Young Nigerians are full of drive.
But energy alone isn’t a financial plan.
In today’s Nigerian economy, most people aren’t thinking about retirement portfolios or long-term investment strategies.
They’re just trying to stay afloat — juggling unstable income, rising costs, and short-term demands that make it hard to plan beyond the next transfer alert.
This isn’t just a personal struggle, but an economic challenge. Because when millions of people are stuck in survival mode, national progress stalls.
The fintech sector has done its part. Tools from PiggyVest, Cowrywise, Kuda, and Opay now help users auto-save, track expenses, lock funds, and manage money. As of early 2025, Nigeria has over 430 fintech startups, with the majority focusing on payments and neobanking. These apps have widened access in ways banks never could. But usage doesn’t equal transformation.
NIBSS reports over 311.6 million active bank accounts in Nigeria. Yet as of January 2025, only 64.8 million Nigerians had Bank Verification Numbers. That means many are opening accounts but not necessarily building financial muscle with them. Insurance, pensions, and long-term investing remain largely out of reach.
The 2025 Nigeria FinTech Survey by Column gathered responses from over 1,126 Nigerians aged 18–44. Results showed that people want to plan, but reality often gets in the way. 96% believe everyone should have savings and spending targets. 69% set savings targets each month. 57.2% say they keep a budget or expense plan. Yet 36.9% don’t track their spending at all.
However, most people still trust traditional banks when it comes to saving. About 79.3% keep their money in a bank account, while fintech apps are gaining ground with 23.4%.
There’s intention, but not always execution. Inflation, job instability, and low financial confidence sabotage the best-laid plans.
PiggyVest’s 2024 report echoes this: 65% of its 10,000+ respondents earned less than N100,000/month or had no steady income at all. Of those with a monthly income, a little more than 7 in 10 said they rely on only one income stream. Food & groceries (83%) and transport (48%) are the top two expenses Nigerians grapple with. 46% are saddled with Black Tax, and 43% do not save at all each month. 64% don’t have funds set aside for emergencies each month.
That’s not just a wage issue, but a planning crisis. When you’re unsure what you’ll earn or what prices will be, building for the future feels impossible.
And inflation worsens it. With prices fluctuating daily, many Nigerians feel that budgeting is a matter of guesswork, especially when they lack full financial visibility. 75.2% of our survey respondents said they want to see all their financial activity in one place. But most banking apps aren’t built for that kind of unified visibility, and open banking isn’t widely enabled in Nigeria yet.
So what needs to change?
Fintech apps need to make saving and budgeting feel doable, even for people earning irregular income. Tools should be simple, mobile-first, and able to track in the background. Think less like Excel sheets and more like a daily check-in. Nudges. Goal tracking. Embedded automation. And partnerships — with retailers, schools, employers — to help people link savings to real-world spending goals.
Policy also matters. The government can encourage open banking, securely allowing users to view all accounts in one place, like in the UK. And it can improve access by working with telcos to lower data costs or subsidize financial tools through national programs. Nigeria already has digital finance guidelines. Now it needs broader implementation and stronger enforcement. The goal isn’t more dashboards. It’s a better decision.
That’s what true financial progress looks like: tools, policies, and habits that help people feel in control. Because if most Nigerians are building their lives one day at a time, our systems must meet them where they are and help them move forward.
Mo Shehu is the founder and CEO of Column, helping leaders turn complex topics into clear insights. He works with clients in tech, healthcare, and policy. He lives in the UK.
