Piggyvest, Nigeria’s leading savings and investment platform with over 5 million users, experienced a brief but disruptive app downtime earlier this morning, raising concerns among its user base. The fintech giant, known for offering competitive returns of 12%-22% on savings and investments, announced the issue on X at 09:05 AM WAT, stating that the downtime had been fully resolved and users could now log in successfully.
The outage, which began in the early hours, affected both the app and website, leaving many users unable to access their funds. Frustrated customers took to X to voice their concerns, with reports of login failures and network errors dominating conversations. One user posted at 07:54 AM, “Please I can’t access my app since this morning. The website isn’t working either. Is anyone else experiencing this??” Another reported login issues as early as 06:43 AM.
While Piggyvest swiftly resolved the downtime issue by mid-morning, a new wave of complaints emerged regarding the platform’s One-Time Password (OTP) delivery system. Several users reported not receiving OTPs necessary for withdrawals, with comments like, “I’m not getting OTP I can’t withdraw what’s the issue?” This echoes a recurring challenge for Piggyvest, which has faced OTP-related complaints since transitioning to email-based OTPs in 2020 to improve deliverability. Despite the platform’s use of 256-bit SSL encryption and claims of prioritizing user security, SMS reliability issues continue to frustrate customers.
Piggyvest responded to affected users, urging them to reach out via direct messages for assistance with withdrawals. At 09:31 AM, the company stated in a reply, “Hi. A DM has been sent to you ” However, the incident has drawn mixed reactions. While some users confirmed successful withdrawals post-resolution, others expressed frustration. One user lashed out, saying, “Your technical team are so Lazy! they have all night to fix this… that’s when they chose to frustrated and inflict Fears to people.”
This isn’t the first time Piggyvest has faced such challenges. A similar downtime in 2022 delayed withdrawals, highlighting ongoing technical hurdles for the fintech, which has paid out over ₦1.1 trillion ($1.42 billion) to customers since its launch in 2016. Despite these setbacks, Piggyvest remains a cornerstone of Nigeria’s digital finance movement, empowering millions to save and invest through user-centric features like fractional stock buying and educational content.
As the situation unfolds, users are watching closely to see how Piggyvest addresses the lingering OTP issues and ensures uninterrupted access to its services. The company has yet to release an official statement beyond its X posts but continues to engage with affected customers directly.
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