Nigerian digital savings and investment platform, PiggyVest, has just unveiled a new dollar investment service feature for its users.
Dubbed the Flex Dollar, the new feature lets users invest in the U.S. dollar. This is to help users diversify their investment portfolio and potentially grow their money even further.
A fixed interest feature for PiggyVest users, with Dollar Flex customers, can save their money in dollars, transfer or withdraw in dollars while having the option to transfer their money back to Naira.
Dollar Flex also lets users have high returns when they leave the money in their Dollar wallet.
Although several investment options already exist by the startup since its restructure earlier this year but this is quite impressive.
The U.S. dollar is one of the strongest currencies in the world and is the most traded currency in the foreign exchange market. In recent years the U.S. economy has been expanding, placing the dollar at a favourable rank. Hence making the dollar a good venture to invest in.
And as such PiggyVest Dollar Flex appears to be another attractive investment option by the startup. The feature promises an annual interest rate of 7%.
Users get to buy the dollar at N363 per dollar and there seems to be no limit to the amount users can buy.
Interestingly too, the feature offers no hidden charges as there are no fees to set up the account, fund it, make transfers or withdrawals.
The new feature is available from within the PiggyVest app. Users only need to open their app (update it if they haven’t), click on the “Flex Dollar” option, fund their wallet and they can begin investing right away.
And despite being recently launched, users are already loving the feature saying it has democratized dollar-buying.
While it started out as just a savings platform 3 years go, PiggyVest has for a while now added quite a number of new features.
The app now lets users invest in a host of opportunities – Agriculture, Transportation and Real Estate.
The startup recently launched a dedicated bank account number, Flex Account Number, for users to carry out transactions.