Business

Apples CEOs package has totaled over $963.5 million since 2011 – Nairametrics

The Financial Service sector has rapidly evolved in the last decade; with several viable startups springing up with innovations, most people never thought was possible. One of the notable startups, currently redefining the FinTech industry is PiggyVest. 

PiggyVest is the first online ‘savings and investment’ app in West Africa, with one mission to give everyone the power to better manage and grow their own finance 

For a company started by six young graduates, their success story is truly inspirational 

Today, Nairametrics profiles one of the brains behind this ethical startup company – Odunayo Eweniyi 

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Early years 

Born in Oyo statethe 27-year-old Odunayo spent her early years invested in reading books. She excelled with ease in all subjects at her primary and secondary schools. A feat not surprising, as she is daughter to two professor parents. 

Odunayo recalls that even though she wished to study Medicine and Surgery, she did not consider herself empathetic enough to thrive in the profession. She went on to study Computer Engineering at the prestigious Covenant University, graduating top of her class in 2013. 

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Finding her Co-Founders 

As an undergraduate, Odunayo had already taken an interest in Coding and Artificial Intelligence and expected to take further studies in it. However, this did not happen immediately, as she started with job-hunting after graduation.  

“The first thing that happened to me was that I went for a job interview, and I was asked to quote a salary and I did. When the offer would come back, the salary they offered was 80% lower than what I expected, so I rejected it, she recalled. 

Subsequently, she teamed up with a couple of friends from her university days, and they came up with the idea of PushCV. Recounting the decision to team up with them, Odunayo says,  

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We all were amazing engineers in schoolSomto once built a miniature airplane, so I was pretty confident that a joint venture with them would produce amazing results. 

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The other team members were already working on a discount card startup called Parolz, and she joined them to work on this for some months, while simultaneously still jobhunting with Oluwafemiand Somto was working on something called CV Flash, to help people who couldn’t write CVs properly or did so with terrible English. 

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Odunayo became a Co-founder at CVFlash, helping to write the CVs for clients. She was also writing for TechCabalZikoko, and later worked as Editor of TechPoint AfricaAll of the income from these jobs kept her going, and was also being channeled into getting the startup off the ground.  

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Soon enough, PushCV came to the forefront of their interests, when clients started requesting that they help them ‘push’ their CVs to employers. The friends decided to collapse Parolz, and concentrate their energies on the startup raving with the most attention from users 

To differentiate PushCV from others, they started pre-screening candidates, so that only the best candidates would be sent to employers. Their activities attracted attention, and by August 2014, they got their first investment from Olumide Soyombo’s Leadpath Nigeria – an office space in Yaba, and a cheque for $25,000 

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How Piggybank was conceived 

By the end of December 2015, the team came across a tweet from a lady, about how she had saved N365,000 by putting N1000 in a wooden piggy bank daily. They decided then, that finding a way to digitize the concept would help salary earners save towards their financial goals.  

They launched Piggybank.ng on the 7th of January 2016, as a ‘savings-only’ platform, and the fully tested version was ready for public use by April 2016. Gradually, the brand grew by user-recommendations and testimonialsThese free adverts were a testament to the team, that they were helping with a real need in our society. 

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Three years later, in April 2019, they rebranded to PiggyVestand started offering direct investment opportunities to users, allowing them to combine discipline plus flexibility to grow their savings and investments. 

Users can now use the Quarterly savings options, save towards financial targets, or lock funds away. They can also take advantage of investment opportunities on the platform. The company currently serves 350,000 users, helping them save and invest combine billions of Naira every month, that they would probably be tempted to badly spend.” 

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Not a roller-coaster experience 

About her several experiences as co-founder, Odunayo said 

“The journey was full of self-doubt, and it took a toll on my self-esteem. The first thing I learnt was that I had to be adaptable, people don’t give you money then use your own For the first two years of running the company, I had to work a side jobwith the entire proceeds invested into running the start-up. 

The team was made up of six-persons at start-up, although only three people are listed as Co-Founders – Odunayo Eweniyi, Joshua Chibueze, and Somto Ifezue. Each person on the team had their specialty and strength, so it was easy to assign responsibilities. There was no accountant in the team, so they managed their finances themselves, noting that there were months, when they could not even pay themselves. 

Further education, honours, and recognitions 

Odunayo got certified in Full Stack Web Development (Computer Software Engineering) in 2018, as well as an online certification from the Harvard Business SchoolOdunayo is also CISCO certified. The Oyo-born tech founder says that she has intentions of furthering her education. According to her LinkedIn profile, she is currently undergoing a Master degree in Finance (banking) at the SOAS University of London  

“I draw inspiration from my family. They believe in me so much, that it is hard for me not to believe in myself. she said in an interview 

In 2019, Odunayo Eweniyi was named one of Forbes Africa 30 under 30 – Technology, and one of 30 Quartz Africa Innovators. In the same yearshe was named SME Entrepreneur of the Year West Africa, by The Asian Banker’s Wealth and Society, and is listed on Forbes Africa list of 20 New Wealth Creators in Africa 2019. 

She sits on boards like thAdvisory board of TrainFuture in Switzerland, the Gender Lens Acceleration Best Practices Initiative – a collaborative effort of Village Capital US, and the International Finance Corporation’s, Women Entrepreneurs Finance Initiative (IFC-WeFi). 

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