Fintech leaders have revealed why Nigerians struggle to save despite high transaction volumes.
The leaders gathered at the Landmark Event Centre on March 18, 2026, for the Nairametrics Money Fair (WISE 1.0) to deconstruct the psychological and structural barriers preventing Nigerians from building sustainable savings.
During a panel titled “The Psychology of Savings: Mindset, Discipline and Behavioural Change,” speakers argued that the struggle to save is rarely due to a lack of desire, but rather a misalignment between volatile income cycles and traditional banking structures.
What they are saying
Adrian Agho, Vice President of User Experience at Moniepoint Inc, highlighted that with 80% of Nigerians employed in the informal sector, income is often daily and unpredictable.
He said that for the pepper seller or the barber, money that arrives daily is frequently consumed by immediate needs like rising transportation costs before it can be tucked away.
- “It’s easier for this money to sleep away because your money is coming in daily, expenses are coming in daily, and at the end of the day, you will notice that at the end of the month, you really did not actually put anything away.”
- “If we want our people to save, savings need to be as frequent as their earnings,” Agho explained.
To bridge the discipline gap, he advocated for a “carrots and sticks” approach.
- “Carrots [are] telling them the big vision… that they can get certain interest. Then we look at the sticks, if you want to break your savings plan, there are penalties for it. This helps with the discipline problems we have seen.”
Get up to speed
Addressing the transition from basic savings to wealth creation, Chika Obi of First Ally Asset Management noted that while Nigerians have a deep-seated culture of setting money aside, many fail to make that money work for them.
She urged Nigerians to move beyond stagnant bank balances into money market funds, which offer an accessible entry point.
- “You don’t have to have a lot of money to start investing. You can start where you are with what you have,” Obi said, noting that platforms like the My Investor app allow users to begin with as little as N3,000 to N5,000.
Obi emphasized that automation is the ultimate cure for forgetfulness.
- “It takes away the burden of having to remember on a daily basis… You can automate based on your own unique situation.”
Margaret Banasko, Head of Marketing at FairMoney, challenged the idea that consumers are strictly either “borrowers” or “savers.”
She argued that most Nigerians are multi-faceted, often moving between debt and surplus within a single month.
- “People are not necessarily grouped into clean pockets,” Banasko stated. She explained that FairMoney identifies “windows of opportunity” such as the moment a loan is fully repaid, to introduce credit-dependent users to investment products.
- “Somebody comes to borrow, and we see they have repaid… this means they potentially have more disposable income. We then start to speak to them about savings products that allow them to watch that money earn interest,” she added.
More insights
The session concluded with a warning about the ease of digital transfers.
While technology has made saving easier, it has also made “micro-spending” seamless. The panel agreed that without structured, automated barriers, the convenience of “transferring for mangoes on the street” can quickly deplete a user’s financial future before the month even ends.
Addressing the elephant in the room—soaring inflation—Somtochukwu Ifezue, CEO of Piggyvest, argued that Nigeria’s “pay-upfront” culture makes saving an absolute necessity regardless of the economic climate.
- “In Nigeria, we don’t have monthly rent payments; it’s annual. You actually don’t have a choice but to gradually put your house rent together, no matter the inflation rate,” Ifezue stated.
He noted that because Nigeria is not yet a credit-led economy, major life milestones require bulk cash.
- “Saving in this part of the world is not an option; it’s actually a need because we’re a developing economy. Saving is constant.”
What you should know
Earlier at the Nairametrics Money Fair (WISE 1.0), Chief Financial Officer at Kora, Ayodeji Solomon Osisami, outlined key factors investors must consider before committing funds to Nigeria’s fast-growing fintech sector, warning that not all startups will succeed despite the industry’s rapid expansion.
Osisami said that while the fintech sector has attracted significant funding and increased competition, investors must be deliberate in their decision-making.
He identified the founding team as the most important factor in any fintech investment.
