Nigeria fin-tech startup, Piggyvest earlier this week has introduced another new tool- FlexDollars to its saving platform
Like the traditional domiciliary accounts, PiggyVestors (herein referring to investors on the platform) will now be able to save their money in foreign currency on the platform. The tool that is officially referred to as FlexDollars was first introduced sometimes at the beginning of this week, and it is aimed to protect Piggyvestors money from devaluation.
Currently, the new tool only accommodates the United States Dollars (USD) for a start, although it is not clear whether the company will enable savings in other foreign currencies in the nearest future.
Now when you log into your Piggyvest account, you would come across the tool, and once clicked, it will take you to a new section that suggests that you can ‘save’, ‘invest’, and ‘transfer’ in dollars. Also, there is an option, Buy Dollars that allows you to make a purchase of the foreign currency, although at a price rate that is not fixed.
To make a purchase, Piggyvestors will be required to input the desired amount and thereafter made to chose a preferred source of funding which includes bank cards, or piggyflex wallet. Once purchased, PiggyVestors can enjoy a certain percentage (which currently stands at 7.0%) of interest on any saved amount.
While this seems to be a lucrative idea from the financial platform, it is happening amidst the time that a fall in the value of Naira is been envisaged. In other words, this could also imply that the fintech platform has seen a potential opportunity and have chosen to maximize it. However, what still bothers is whether Piggyvestors get to enjoy the benefits that come with the differences in parallel price valuation on either currency.
Meanwhile, you can share your opinion on the ideology of saving money in a domiciliary account.