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‘Fintech will improve savings culture’

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Fintech. Photo: siliconcanals

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. 
 

They said the COVID-19 pandemic has taught Nigerians to be more conservative in spending, while engaging in online trainings and virtual engagements that would promote savings culture via e-channels. 
 
Founder, Cashbox, Sydney Aigbogun, said the pandemic has taught Nigerians to be more economical saying the fintech space has provided opportunities for people to diversify their funds to reap reasonable earnings. 
 
Aigbogun said people need to be focused in having a better financial future. 
 
He mentioned that CashBox is planning to transform the asset management space in Nigeria as more Nigerians chose its platform to save for the rainy days during the lockdown. 

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. 


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