PiggyVest has announced that it has resolved a technical issue that temporarily affected users' Flex Naira and Dollar balances, following widespread panic among customers who woke up to discover substantial sums missing from their accounts.
In an official statement released on social media, the popular Nigerian savings platform acknowledged the incident, stating: "We experienced a technical issue earlier this morning that temporarily affected some users' Flex Naira & Dollar balances. We can now confirm that this has been resolved."
The company also offered an apology to affected customers: "We acknowledge that this falls below our standards and we sincerely apologise for the inconvenience. Rest assured, your funds remain safe and secure with Piggyvest."
Widespread Panic Among Users
Earlier, numerous PiggyVest users across Nigeria had reported alarming discoveries of missing funds from their Flex Naira accounts, with some claiming losses of over one million naira. The situation caused significant distress as users noted there were no withdrawal records or transaction notifications to explain the disappearances.
One user, Victor Egboka, had reported on Twitter that 1.2 million naira vanished from his account around 3 AM without any trace or notification. Another customer shared her distress about losing money she had saved for an educational course, while yet another reported watching their balance drop from 348,000 naira to just 3,000 naira without explanation.
The Flex Naira feature, one of PiggyVest's most popular offerings, allows users to save and withdraw funds flexibly while earning up to 12% interest annually. Unlike other savings plans on the platform that have lock-in periods, Flex Naira provides immediate access to funds, making the incident particularly concerning for users who rely on the account for daily transactions and emergency funds.
Trust and Reputation at Stake
The incident raised serious questions about the security and reliability of digital savings platforms in Nigeria. PiggyVest, founded in 2016, has built its reputation on providing secure savings and investment options for Nigerians, with features specifically designed to encourage disciplined financial habits.
While the company has now confirmed the issue was technical in nature and has been resolved, the incident highlights the vulnerability of digital financial services and the importance of swift communication during such crises.
Financial technology experts note that maintaining customer trust is paramount for fintech companies, particularly those handling people's savings. The speed of resolution and transparency in communication will likely be crucial factors in how this incident affects PiggyVest's reputation moving forward.
PiggyVest has assured users that despite the technical glitch, all funds remain safe and secure on the platform. Users who may still be experiencing issues are advised to contact the company's customer service directly.
