One of Nigeria’s leading payment platforms, Piggyvest, has rolled out PocketApp account numbers to users. According to the company, the feature aims to streamline payment transactions and reduce associated errors.

The introduction of PocketApp account numbers enables users to fund their Piggyvest wallets directly, eliminating the need for a third-party intermediary. Piggyvest said the app is its own bank with a direct connection where users can now withdraw directly to their PocketApp and transfer to other financial institutions of their choice. 

At the official launch on Tuesday, Co-founder and COO, Odunayo Eweniyi, explained that with PocketApp, Piggyvest now has a direct connection with the Nigeria Inter-Bank Settlement System Plc (NIBSS). 

“Now you can think of PocketApp like PiggyVest’s own bank. All PiggyVest users now have PocketApp account numbers linked to their FlexNaira and to their house money wallets for faster funding,” she added.

The partnership enables the company to process customers’ withdrawals without needing a third party. As such, it allows PiggyVest to be independent of middlemen such as Flutterwave, Paystack and other payment processors.

With the new development, users can now use the PocketApp account numbers to send funds directly to their FlexNaira and House Money wallets. It also comes with transferring money to other external accounts in a seamless process. 

Users have previously experienced technical issues with withdrawing from their accounts to another bank account. In such situations, funds get stalled, making customers wait for hours or days to get resolved and credited. 

With PiggyVest securing a direct link with NIBSS, users can now withdraw directly to their PocketApp and transfer to other financial institutions of their choice. They can also fund their accounts directly from the PocketApp wallet. 

Also Read: ‘We’ve fixed withdrawal issues with PocketApp’ – Piggyvest.

How to generate your PocketApp account number

Notably, the PocketApp account number on Piggyvest is available for the FlexNaira and House Money sections. And to use a PocketApp, you must have a Piggyvest account.

To generate your PocketApp account number, follow the process below:

Step 1: Log in to your Piggyvest account 

Step 2: Go to “Add Money” at the FlexNaira or House Money box on your dashboard.

Step 3: Select “Create New Account” or “Claim your account number”.

Step 4: Scroll or select “Pocket App” as your preferred bank.

Step 5: Click on “Create Nubank”

After successful confirmation, you’ll receive a 10-digit account number designated to your PocketApp. 

Also, your PocketApp account number is visible at the top right-hand corner of your FlexNaira and House Money dashboard.

What the new feature means

Previously, Piggyvest has been working with payment partners to provide the virtual account numbers users used in funding their Flex Naira and HouseMoney wallets. When the third parties experience downtimes, deposits and withdrawals made by users also suffer delays. 

With PocketApp, the fintech’s payment infrastructure, users now enjoy seamless and faster inflow and outflow transactions. It helps the company to completely eradicate reliance on third parties to manage the end-to-end process.

Also, the company is now in full control of its services. Meaning that if issues arise, it can fix them from its backend without relying on or waiting for third parties. Like other traditional banks, Piggyvest is also directly connected to NIBSS and places itself in control of disbursing payments.

“PocketApp is connected directly to NIBSS, meaning PocketApp account numbers are now in NIBSS. When we say there’s downtime, it’s supposedly due to maybe NIBSS only. So even if there is an issue from PiggyVest’s end, our engineering team will directly resolve it,” Director of Payments, Ibukun Akinola, said in its September OpenHouse Event in Ibadan.

For users, it ushers in an expected avenue where they can easily make payments and transfer money without any fear of glitches.