Current Features Available On Piggyvest
- Personal/Group Target Savings: This challenge caters for savings towards a specific goal (individual or group) with a juicy interest rate of 9% per annum.
- Safelock: This is locking up funds for a specific period of time, with an interest rate of up to 13% per annum.
- Piggybank: This is a strict saving feature at an interval (daily, weekly or monthly) specific amount is saved at intervals automatically.
- Flex Naira: This is a feature where the user does not need to lock funds to gain an interest, as it allows for various withdrawals at earning an interest rate of up to 8% per annum.
- Flex Dollar: This is exactly just like the Flex Naira, but the currency here is the USD. This came up as several customers intended to just save funds in USD which they could also have access to at any time, and gain up to 7% per annum.
I am proposing a new personal/group savings feature “AJO”.
This is bringing the local thrift “AJO” into the digital space. This is a scheme where individuals (friends or colleagues) come together and agree to “save” money together; each person contributes an equal amount into a “pot” and members take turns in receiving all the value in the pot at each turn).
This would increase engagements from existing users and also onboard new users who do not currently utilize the Piggyvest platform as they would be required to sign up to the Piggyvest app before proceeding to the AJO feature.
From this AJO scheme, Piggyvest would gain an increase in users, deposit increase. Users would be making a deposit as the AJO cycle goes on till the final user’s turn is successfully completed.
Feature Validation
We would make use of the users interview/survey as a means of validating the feature idea.
This would include the following questions which would enable us to validate our ideas through the collated responses.
- Piggyvest is introducing a feature “AJO” (The product is a refined version of the traditional “AJO” scheme where individuals come together and agree to “save” money together; each person contributes an equal amount into a “pot” and members take turns in receiving all the value in the pot at each turn).
- Would you be willing to utilize this product when launched? User to also provide a reason.
- With whom would you use the product (Friends, Family, Colleagues, Partner, Other)
Success Measurement Metrics
Feature success would be measured using the following metrics:
- New Users Acquired (NUA): This is the count of new users acquired through the “AJO” feature. As every user who creates the AJO scheme can invite up to 11 users to participate (Existing/New users). With this 1 user can add up to 11 new users.