Last year, PiggyVest conducted a comprehensive survey involving over a thousand Nigerians across various age groups, genders, and income levels. The survey aimed to gather insights into their saving and spending habits approaches to debt management, and future financial goals. The results were compiled into an insightful report, which was unveiled on October 31, 2023, in conjunction with World Savings Day.
Recently, the fintech giant hosted a roundtable discussion featuring prominent figures from the industry. This gathering was dedicated to delving into the survey’s findings and identifying potential collaborative endeavors within the financial ecosystem. The discussion primarily centered on identifying the barriers to financial inclusion in Nigeria and formulating strategies that could better tailor financial products and services to meet the varied needs of the Nigerian populace.
The roundtable boasted a lineup of distinguished panelists, including Tobi Amira, the Vice President at Moniepoint; Ifeoluwa Orioke, the Chief Commercial Officer at Flutterwave; Adejoju Ajani, the Head of Data at Interswitch Group; and Olajumoke Alaka, the Manager of the Southwest Zonal office at the National Information Technology Development Agency (NITDA).
The event also saw the participation of key industry stakeholders such as Chidera Ike-Okonkwo, Head of the Innovation Unit at the Nigeria Data Protection Commission; Odun Eweniyi, Co-founder and COO of PiggyVest; Emmanuel Ojo, the Managing Director of RedTech; Tochukwu Ironsi, a Market Intelligence Specialist at Paystack; Elliott Kayode Sangoleye, the Group Head of E-Business at ProvidusBank; Gbenga Omolokun, the Managing Director at VFD Microfinance Bank; and Fadekemi Abiru, the Head of Insights at Stears Inc.
The event, which spanned over two hours, featured captivating discussions on Nigeria’s financial landscape, with a particular emphasis on income and debt.
“Given the richness of the discussions and the insights exchanged, we extended our session beyond the scheduled time,” stated Odun Eweniyi, COO and Co-founder of PiggyVest. “Our focus was on the income and debt portions of the report, and we are thankful to the panelists for their invaluable contributions.
A key topic of discussion was the issue of debt and the surge in loan app usage. The report revealed that nearly 40% of Nigerians are in debt, with 26% of them owing money to loan apps.
Chidera Ike-Okonkwo emphasized the National Data Protection Commission’s (NDPC) dedication to addressing predatory loan apps that breach data protection regulations, ensuring they face legal consequences.
Niyi Adenubi, Executive Director (Commercial) at VFD Group Plc, as one of the panelists, shared his insights on potential collaborations within the ecosystem. He expressed his enjoyment of the event.
“The panel’s debate was incredibly fruitful, and both the discussion’s curation and the report itself were innovative and exceptional. I must commend PiggyVest for their innovative approach to addressing these issues and encourage them to keep finding new ways to foster discussions while we work on implementing solutions,” he stated.
Eweniyi highlighted the event’s main insight: a significant gap in financial literacy education. She called on fintech companies, the government, the private sector, and aid organizations to unite in their efforts to bridge this gap.
“The challenge ahead is enormous; figuring out how to tackle it is daunting, but starting with collaboration is key,” she observed. “These discussions remain crucial, and I am eagerly anticipating future editions of the roundtable.”
