While most Nigerians believe that it is impossible for workers to cultivate a savings culture with the current economic climate, the co-founder of Piggybank.ng, a company that assists Nigerian debit card holders to save little amount of money frequently with minimal effort, Joshua Chibueze has a different opinion.
“What we do at Piggy Bank is to teach Nigerians how to save and the benefits attached to savings. We tell our customers that if they earn N50,000, they can save no matter their level of income”, he told financialtechnology in an interview.
According to him, “it is hard to save in Nigeria especially when you are not earning much. That is what most Nigerians think. However, some Nigerians who earn N50,000 have responsibility of N100,000 monthly.
“Many Nigerians live above their means. They need to save a certain amount of money every month but they do not have any means to make savings a reality. They turn to Ajo daily contributions, cooperative society; some Nigerians keep saving boxes at home. Nigerian banks do not help Nigerians to save. That is why a bank gives you ATM card to encourage you to withdraw and spending”.
On how the company assists the over 15,000 customers to cultivate saving culture, Chibueze said what has differentiated the platform from others “is our discipline of withdrawal”.
He added that the company has fixed days of withdrawal that customers must adhere to in order to maintain the habit of savings.