‘Fintech will improve savings culture’

Despite the spending pattern of Nigerians, experts have said financial technology (Fintech) will improve the savings culture of citizens. 
 
Fintech experts, who gathered in Lagos, during an interactive session with journalists, said with the introduction of fintech apps in the country, the savings culture of Nigerians is gradually increasing, and improving. 
 

He said the fintech service firm saw a 40 per cent growth month-on-month between March and July, and has since locked away over N1 billion in transaction value for users on the platform.

Prior to the pandemic, savers on the platform lodged between N30 million and N50 million on a monthly basis. Since the lockdown was declared, that number has grown to about N200 million. 
 
“We cannot say exactly what led to the leap, but we did intensify our campaign; making them more targeted at a specific segment of users. 

“We tried to convince users they could save their transportation since they would not be going to work anymore or other spending they will usually do while physically at work.”
 
In her remarks, Head of Operations, Cashbox, Adebayo Kemi, said people are terrible savers but the pandemic and fintech have proven that a little push spurs savings culture.