Despite the growing popularity of digital financial services across the country, a new survey reveals that traditional banks remain the most trusted channel for saving money among Nigerians.
The report, based on responses from over 1,100 participants aged 18 to 44, shows that while fintech apps are gaining traction, especially among younger users, a majority of Nigerians still prefer to save money in traditional bank accounts.
The data revealed that traditional banks remain the most trusted channel for saving, with 79.3% of respondents using bank accounts. Fintech platforms are used by 23.4% of respondents, while 10.8% rely on informal methods like storing cash at home or using community saving groups. This blend of preferences shows that while digital finance is on the rise, traditional and accessible methods still dominate in many communities.
This is in line with a McKinsey report that noted that among Nigerians, 67% still trust their bank more than a Fintech provider. It is understood that Fintech platforms are widely used by Nigerians for payments and transfers, but are not seen as secure repositories for long-term savings.
As Fintech apps gain traction, the use of financial apps is now widespread, with 35.6% of Nigerians using two apps, 29.4% using one, and 20.9% using three. Only 3.1% said they do not use any financial apps at all, signaling strong digital adoption, even if usage remains relatively basic for some.
The top apps used are mobile-first platforms, led by Opay at 63.9%, followed by Palmpay (15.3%), Kuda (9.75%), and Moniepoint (6.53%). Traditional banking apps and dedicated savings platforms like PiggyVest, UBA Mobile, and Cowrywise each held less than 3% of the share. The data also reflects a regional skew, with higher participation from northern states potentially influencing platform popularity.
When asked about their preferences for financial tools, a significant 75.2% of respondents expressed interest in having a centralized dashboard that shows all their financial activity in one place. Only 11.6% were not interested, suggesting that many Nigerians feel overwhelmed managing multiple financial platforms and would welcome integrated solutions.
In terms of features, automatic savings topped the list at 65.7%, followed by interest in locked savings (20.6%), budget planning (18.4%), and expense tracking (15.9%). Reminders (20%) and group saving (7.7%) also garnered interest, but automation and simplicity were clear priorities. Tools that reduce the need for daily decision-making while helping users stay financially disciplined are particularly appealing.
The survey also shows a growing commitment to financial planning. About 69% of respondents set a monthly savings target, and 68% said they maintain a personal budget or expense plan. Only 9.1% were uncertain about whether they budget, indicating an increasing awareness of the need for structured money management.
When asked about their ability to meet savings goals, 35.3% said they had reached a target in the last month, while 29.3% did so within three months. However, 9.8% reported never hitting a savings goal, underscoring the challenges many still face in staying financially consistent.
As for the motivations behind saving, 53.2% cited emergency preparedness as their main reason, while 28.9% were saving for specific goals such as education, travel, or business ventures. A smaller group, 9.5%, said they were building a general safety net, and 4.2% admitted to saving without a clear reason, pointing to a cultural or habitual approach to saving.
Conclusion
This survey paints a picture of a financially aware and digitally engaged Nigerian population striving for better money management amid economic pressure.
While traditional methods still have a strong hold, digital financial tools are increasingly becoming part of everyday life. The demand for user-friendly, automated solutions and centralized financial management platforms presents a clear opportunity for fintech innovation tailored to the realities of the Nigerian market.
