The Brand Manager of FairMoney Microfinance Bank, Osasikemwen Ighile, has advised modern savers to transition from passive cash hoarding to structured, yield-generating financial options as economic volatility and inflationary pressures continue to squeeze purchasing power.
With inflation figures having experienced steep climbs over the last several years, reaching a peak of 34.8 per cent in late 2024, maintaining idle cash in informal setups offers a zero per cent return rate that actively erodes personal wealth. Ighile warned that this high risk of impulsive spending and inflation exposure meant a shift to automated fixed deposits was increasingly necessary for long-term wealth preservation.
In today’s economic climate, Ighile noted that saving money was no longer just a prudent habit but a strategic necessity. The overarching economic trends underscore a stark reality for many Nigerians: without a deliberate structure, standard savings habits often fail to deliver real, sustainable value.
The expert, in a statement sent to The PUNCH on Wednesday, pointed out that while traditional, informal saving methods, such as keeping physical cash at home or participating in rotational contribution schemes like ajo or esusu, encourage basic community discipline, they come with stark limitations in a modern marketplace.
