Industry leaders and policy experts convened at the third Piggyvest Finance Roundtable to examine the changing dynamics of Nigeria’s economy, sparked by new insights from the 2025 Piggyvest Savings Report.
The discussion focused on what experts described as a growing “survival versus growth” paradox confronting millions of Nigerians amid persistent economic pressures.
In her opening remarks, the Co-founder and Chief Operating Officer of Piggyvest, Odunayo Eweniyi, identified financial literacy as a major obstacle to improving economic resilience across the country.
“The key takeaway from this gathering is the massive financial literacy education gap that exists. The scale of the work ahead is massive; I do not know exactly how we are going to do it yet, but collaboration between fintechs and the government is the first point to getting started,” she said.
Findings from the report revealed that 53 per cent of Nigerians no longer save on a monthly basis, marking a significant drop compared to previous years.
The Chief Executive Officer of Piggyvest, Somto Ifuezue, explained that the fintech company is adjusting its product strategy to align with the financial realities faced by its users.
According to him, the platform, which currently serves about 5.5 million users, is shifting focus beyond traditional savings tools to solutions that help customers manage day-to-day expenses.
“Our customers have shared that their salaries simply no longer last until the end of the month. In 2025, our mission is to move beyond just ‘saving’ and provide tools that help users manage daily expenses just to ensure they make it to the next payday,” Ifuezue said.
Representing the public sector, Ekiti State Commissioner of Finance, Akintunde Oyebode, stressed the importance of private-sector data in shaping government policies and economic planning.
“In a market where reliable consumer data is painfully scarce, this report is a breath of fresh air. It provides the granular insights that policymakers and companies need to understand how inflation is actually hitting the average household,” he said.
Also speaking at the roundtable, the Head of the Innovation Unit at the Nigeria Data Protection Commission, Chidera Ike-Okonkwo, cautioned about the rising dependence on loan applications by Nigerians trying to cope with financial challenges.
“It is sobering to see the data on how many Nigerians are turning to loan apps just to stay afloat. I am hoping these discussions lead to better innovation, not just more apps, but actual solutions that protect Nigerians from falling into permanent debt,” Ike-Okonkwo stated.
Participants at the event agreed that stronger collaboration between fintech companies, regulators, and policymakers will be necessary to address Nigeria’s financial literacy gap and support citizens navigating the country’s evolving economic realities.
