Nigeria’s Piggybank.ng raises $1.1M, announces group investment product

INSUBCONTINENT EXCLUSIVE:
There are no upfront fees.Savers earn interest rates of between 6 to 10 percent, depending on the type and duration of investment,
The startup generates returns for small-scale savers (primarily) through investment in Nigerian government securities, such as bonds and
The venture also looks to meet a demand in Nigeria for accessible investment options, citing a survey they conducted indicating that as a
African countries (Kenya in particular) but could not offer exact details.Groups will be able to choose savings options and goals through
The company is in the process of acquiring a micro-finance banking license, something LeadPath Nigeria founder Olumide Soyombo confirmed on
a call with TechCrunch
the platform
accounts with cash.While digital payments products have caught on in certain parts of Africa, E-Trade type citizen investment platforms have