Tosin Clegg posits that Alert Group’s Goldbucks, a digital savings platform powered by Alert Microfinance Bank, reaffirms its commitment to expanding financial inclusion, making wealth creation more accessible to Nigerians through technology
Nigeria’s rapidly expanding digital savings ecosystem is becoming a critical pillar of economic growth, financial inclusion and capital mobilisation. As fintech companies and digital banks continue to reshape the country’s financial landscape, millions of Nigerians are embracing technology-driven savings products that are changing how households and businesses accumulate wealth.
The emergence of mobile-based savings platforms has removed traditional barriers to financial services by enabling users to save, invest and access financial products anytime and anywhere. This transformation is particularly significant for micro, small and medium-sized enterprises (MSMEs), women, youths and rural dwellers who have historically been underserved by conventional banking institutions.
Recent data underscore this progress. According to the 2023 Access to Finance Survey by Enhancing Financial Innovation & Access (EFInA), formal financial inclusion in Nigeria increased from 56 per cent in 2020 to 64 per cent in 2023, while financial exclusion declined to 26 per cent. The growth has been driven largely by digital financial services, agent banking and fintech innovation.
