• 23 Jun, 2025
• Faith Kegh
• No comment

More Young Nigerians Turning to Fintech for Savings.

A recent report has shown a growing trend among young Nigerians who are increasingly relyin

g on financial technology (fintech) apps for saving and managing money.

The 2025 Nigeria FinTech Survey Report, published by research and content studio Column, revealed that while traditional banks remain widely used, a significant portion of young people are shifting toward digital financial platforms. The study found that 35.6% of users operate two fintech apps, while 29.4% use one.

Among these, Opay emerged as the most popular, used by 63.9% of respondents. It was followed by Palmpay (15.3%), Kuda (9.75%), and Moniepoint (6.53%). The findings suggest a strong preference for digital convenience and a desire for platforms that consolidate multiple financial services—75.2% of users expressed interest in using a single app for all their financial activities.

The survey, which included 1,126 participants aged 18 to 44 (with nearly half aged 21 to 25), painted a picture of a financially conscious generation. Despite challenges like irregular income and rising living costs, 56.7% reported saving consistently, and 22.2% saved occasionally. About 35% of those who saved were able to set aside between 11% and 25% of their income.

Although traditional banks remain the main savings option for 79.3% of respondents, fintech usage has grown significantly, with 23.4% now saving through digital apps. Informal savings methods are declining, now used by just 10.8% of participants.

A financial analyst familiar with the report remarked that mobile-first young Nigerians are increasingly using fintech not only for transactions but also for long-term financial planning.

The data also shows that 69% of respondents set monthly savings goals, and 68% actively maintain a budget—demonstrating deliberate financial habits. Still, only 44.2% regularly have surplus funds to save, while 19% said they are unable to save at all.

The main reasons for saving include preparing for emergencies (53.2%) and working toward personal goals (28.9%).

On spending habits, 66% of respondents track their expenses, with food and groceries taking up the largest share (72%), followed by airtime/data (46.1%), transportation (36.8%), and family support (27.2%).

While 57.2% stick to their budgets, 17.1% frequently overspend, and 15% don’t use any budget. Overspending often results from underestimating costs (45.6%) or dealing with unexpected emergencies (28.8%). Sales and promotions also trigger impulse purchases for 40.6% of respondents.

The emotional effects of poor financial decisions are notable: 41.6% expressed regret after overspending, while 38.4% said such experiences pushed them to refocus on their financial goals.

Faith Kegh

Content & Editorial Manager – Leads the creation, review, and publication of high-quality news and media content. She ensures that all editorial work reflects the organization’s standards of accuracy, professionalism, and relevance, while also engaging and informing the audience.

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