…Urges Nigerians to plan spending, build emergency funds

By Juliet Umeh

Small, regular savings can help Nigerians build financial security, even when their income is modest, Director of Enterprise Sales at FairMoney Business, Gloria Onosode, has said.

Onosode said people did not have to wait for a promotion, a higher-paying job or a period of financial comfort before beginning to save.

“Wealth creation does not begin with having a lot of money. It begins with having a plan for the money you have,” she said.

She advised workers to set aside part of their income when it arrives, while freelancers and gig workers with irregular earnings could save more during stronger months to provide a buffer during leaner periods.

“Saving N5,000 or N10,000 regularly may not feel like wealth creation today, but it can represent the beginning of a financial habit that can be sustained and increased as income grows,” Onosode said.

She urged individuals to understand their cash flow, manage recurring expenses and reduce unnecessary spending, adding that building an emergency reserve could provide a foundation for longer-term financial goals.

Onosode said digital financial products could help customers organise savings for general needs, specific goals or set periods. FairMoney offers products including FairSave, FairTarget and FairLock, subject to applicable terms, conditions and eligibility requirements.

She also advised consumers to approach borrowing carefully, considering the purpose and total cost of a loan and whether repayments would fit within their expected income.

“Responsible borrowing means borrowing for a defined purpose, taking only what is necessary and ensuring repayment does not undermine essential expenses or existing financial commitments,” she said.

The Central Bank of Nigeria says bank customers have the right to complete, relevant and truthful information about financial products, including their terms and charges, and the duty to repay credit facilities as agreed.

Onosode also cautioned against lifestyle inflation, saying increases in income can be absorbed by higher spending. She encouraged people to direct part of any additional income towards savings and other appropriate long-term goals.

“People building an emergency fund, saving consistently, understanding credit and controlling lifestyle inflation may not look wealthy today. But they are building something important: financial resilience,” she said.