PiggyVest Co-founder Odunayo Eweniyi has been awarded the SME Entrepreneur of the Year in Wealth and Society West Africa for 2019. The Wealth and Society Awards is a platform that “look for instances everywhere in the world where wealthy individuals, institutions and funds were targeted to make an impact in their local communities or the world at large”
Wealth and Society’s West African subsidiary held its 2019 awards ceremony at the Eko Hotels and Suites on the 25th of April 2019, in partnership with many private bankers, investors, and stakeholders of the finance sector in Nigeria. The SME Entrepreneur of the Year award is given to entrepreneurs who “create wealth in society and often require tailored financial solutions from SME banking units or alternative finance sources.” In the past few years in Nigeria, Odunayo’s PiggyVest can be said to have done that.
Nigeria has a young and steady growing middle class, and PiggyVest, formerly Piggybank, and one of the most common issues among this class has been a poor savings culture. With many commercial Nigerian banks focused on transactional banking, the savings culture created a problem that needed a solution. Piggyvest has created a platform that is fostering a savings culture among them. The tech platform engenders discipline; it assists users to automate their savings by transferring money using their debit cards from their traditional bank accounts to their digital accounts on the PiggyVest platforms, through pre-determined auto-save features.
Odunayo Eweniyi is co-founder and Chief Operations Officer at PiggyVest. Her young pioneering spirit has made her one of Nigeria’s top innovator, and head of one of the country’s biggest financial institution. A graduate of Covenant University, Nigeria, Odunayo proffers solutions to real challenges and she is passionate about making life easier for the Nigerian labor market.
According to Odunayo, the challenge for PiggyVest has been that Nigerians seemingly naturally have a distrust for tech. “Nigerians are mostly tech-adverse,” Odunayo told Ventures Africa in March in its Special Issue, “and so we try to convince them to trust more in tech; we are working a lot to make sure we can deliver on our promises so that our users can trust us.” Presently, the digital savings platform has more than 195,000 registered users monthly, while processing more than N1 billion every month. The platform added other features to its services this year, including an investment platform.
Other awards presented on the night include:
- The Best Asset/Fund Management Company in Wealthy and Society West Africa –Stanbic IBTC Pension Managers Limited
- The Best Private Banking Business in Wealthy and Society West Africa – Stanbic IBTC Asset Management Limited
- The Best Technology Product/Service in Wealth and Society West Africa – Bridge International Academies