Unexpected expenses disrupt 73% of Nigerians’ savings plans-Ml..

Unexpected expenses are disrupting the savings plans of 72.8 per cent of Nigerians, while irregular income is affecting another 51 per cent, highlighting the financial pressures making it difficult for individuals and businesses to maintain consistent savings, according to a customer survey by Moniepoint Microfinance Bank.

The findings have prompted the financial institution to introduce an expanded range of savings products and a new campaign, “One Step Ahead,” aimed at helping customers build financial resilience while retaining access to their money when unforeseen needs arise.

Moniepoint said the survey indicated that unexpected expenses, rather than interest rates alone, are a major reason customers struggle to maintain savings plans.

The bank said its new approach is designed to combine savings discipline with flexibility, allowing customers to pursue long-term financial goals while still having access to funds when emergencies occur.

Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, said the new products were developed in response to customer challenges.

“These innovative savings solutions were developed specifically to ease customer pain points. Our ecosystem gives everyone the flexibility to grow their money and access it whenever they need it, combined with some of the best rates in the market,” he said.

He said combining savings with Moniepoint’s digital payments infrastructure would allow customers to maintain greater liquidity while building disciplined savings habits.

The bank’s new product suite comprises four savings options tailored to different financial goals and cash-flow patterns.

Under Target Savings, customers can withdraw up to 50 per cent of their savings once without losing their interest, with returns of up to 11.5 per cent per annum.

Flexible Savings allows up to four withdrawals each month without loss of interest and offers a rate of 9.5 per cent per annum.

The Fixed Deposit product offers interest upfront, with returns of up to 17.5 per cent per annum, while Save As You Transact enables customers to automatically set aside money as they spend, with unrestricted access to the funds.

Customers, except those on premium tiers, can begin saving with a minimum deposit of N1,000, according to the bank.

Moniepoint, which said it serves more than 20 million business and personal customers, said the products were designed to accommodate changing income patterns and rising financial pressures affecting Nigerians.

The bank said the products are available through its business and personal banking applications, subject to applicable Know Your Customer requirements.

The “One Step Ahead” campaign features Nollywood actress and filmmaker Funke Akindele, using her popular Jenifa character as the creative anchor for the savings campaign.

Moniepoint said the partnership was intended to communicate its financial resilience message through a character and entertainment franchise already familiar to a broad Nigerian audience.

The survey findings highlight a broader challenge for household and business finances: even where individuals want to save regularly, unpredictable expenses and irregular incomes can undermine their ability to maintain long-term financial plans.

For financial institutions, the implication is that savings products may need to offer a balance between attractive returns and easy access to funds, rather than relying solely on higher interest rates to attract customers.