SumoTrust Vs CowryWise

Feature PiggyVest SumoTrust  Cowrywise
Interest rate 8-15% 10-15% 10-15%
Investment 12-24% in multiple options 24% on Hedge fund Mutual fund
Loan No Up to 20% of your savings No
Security Very secured Leads in security Very secured
Customer support good good good
Account number Yes Yes Yes
Money transfer Yes Yes Yes
Dollar Yes No No
Withdrawal Fees 5% 4.5% Must stick to date
App Rating  4.6 4.6 4.5

Image Representation of the top 3 savings apps in Nigeria

piggyvest vs cowrywise vs sumotrust

Related: How to invest 1 million in Nigeria: 3 Best places to invest

1. PiggyVest


piggyvest piggybank website

PiggyVest is one of the largest online savings platforms in Nigeria. It is similar to Cowrywise and Sumotrust. It is a platform that helps individuals monitor their finances effectively.

PiggyVest was the first online savings and Investment app launched in Nigeria.  It was launched on the 16th of January as a savings only platform. It offered the only savings platform as Piggybank for 3 years. On April 2019, Piggybank rebranded as PiggyVest and began to offer direct Investment opportunities to the users in addition to savings.

Comparing the interest rates between PiggyVest vs Sumotrust vs Cowrywise shows the different offers each platform offers. PiggyVest offers an 8-15% interest rate s annually to customers and an investment return of about 25%.

You can also save in groups.

Some special features of PiggyVest include

Savings on PiggyVest – Pros

Several savings options exist under the PiggyVest platform. They include;

  • Simple savings plan (Piggybank). The PiggyVest wallet is a simple savings plan giving you leave to keep away money as frequently as you want to straight from your bank account. Withdrawals are possible only every three months. You can also automate the account so cash would not have to be manually transferred. The plan is suitable for individuals who just want somewhere to stash funds.
  • Target savings. This is a savings option geared towards saving money for a purpose. The funds could be for school fees, buying a house or paying rent, buying a car or for a business. The savings are for targeted projects and will be accessed after the stipulated time is over.
  • Safe Lock: The safe lock plan is a plan for very long term savings. The plan is ideal for individuals who want to lock away funds for a long period of time. It yields a higher interest rate.
  • Flex Dollar: The flex Dollar is a new plan that was launched by Piggyvest. The plan is ideal for individuals looking to save or invest in dollars. With the plan, purchasing dollars is easy and has an interest rate of up to 7%. Making deposits on the platform is free.

Investments on PiggyVest – Investify

Piggyvest has an investment option called investify. It allows users to invest in primary and secondary opportunities. The opportunities are certified by PiggyVest to be low or medium risk, making it safe for investment.

Withdrawals on PiggyVest

Withdrawals are free depending on the preset withdrawal days. PiggyVest also has standard withdrawal dates. Any withdrawal outside the dates accrues a penalty of 5% of the withdrawn amount.


2. Sumotrust


reduce careless spending

Comparing PiggyVest vs Sumotrust vs Cowrywise, makes you understand the pros and cons of each platform. Sumotrust is also a reputable online savings and Investment platform, geared towards improving the savings and Investment culture of Nigerian millennials.

Sumotrust was founded by GT Igwe Chrisent and Co-founded by Ossi Samuel. It was previously known as Sumobank but now rebranded to Sumotrust on 27th December 2019.

Some great features accessible in Sumotrust includes – Pros

  • High-interest returns of 10-15%.
  • Free withdrawals except on careless withdrawals which is done to discourage customers from careless withdrawals.
  • Money request and money transfer.
  • Sumotrust is affiliated with Motute.com, an online learning marketplace that allows you to gain access to a wealth of knowledge from online courses in different topics. You also get course discounts on every course when you buy courses using your Sumotrust account.
  • Leads in security: It has a top-notch security protocol including a blockchain layered security feature. Based on other security reviews on all the online Savings platforms in Nigeria, Sumotrust takes the lead.
  • Access 20% of your savings as loans using the mission support Feature

Savings on Sumotrust.

  • Main savings: It is an account type that helps users save automatically. You can decide to save daily, weekly or monthly. Withdrawals are possible only on stipulated days. The interest rates recordable here is 10%.
  • Fixed savings: Just like a traditional bank fixed deposit account, this is a type of savings account that money can be locked in for an extended time for a minimum of 6 months to as much as 10 years. The interest rate accrued is up to 15%. It is also called an investment account.
  • Mission savings: is dedicated to a cause. It is kept as a project account. Here, you can set a savings Target to reach a financial goal.
  • Kick account: This is a sub-account on Sumotrust where all the interest earned, bonuses, giveaways and freebies and paid to. Funds in this account do not yield interest-free and unlimited withdrawals.

Investment on Sumotrust

Sumotrust offers a secure hedge fund program called SHIFDA (Sumotrust high interest fixed deposit account) for high net worth investors with a 24% return on investment per annum.

The minimum investment is 500,000 Naira and you can invest as much as 100 Million Naira.

SHIFDA works like a fixed deposit but in this case, offered based on request with a minimum of 6 months maturity and can last as much as 10 years tenure.

Related: Top savings platforms in Nigeria

To get started with SHIFDA by Sumotrust;

  • Kindly visit sumotrust.com and create a free savings and investment account.
  • Login to your account and navigate to the ‘SHIFDA Wallet’ tab from the menu section.
  • Read through the details and follow the instructions given to invest.
  • Once your Investment request has been approved, go ahead and create a ‘Fixed Savings’ in your account, you will see a notification about your account qualifying for SHIFDA. Kindly fill-up the form and complete the process.
  • On the maturity date, your capital and interest will be automatically released to your Kick wallet where you can withdraw instantly to your Bank.

Withdrawals on Sumotrust

Withdrawals are free depending on the preset withdrawal days. Sumotrust also has 4 free withdrawal dates in a year. Any withdrawal outside the dates accrues a penalty of 4.5% of the withdrawn amount.


Piggyvest vs Sumotrust vs Cowrywise

Accessing PiggyVest vs Sumotrust vs cowrywise, some differences exists. Cowrywise is an online savings and Investment platform. It was launched in 2017 by Razaq Ahmed and Edward Popoola. The platform has also grown and proven to be very reputable for saving and investing money in Nigeria.

Savings on Cowrywise

Cowrywise has great options to choose from. Examples are

  • Periodic savings plan. This savings plan allows you to save money automatically. The savings can be done on a daily, weekly, or monthly basis. It is used commonly by students and corp members.
  • Life goals savings plan allows you to save towards target goals. It is a long term savings plan and is suited for regular salary earners.
  • Fixed savings. This savings plan allows you to lock away money you will not be needing in 3 or 6 months’ time or a year’s time. The money is locked away and the maturity date is set. The plan is ideal for seasonal businessmen and those who make money at certain intervals.
  • Halal savings. This is a savings plan modeled towards the Islamic banking system. No interest is earned on money saved with this plan according to the Islamic faith. It is designed for Muslims and other individuals who believe in no interest rate when saving.
  • Saving circles. This is a plan used by a group of individuals with a common or mutual interest. Saving circles allow a group of people to meet a savings goal example saving towards a vacation, saving for an occasion etcetera.

Investments on Cowrywise

On Cowrywise, you can invest in mutual funds using the Systematic Investment Program (SIP).

It allows for piecemeal investments at intervals.

Withdrawals on Cowrywise

Cowrywise does not allow you to withdraw except on set dates. It ensures that the savings policy is strictly adhered to.



Comparing and deciding between PiggyVest vs Sumotrust vs Cowrywise depends on the specific plans you are looking for. They have different interest rates, Investment plans, and withdrawal schedules.

Interest rates for savings on PiggyVest is 8-15% and investment returns of 25%. On Sumotrust, the interest rates are 10-15% and investment returns of 24%, and that for Cowrywise is about 10%.

If you want a platform that offers a strict withdrawal policy, making you more dedicated towards savings then Cowrywise is best. If you are looking for top security, you will tilt towards Sumotrust.

One cannot categorically say one platform is better than the other. The decision is based on the features that best suit your needs.





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