Younger Nigerians are stuffed with drive.
However power alone isn’t a {financial} plan.
In immediately’s Nigerian financial system, most individuals aren’t interested by retirement portfolios or long-term funding methods.
They’re simply making an attempt to remain afloat — juggling unstable revenue, rising prices, and short-term calls for that make it onerous to plan past the following switch alert.
This isn’t only a private wrestle, however an {economic} problem. As a result of when tens of millions of persons are caught in survival mode, nationwide progress stalls.
The fintech sector has performed its half. Instruments from PiggyVest, Cowrywise, Kuda, and Opay now assist customers auto-save, observe bills, lock funds, and handle cash. As of early 2025, Nigeria has over 430 fintech startups, with the bulk specializing in funds and neobanking. These apps have widened entry in methods banks by no means might. However utilization doesn’t equal transformation.
NIBSS studies over 311.6 million lively {bank} accounts in Nigeria. But as of January 2025, solely 64.8 million Nigerians had {Bank} Verification Numbers. Which means many are opening accounts however not essentially constructing {financial} muscle with them. Insurance coverage, pensions, and long-term investing stay largely out of attain.
The 2025 Nigeria FinTech Survey by Column gathered responses from over 1,126 Nigerians aged 18–44. Outcomes confirmed that folks need to plan, however actuality typically will get in the best way. 96% imagine everybody ought to have financial savings and spending targets. 69% set financial savings targets every month. 57.2% say they preserve a finances or expense plan. But 36.9% don’t observe their spending in any respect.
Nonetheless, most individuals nonetheless belief conventional banks with regards to saving. About 79.3% preserve their cash in a {bank account}, whereas fintech apps are gaining floor with 23.4%.
There’s intention, however not at all times 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 lower than N100,000/month or had no regular revenue in any respect. Of these with a month-to-month revenue, somewhat greater than 7 in 10 stated they depend on just one revenue stream. Meals & groceries (83%) and transport (48%) are the highest two bills Nigerians grapple with. 46% are saddled with Black Tax, and 43% don’t save in any respect every month. 64% don’t have funds put aside for emergencies every month.
That’s not only a wage problem, however a planning disaster. If you’re uncertain what you’ll earn or what costs might be, constructing for the longer term feels not possible.
And inflation worsens it. With costs fluctuating day by day, many Nigerians really feel that budgeting is a matter of guesswork, particularly once they lack full {financial} visibility. 75.2% of our survey respondents stated they need to see all their {financial} exercise in a single place. However most banking apps aren’t constructed for that sort of unified visibility, and open banking isn’t broadly enabled in Nigeria but.
Fintech apps must make saving and budgeting really feel doable, even for folks incomes irregular revenue. Instruments needs to be easy, mobile-first, and capable of observe within the background. Assume much less like Excel sheets and extra like a day by day check-in. Nudges. Purpose monitoring. Embedded automation. And partnerships — with retailers, faculties, employers — to assist folks hyperlink financial savings to real-world spending targets.
Coverage additionally issues. The federal government can encourage open banking, securely permitting customers to view all accounts in a single place, like within the UK. And it may enhance entry by working with telcos to decrease information prices or subsidize {financial} instruments by way of nationwide applications. Nigeria already has digital finance pointers. Now it wants broader implementation and stronger enforcement. The objective isn’t extra dashboards. It’s a greater determination.
That’s what true {financial} progress appears to be like like: instruments, insurance policies, and habits that assist folks really feel in management. As a result of if most Nigerians are constructing their lives in the future at a time, our methods should meet them the place they’re and assist them transfer ahead.
Mo Shehu is the founder and CEO of Column, serving to leaders flip advanced matters into clear insights. He works with purchasers in tech, healthcare, and coverage. He lives within the UK.
