The popular savings app, PiggyBank Nigeria has re-branded its service by giving it a new name called PiggyVest. However, will the name ring the bell the way PiggyBank does? It’s a question we will need to wait and see.
Change happens, especially where there is potential for growth, and I am happy that PiggyBank not only recognises potential for growth but has experienced serious growth since its launch in 2016.
Easily one of my favourite Nigerian startups, alongside PayLater, CowryWise, and a few others, the PiggyBank team say users saved “well over one billion naira” in January 2019 alone. That is an amazing feat.
It is one of the Nigerian apps that have ramped up solid download numbers and active users.
Why The Name PiggyVest?
The app is expanding and restrategizing to add new investment opportunities to its portfolio, hence the new name, PiggyVest.
I thought I would wait to see the response of users to the name before cranking out my blog post, and indeed my suspicion was confirmed – that new name isn’t going down well with many users.
It isn’t sitting well with me either. “PiggyBank” is just so darned classic and speaks for itself. Everyone knows what a piggy bank is. But PiggyVest? I keep thinking of men’s underwear. Don’t judge me.
Nobody is going to stop using the app because of the name change, but I wonder if the classic PiggyBank name didn’t help with user adoption in the years gone by.
The new name notwithstanding, this is one of the most well thought out products to come out of Nigeria’s digital technology space and I look forward to more years of growth and success.
As at the time of this post, the app still bears the old PiggyBank branding. Can we say a prayer to the gods of African startups to beseech them to keep the old name? A bottle of SeaMan’s Schnapps, some kolanut, palm oil and red pepper, and a quick trip to the shrine by the river just might make a difference.
Where that – and all else – fails, we are stuck with PiggyVest. Hian.
The PiggyBank Nigeria team say they are pretty sure that the new name will grow on us. I am betting that it won’t. I just can’t stop thinking of men’s undergarment when I see the word “PiggyVest”.
As one user has alluded to, the app will likely join the list of Nigerian services that effected a name change but users refused to adopt the new name. We all remember and still say NEPA even though there is a new name.
So, for me and many others, PiggyBank it is for life. Once a Piggy Bank, always a Piggy Bank.