Money-saving apps changing Nigerians saving culture
In decades past, saving was done majorly through conventional methods (putting money into different places or things) or 'Kolo', as it is popularly known in Nigeria, but now Money saving apps are gaining popularity fast. Taking advantage of technology, saving applications offer high-interest rates and flexible saving plans which most Nigerians find as an upgrade from savings in a pot.
Speaking in Abuja, residents expressed different opinions on why money-saving applications is gaining popularity among Nigerians. According to them, the apps provide some sort of security especially for huge amount of money which is pushing ancient method of saving to the background. They, however, urged Nigerians not to discard the conventional means of saving but keep it alive by encouraging their kids to save in little piggy containers.
Mr Israel Idah, a user of saving apps, explained that money saving apps in Nigeria makes the process of saving more fun and easy. Apps with integrity and experience such as piggyvest, crowdyvest, crowdywise and kudabank allows you to perform all your transactions from the comfort of your home. He said the apps perform different functions for different people, satisfying immediate and future expectations. For people who are only interested in saving, the app allow saving without stress and includes some percentage interest. It also provides low, average and high risk investment options for those seeking supporting sources of income.
Miss Blessing Oni, an accountant said that the shift from regular method of saving to technological saving is a sign that man keeps evolving with time. It is no secret that this generation is referred to as the digital era because almost everything you need to do can be done via technology including saving. No one will reject easy ways of saving in an efficient manner especially as the apps limits the temptation of constantly dipping into your savings 'kolo' to spend on unnecessary desires. She added that traditional method of saving instils discipline and should not be totally neglected by parents. As a child, she learnt how to be discipline in spending money because her parents encouraged saving habits. Children should still be taught the importance of saving through piggy banks.
Mr Ojo Akinba, said that there was no reason why people should not turn to a well-put together app that keeps hard-earned money, offer financial tips and interest on money saved. The apps allow set saving goals and determine the amount as well as the duration. You can automatically save from your salary account if you usually forget to save. Most apps also have investment options, which is an upgrade from conventional method of saving and everyone wants the best option.
However, Mr Collins Enang noted that some of the apps are not trustworthy and could be a risky option for people saving large amount of money. It is hard to identify the registered saving apps in Nigeria, with so many fraudulent applications on offer. One has to be extremely sure and confident in making a choice. The news of online fraud is nothing strange to Nigerians and if these apps are hacked then your money is gone. Although most are held accountable by CBN and are deemed safe. He added that there was room for much more guidance to help people choose the right apps to use and a need for transparency, since people want to know who is behind the application.
Meanwhile, Mrs Elizabeth Onas said that saving apps are meant for digital savvy individuals who trust and understand the process involved. I prefer saving where I can see my money and be sure of its safety. All these apps are usually without an office, so who do you arrest if something goes wrong and you lose your money. She said that not against it but it is not for everyone. There is absolutely nothing wrong with the traditional method of saving and many people like her still use it.
By Iwezua Goodness
