PiggyVest Powers ₦2.6 Trillion Savings Boom as Omegapro Scammers Face Prison

Nigeria’s leading digital savings platform, PiggyVest, has crossed a major milestone, announcing it has paid out more than ₦2.6 trillion to its users. The company also revealed it now serves nearly 7 million savers, who are collectively tucking away an average of ₦47,000 every second, reinforcing PiggyVest’s position at the heart of Nigeria’s growing digital finance sector.

The company made the disclosure in its mid-year update to users, where it also addressed recent service disruptions. PiggyVest acknowledged the issues and assured users of ongoing improvements to ensure better platform stability and user experience.

Beyond its financial achievements, PiggyVest highlighted its broader community efforts, including OpenHouse events that have attracted thousands of participants nationwide. These events aim to boost financial literacy and advance the company’s mission of driving financial inclusion, particularly among Nigeria’s underserved populations.

While PiggyVest continues to make strides in building trust and transparency in fintech, the sector globally faces renewed scrutiny following the indictment of two former executives of the now-defunct forex and crypto platform, Omegapro.

According to U.S. federal prosecutors, Michael Shannon Sims and Juan Carlos Reynoso, founders of Omegapro, are facing charges of conspiracy to commit wire fraud and money laundering, with potential prison sentences of up to 20 years each. Authorities allege the pair orchestrated a Ponzi-style scheme that defrauded investors of more than $650 million, spanning 160 countries, including Nigeria.

Prosecutors described the Omegapro operation as a “classic case of hype, deception, and high-tech swindling,” using flashy marketing and false promises of guaranteed returns to lure unsuspecting investors into the fraudulent scheme.

The stark contrast between the downfall of Omegapro and the continued rise of platforms like PiggyVest underscores the importance of regulatory oversight, user education, and ethical leadership in the fintech industry.

As Nigeria’s digital financial services sector evolves, PiggyVest’s growth story demonstrates the potential of fintech platforms to deliver real economic value — one saver at a time.