Moniepoint Launches Savings Products as Unexpected Costs Disrupt Nigerians’ Plans

By Adebola Muili

Moniepoint Microfinance Bank has launched a new range of savings products aimed at helping Nigerians build and maintain savings despite unexpected expenses and irregular income.

The fintech company said a survey of its customers showed that unexpected expenses accounted for 72.8 per cent of reported disruptions to savings plans, while irregular income affected 51 per cent of savers.

Moniepoint disclosed this as it unveiled its new savings offering on Saturday, August 22, 2026, under its “One Step Ahead” campaign, designed to encourage Nigerians to develop more resilient savings habits.

The company, however, did not publicly disclose the sample size, methodology or fieldwork period of the survey in the material announcing the campaign.

The new offering comprises Target Savings, Flexible Savings, Fixed Deposit and Save As You Transact, giving customers different options depending on their savings goals and need for access to their funds.

According to Moniepoint’s current savings information, Target Savings pays 11.5 per cent annually and allows customers to access up to 50 per cent of their funds before the target date.

Flexible Savings offers 9.5 per cent annual interest, with customers able to withdraw their money without forfeiting accrued interest.

The Fixed Deposit option offers returns of up to 17.5 per cent annually, with customers able to choose whether interest is paid upfront or at maturity. However, early withdrawal results in the loss of accrued interest.

The fourth option, Save As You Transact, automatically transfers a chosen amount or percentage into savings when customers carry out selected transactions, including transfers, airtime purchases and bill payments.

Commenting on the initiative, the Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, said the products were developed in response to challenges customers encounter while trying to save.

“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,” Olofin said.

He said the initiative was also intended to help customers achieve their financial goals while preparing for unforeseen circumstances.

“Our mission is to create financial happiness for everyone. A savings product like this is a critical tool for ensuring people can confidently make their dreams come true while saving for both rainy and sunny days,” he said.

Olofin added that the company’s digital payments infrastructure would provide customers with “safety, immediate access to liquidity, and the confidence to stay one step ahead of the future.”

The launch comes amid continuing pressure on household finances, with many Nigerians struggling to balance savings with rising everyday expenses.

A 2025 savings report by PiggyVest found that six in 10 respondents had no emergency savings, while rising prices were the most commonly cited reason among those saving less or not saving for emergencies.

For customers, the differences among Moniepoint’s four savings options could be significant, particularly in terms of interest rates, access to funds, tenure and the consequences of early withdrawals.

While Target Savings may suit customers saving towards specific obligations such as rent or school fees, Flexible Savings could appeal to those building emergency funds and requiring easier access to their money.

Fixed Deposit, on the other hand, may be more suitable for customers with surplus funds that are unlikely to be needed before maturity.

Moniepoint said it currently serves more than 20 million businesses and individuals. Its latest impact report also stated that the company disbursed more than $700 million in loans to MSMEs in 2025, with three out of four borrowers accessing formal business credit for the first time.

The savings expansion represents a broadening of the company’s financial services offering beyond payments and business banking.

Moniepoint Microfinance Bank received its operating licence in February 2022 and launched its personal banking product in August 2023, according to the company. It is regulated by the Central Bank of Nigeria, while its deposits are insured by the Nigeria Deposit Insurance Corporation.

As part of the campaign, the company has also appointed actress and filmmaker Funke Akindele as the face of its “One Step Ahead” campaign.

The campaign draws on the Jenifa’s Diary television universe to communicate the savings message through a setting familiar to Nigerian audiences.

The launch comes at a time when financial technology companies and banks are increasingly competing for consumers’ savings by offering digital savings, investment and payment-linked products.

However, the success of the new products will ultimately depend on whether customers are able to sustain their savings while managing emergencies and other unexpected financial demands.

For customers considering the products, the advertised interest rates may not be the only factor to consider. Minimum deposits, tenure, withdrawal conditions, loss of interest and other applicable terms could affect the overall value of each option.

Moniepoint’s survey provides an indication of the challenges facing savers, but the company has not provided independent evidence establishing how widespread the reported disruptions are or whether its new products will significantly reduce the frequency with which customers dip into or abandon their savings.