Despite the growing popularity of digital financial services across the country, a new survey reveals that traditional banks remain the most reliable channel to save money among Nigerians.
The report, based on responses of more than 1,100 participants aged 18 to 44, shows that if Fintech applications gain ground, especially among young users, the majority of Nigerians still prefer to save money in traditional bank accounts.
The data has revealed that traditional banks remain the most reliable channel to save, 79.3% of respondents using bank accounts. Fintech platforms are used by 23.4% of respondents, while 10.8% depend on informal methods such as the storage of money at home or the use of community savings groups. This mixture of preferences shows that if digital finance is increasing, traditional and accessible methods still dominate in many communities.
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This complies with an McKinsey report which noted that among Nigerians, 67% always trust their bank than a supplier of the fintech. It is understood that Fintech platforms are widely used by Nigerians for payments and transfers, but are not considered to be secure standards for long -term economies.
As FinTech Applications gain field, the use of financial applications is now widespread, with 35.6% of Nigerians using two applications, 29.4% using one and 20.9% using three. Only 3.1% said they do not use any financial application, reporting strong digital adoption, even if the use remains relatively basic for some.
The main applications used are mobile platforms, led by OPAY at 63.9%, followed by Palmpay (15.3%), Kuda (9.75%) and Moniepoint (6.53%). Traditional banking applications and dedicated savings platforms such as Piggyvest, UBA Mobile and Cowrywise each held less than 3% of the share. The data also reflects a regional bias, a higher participation of the North States potentially influencing the popularity of the platforms.
Asked about their preferences for financial tools, 75.2% of respondents expressed their interest in having a centralized dashboard which shows all their financial activity in one place. Only 11.6% were not interested, which suggests that many Nigerians feel overwhelmed by managing several financial platforms and would accommodate integrated solutions.
In terms of features, automatic savings exceeded the list at 65.7%, followed by interest for locked economies (20.6%), budgetary planning (18.4%) and spending monitoring (15.9%). Reminders (20%) and group savings (7.7%) also sparked interest, but automation and simplicity were clear priorities. The tools that reduce the need to make daily decisions while helping users to remain financially disciplined are particularly attractive.
The survey also shows an increasing commitment to financial planning. About 69% of respondents set a monthly savings target and 68% said they maintained a personal budget or an expense plan. Only 9.1% were not sure if they budget, indicating growing awareness of the need for structured money management.
Asked about their ability to achieve savings objectives, 35.3% said they had achieved a target in the last month, while 29.3% did it within three months. However, 9.8% declared that they had never achieved a savings target, highlighting the challenges that many are faced to remain financially consistent.
As for motivations behind savings, 53.2% cited emergency preparation as the main reason, while 28.9% save for specific objectives such as education, travel or businesses. A smaller group, 9.5%, said they were building a general security net and 4.2% admitted to having saved without clear reason, pointing to a cultural or usual approach to savings.
Conclusion
This survey depicts an image of a financially committed and committed Nigerian population which strives from better management of money in the middle of economic pressure.
While traditional methods still have a strong catch, digital financial tools are increasingly part of daily life. The demand for user -friendly and automated automated solutions and centralized financial management platforms presents a clear opportunity for Innovation Fintech adapted to the realities of the Nigerian market.
