Abstract

The case discusses how Odunayo Eweniyi , a tech entrepreneur, built a savings culture in Nigeria through PiggyVest, a standalone online savings and investment platform that enabled users to invest their savings with the potential for higher interest rates compared to a traditional savings account. Using advanced digital technologies and mobile solutions, PiggyVest democratized financial services for millennials and Gen Z users in Nigeria. With PiggyVest, customers could deposit as little as US$1 a day into their account whilst accruing about 6% interest per annum on automated savings. By investing in PiggyVest, users could maintain savings discipline and use their savings to accomplish personal goals. Its user base grew from 450 users in 2017 to 7 million users in April 2023. Besides being an entrepreneur, Eweniyi was also a human rights activist who supported women’s empowerment and representation. In order to champion equality of women in Nigerian society, she launched two non-profits along with other female activists. She also co-founded FirstCheck Africa in 2021, a female focused angel fund for African women. As PiggyVest continued to grow, some of the challenges Eweniyi and her team could encounter going forward were lack of regulations in the fintech sector, attracting and retaining customers, building customer trust, acquiring the right talent, raising funds, and reaching scale and profitability.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Understand the need for a savings and investments culture
• Evaluate different entrepreneurial styles and their outcomes.
• Analyze the role played by Eweniyi in promoting a savings & investments culture amongst Nigerian youth
• Identify the challenges faced by a women entrepreneur
• Explore strategies that Eweniyi can adopt in the future for enabling financial inclusion in Nigeria

Keywords

Fintech; Women Entrepreneur; Financial Inclusion; Savings culture; Innovative Entrepreneur; Women Empowerment; Women in Business; Leadership; PiggyVest; Value Proposition