Amid rising inflation, financial experts and stakeholders have underscored the role of savings and access to credit in ensuring financial stability for Nigerians.

Co-founder of Piggyvest, Odunayo Eweniyi, emphasised the necessity of saving despite the economic challenges. She explained that while inflation and rising costs make saving difficult, it remains essential for Nigerians, who rely on upfront cash payments for major expenses.

“If you don’t save, what is the alternative? Our payments in Nigeria are done in bulk and upfront. So, regardless of inflation or increasing expenses, putting money aside remains a necessity for everyone,” she said.

She spoke at the Piggyvest Finance Roundtable in Lagos, yesterday, on the heels of the release of Piggyvest’s second yearly savings report, which explored the financial behaviours of 10,000 Nigerians.

Eweniyi acknowledged that for those struggling to meet basic needs, saving is often unrealistic, while stressing the importance of government intervention in providing access to credit, particularly for low-income earners.

“When people cannot put food on their table, they cannot save. This is where government-backed credit initiatives become crucial,” she noted. The co-founder pointed out that while fintech companies offer financial solutions, their interest rates were often too high for many Nigerians.

Instead, government-backed credit facilities with affordable rates are needed to help individuals and small businesses become financially stable enough to consider savings and investments, she added.

Eweniyi harped on the importance of financial education in ensuring savings are not only preserved but also effectively utilised, while encouraging Nigerians to take advantage of financial apps and investment platforms that offer tailored savings plans, ensuring their money works for them in the long term.

Chief Executive Officer of Piggyvest, Somto Ifezue, noted that while prices remain high, they have started stabilising, crediting recent government policies, including subsidy removals and exchange rate adjustments, as contributory factors to the stabilisation.

Speaking on ‘The gender angle – Closing the financial gap’, Commercial Manager, Travelstart, Bukky Akomolafe, observed that women fall back on the workplace due to gender-specific life choices that make them sacrifice some aspects of their career, such as childbearing.

Founder, Splice, Layo Ogunbanwo, acknowledged biases that come with being a woman, especially if assertive and self-aware. She said the burden for inclusivity is on everyone while urging companies to make concentrated efforts to ensure they are promoting women just as they do for men.

Marketing Specialist, Yewande Akomolafe-Kalu, submitted that women were facing issues in the domestic space that limited their available time, hence the need for tailored solutions.