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The short answer
A PiggyVest Target is a savings goal you create under Savings > Target, choosing Personal, Public Group or Private Group, then naming the goal, a category and an amount. Interest accrues daily and is paid at the end; breaking a Target early forfeits the accrued interest and costs a 1% fee, while missing the amount at maturity loses only the interest.
Targets are PiggyVest’s goal-based savings: one pot for one purpose, with a finish line. They suit things with a price and a date, such as a laptop, a wedding contribution, a relocation fund or a deposit on a shop. The group versions add a social element, so friends, colleagues or family can save toward goals together. This guide explains how each type works, based on PiggyVest’s FAQ as read in October 2026, and where the rules can catch you out.
The three kinds of Target
| Type | Who can see and join | Typical use |
|---|---|---|
| Personal | Only you | Your own goal, such as a phone, rent top-up or course fee |
| Private Group | People you invite | Colleagues or friends saving for the same thing, such as a trip |
| Public Group | Open to other users who find it | Savings challenges with strangers, for motivation |
The FAQ frames group Targets as a challenge: you can “invite friends and make it a fun challenge” to reach your goals. It does not describe a shared pot where one person can spend everyone’s money, and you should not assume one. Read the group screen in the app to see exactly how contributions and balances are shown before you join.
Setting up a Target, step by step
- Log in and open Savings, then Target.
- Choose Personal, Public Group or Private Group.
- Enter what you are saving for and choose a category.
- Set the amount and fill in the remaining fields the app asks for, such as the end date and how often you will save.
- Fund it from the sources the app offers. PiggyVest’s FAQ lists Nigerian Mastercard, Visa and Verve cards and bank transfer to your Flex Naira account number as ways to bring money in; international cards are not accepted.
- For a Private Group, send the invitation to the people you want to join.
Interest, and what cancels it
The FAQ says Target interest is accrued daily, shown on the Target dashboard and paid at the end of the Target. The rate is set by PiggyVest and shown in the app; we do not quote it because it changes. Three outcomes are possible at the end:
- You hit the amount by the maturity date: you keep the savings and the interest.
- You miss the amount by the maturity date: you keep your savings but lose the interest.
- You break the Target early: you lose the accrued interest and pay a 1% processing fee.
The FAQ also says a locked Target cannot be broken at all: “funds can only be accessed at the maturity date”. If you choose to lock a Target, treat it like an upfront Safelock.
Worked example: breaking early versus missing the target
Example only. Tunde sets a ₦600,000 Target for a laptop over six months. After four months he has saved ₦400,000 and the dashboard shows ₦11,000 of accrued interest.
- If he breaks now
- Loses the ₦11,000 interest and pays 1% of ₦400,000 = ₦4,000; receives ₦396,000
- If he waits and ends at ₦400,000
- Misses the amount, loses the interest, but pays no fee; receives ₦400,000 at maturity
- If he tops up to ₦600,000
- Keeps the savings plus whatever interest has accrued by maturity
This assumes the fee is charged on the balance withdrawn; the app shows the exact deduction before you confirm. Waiting two months costs him nothing extra, while breaking costs ₦4,000 on top of the lost interest.
Withdrawing at the end
When you break or complete a Target, the FAQ says funds go to your Flex Naira wallet. From there, withdrawals to your bank are free, from ₦2,000, once every 10 hours, and only to a bank account in your own name; PiggyVest’s terms say bank transfers are generally completed within two business days. Plan for that last step if the money has to reach a seller on a fixed day.
Group Targets: practical rules for organisers
- Agree the goal, amount and date in writing in the group chat before creating the Target.
- Decide what happens if someone stops contributing; PiggyVest’s rules apply per saver, not per group.
- Remember that each member withdraws to their own account; the app is not a way to collect money for one person.
- For a collective purchase, nominate who pays the seller and how members will transfer their share at the end.
- If your group is really an ajo or esusu rotation, compare the models in ajo, esusu and thrift versus a savings app.
Where Pryme fits
On Pryme, the equivalent of a solo Target is a dedicated Naira Savings Box for each goal; our piece on why separate savings pots work explains the idea. Personal Account customers can also set up a Personal Assistant to prepare reminders and transfers into a Box; nothing moves without approval. For the cost of breaking other PiggyVest products, see withdrawal days and Safelock breaks.
Questions people ask
Can I break my PiggyVest Target before the end date?
Yes, unless it is locked. Breaking early loses the accrued interest and costs a 1% processing fee, according to the FAQ. Locked Targets can only be accessed at maturity.
What happens if I do not reach my target amount?
You keep your savings but lose the interest, according to PiggyVest’s FAQ. No fee is mentioned for missing the amount.
How do I invite friends to a PiggyVest group target?
Create a Private Group Target under Savings > Target, then send invitations to the people you want to join.
When is Target interest paid?
At the end of the Target. It accrues daily and shows on the Target dashboard in the meantime.
Sources
- PiggyVest FAQ · accessed Oct 2026
- PiggyVest Terms of Use (updated 25 Jul 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.