Nigeria’s personal finance space is crowded with apps promising easier ways to save, spend, and budget. Yet, many Nigerians remain stuck between knowing what to do and actually doing it.
Many understand the importance of saving and budgeting, and most say they want help doing so. However, when it comes to execution, the gap is striking, as some have structured systems, while others continue to save and spend without clear strategies.
The real issue isn’t access to financial tools, it’s the lack of a smarter, unified financial experience that connects intention with action.
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A recent 2025 Nigeria Fintech Survey, titled “How Nigerians Budget, Save and Bank”, uncovers how Nigerians engage with their money. The survey, which is based on 26 responses, highlights where saving and budgeting habits break down, how technology is shaping financial behavior, and what opportunities exist for both banks and fintechs to deliver meaningful support.
Saving Habits
The survey reveals that savings are common but not always planned. While 46% of respondents reported having both a savings plan and an expense budget, 34% had only one or the other. A notable 20% had neither.
When it came to reaching savings targets, 38% had never hit a goal, 35% reached a goal “a few months ago”, and 15% achieved a goal recently. Interestingly, most savings still take place through traditional bank accounts (62%), though others rely on fintech apps (23%), local Ajo systems, or informal methods.
However, 96% of respondents agreed that everyone should have both savings and expense targets, even if many were not practicing this consistently.
Budgeting and Spending Patterns
Only half of the respondents knew how much they spent weekly or monthly. While 38% claimed to stay within budget, 42% admitted they overspent or spent without structure.
Financial App Usage
Nigerians rely heavily on digital tools, but usage is fragmented. On average, respondents reported using 2.8 financial apps simultaneously: 27% used two apps, 23% used three, and 15% relied on just one.
Popular platforms included Opay, Kuda, and Piggyvest, often used together rather than exclusively. Notably, 92% said they wanted a single app to consolidate activity across platforms.
Over the past few years, the Nigerian fintech sector has no doubt made remarkable progress in democratizing access to financial services. Millions of users now have access to digital savings platforms, mobile wallets, and investment apps.
However, while the options are plenty, they remain fragmented. Users often find themselves juggling multiple apps, one for savings, another for investments, and a third for budgeting, without a central hub to connect these activities. This fragmentation creates friction and discourages consistent financial discipline.
What People Want From Financial Tools
Respondents expressed strong demand for automation and visibility. Nearly 9 in 10 said they wanted an app to track daily expenses. The most requested features were:
Auto-save: Fixed, scheduled savings.
Locked savings: Restricted withdrawals until goals are met.
Expense tracking: Clear daily visibility of spending
Reminders: Nudges to save or stay on budget.
Group saving: Shared goals for trips or projects
This appetite suggests Nigerians are not passive users; they are actively seeking digital tools to provide accountability, structure, and guardrails.
The reality is that financial tools are only effective when they are easy to use, interconnected, and aligned with users’ goals. For instance, a user who saves diligently on one app may lack visibility into how those savings tie into their larger investment or budgeting plans. Without an integrated ecosystem, personal finance remains disjointed, leaving users informed but not necessarily empowered.
A smarter, unified financial experience could solve this by combining savings, spending, investments, and credit management into one seamless journey. Such integration would allow users to not only monitor their money in real time but also receive personalized insights that encourage healthier financial behavior.
Momentum and Execution
The findings highlight a major gap between intention and action. While many have opened savings accounts or downloaded apps, follow-through is inconsistent.
This suggests that tools focused solely on saving are insufficient. Instead, Nigerians need integrated systems that link savings with real-time spending behavior.
Implications for Banks
Traditional banks remain the primary place Nigerians store savings, but they are rarely used as tools for money management. This represents a significant opportunity:
Banks can evolve from “storage units” to “financial command centers” by consolidating activity across platforms. They could differentiate with goal-based savings products, gamified challenges, locked savings milestones, and real-time budget notifications.
Mobile-first, intuitive design will be essential, especially for younger users who expect fintech-level user experiences.
Implications for Fintechs
Fintechs already lead in innovation, but the challenge is not features; it is habit-building. To rise to the next level, fintech tools must:
Make budgeting automatic: Dynamic reminders and daily visibility
Use behavioral triggers: Auto-savings linked to spending patterns
Offer consolidated dashboards: One view across accounts and apps
Celebrate progress: Gamified streaks, weekly comparisons, or positive reinforcement
Foster community: Group savings, competitions, or shared milestones
To truly empower users, fintech must go beyond building standalone apps and instead create integrated solutions that simplify money management and drive lasting financial progress. The fintechs that succeed will be those that move beyond functionality to shape daily financial behavior.
Conclusion
This research underscores a paradox. Nigerians want to save, budget, and manage money better, but discipline is uneven, and follow-through is weak. They are not short on awareness, but want tools that make financial discipline easier, more visible, and more automatic.
Both banks and fintechs have an opportunity to step into this gap. By blending automation, accountability, and clarity, they can help Nigerians move from good intentions to lasting financial habits, unlocking not just savings but long-term financial stability. Notably, the future of personal finance in Nigeria will not be defined by how many apps exist, but by how effectively they work together to serve users.