According to late data from 2023, the Nigerian Bureau of Statistics (NBS) indicated that approximately 87.3% of employed Nigerians are primarily self-employed, reflecting a deep-seated culture of entrepreneurship.

The Nigerian freelancer’s life isn’t without its hurdles. Between the biting impact of inflation, a volatile exchange rate, and the soaring costs of power and data, many digital professionals are finding their margins squeezed like never before.

Surviving this economic climate requires more than just hard work; it demands a shift in mindset. Success now hinges on thinking outside the box and maintaining the discipline to save.

Here are 5 actionable saving hacks that prove that financial discipline is the ultimate hedge against uncertainty. Whether you’re saving a little or a lot, consistency is the key to surviving in a volatile market.

1. Build a “Dry Month” Emergency Fund

In the world of freelancing, some months are lucrative while others are quiet. A dedicated ‘Dry Month’ fund is your insurance against the unpredictable nature of client work.

By automating your savings until you have a three-to-six-month cushion, you’re essentially paying your future self in advance.

Treating this fund as a fixed monthly expense creates a rock-solid safety net, ensuring that a slow season never dictates your professional worth.

2. Work From Home to Cut Fuel and Transport Costs

With the removal of fuel subsidies and the subsequent hike in transport fares, commuting to co-working spaces or client offices every day can drain your profits.

Transitioning to a fully remote setup, or limiting outings to a single ‘errand day’, can save you tens of thousands of Naira monthly.

Consistently diverting that transport money into a FairSave account will help you build a substantial buffer for a rainy day.

3. Replace Physical Meetings with Virtual Calls

Beyond the transport cost, physical meetings consume your most valuable resource – time. Transitioning to video conferencing tools allows you to manage multiple clients across different time zones without leaving your desk.

If a face-to-face meeting isn’t strictly necessary for closing a deal, opt for a virtual touchpoint. The data cost of a 30-minute video call is a mere fraction of the cost of a cross-town ride.

4. Automate Your Savings

Manual saving rarely wins against the temptation of daily spending. Switching to FairMoney’s digital tools changes the game.

By using FairSave for accessible interest or FairLock to secure a lump sum at a fixed rate, protecting your funds from impulsive spending.

For goals like a new laptop or certification, FairTarget automates your progress toward the finish line.  Letting money sit idle in an inflationary economy is a cost in itself; putting it into high-yield accounts ensures your money keeps pace with your hustle.

5. Leverage Group Subscriptions

Internet data is the lifeblood of the digital professional, but as overheads rise, collective bargaining becomes a strategy. Many telecommunications providers now offer “family” or “group” data plans that are significantly cheaper per gigabyte than individual monthly subscriptions.

By partnering with a few trusted fellow freelancers to share a large data pool, you can slash your monthly “office” overhead. It’s a simple collaborative hack that keeps everyone online for less.

In Nigeria’s volatile gig economy, the true measure of a freelancer’s success is not gross revenue, but capital retention.

Amidst significant inflationary headwinds, these strategic financial levers serve as a critical buffer for your enterprise.

By prioritizing incremental, disciplined saving, digital professionals can insulate themselves against macro-economic shocks and secure a competitive advantage in the long-term wealth game.

Henry Obiekea, the managing director of FairMoney MFB, speaking during an interactive session with journalists in Lagos, highlighted the company’s evolution from a digital lender into a full-service, credit-led neobank with strong regulatory compliance and an expanding product suite.

“We want to be close to different stakeholders so that we can consistently tell our stories and let everybody know what we are about,” he said. “That really is the idea behind this engagement.”

FairMoney: From a Lending App to a Regulated Neobank

The MD recalled that FairMoney began operations in Nigeria in 2017, founded by Laurin Hainy and two other co-founders with a mission “to build a financial services home for the underserved and the underbanked.”

Initially known for instant, unsecured consumer credit, FairMoney expanded significantly after securing its microfinance banking licence (MFB) in 2021.

“That was a game-changer for us,” he said. “It meant we could offer additional services, current accounts, payments, transfers, debit cards, and move much closer to the vision of a full financial services home.”

In 2023, the bank added SME lending and merchant payment services, marking a major strategic shift.

“We’ve moved from a pure consumer focus to serving SMEs as well, helping them accept payments and providing working capital loans,” Obiekea explained.

Building a Bank on Local Deposits

While FairMoney is VC-backed, the MD disclosed that the bank took deliberate steps early on to reduce FX exposure by raising local currency funding.

“Very early in our journey, we recognised the importance of raising local currency,” he said. “We issued private notes, commercial papers, and built a savings product that encouraged deposits from individuals and corporates.”

The result, he noted, is that FairMoney is now “primarily funded by deposits,” giving it stability and resilience.

‘We Are a Credit-Led Neobank’

The MD described FairMoney’s identity succinctly:

“We like to say we are a credit-led neobank. Started with credit, and now we look like a bank, with deposits, debt, and equity. That is how we’re structured now.”

Going forward, he said the bank will focus on deepening its footprint in the microfinance banking space and expanding its product breadth.

On Competition and the Future of Banking

Speaking on evolution in the banking sector, the MD said the Nigerian market is due for reorganisation.

“Every five to ten years, you have some form of reshuffling,” Henry Obiekea observed. “Our internal thesis is that within Nigeria’s top five banks, you will see fintech-based players. We are positioning ourselves to be one of them.”

He noted that customers of traditional banks increasingly migrate to digital-first institutions due to better user experience, product innovation, and faster service delivery.

Ethical Lending and Loan Portfolio Quality

Addressing questions on FairMoney’s loan book and repayment challenges in the tough economic environment, the MD stressed the company’s commitment to ethical collections.

“We don’t do unethical practices. We have very strict internal guidelines—even when we use external agencies,” he said.

He added that while macroeconomic pressures have led to higher defaults across the industry, FairMoney’s eight years of lending data gives it a strong edge.

“Data is currency,” he said. “We’ve amassed a trove of proprietary data that helps us distinguish high-risk from low-risk customers. Our models keep improving.”

FairMoney also partners with credit bureaus and uses customer-consented bank statements to enrich credit assessment.

“We can only be sustainable if we maintain a high-quality loan book,” he added.

On Regulation: Improve What Exists, Not Create Something New

When asked about the proposed single fintech regulator, the MD argued in favour of improving the current multi-regulator system rather than adding a new layer.

“We already have CBN, NDPC, FCCPC and others. If a new regulator is created, it won’t replace them. It will only add to the list,” he noted.

“My preference is to improve collaboration and engagement with the regulators we already have.”

Toward Authentic Financial Inclusion

The MD also shared his views on FairMoney’s philosophy of “authentic financial inclusion.”

“It’s not just financial inclusion, it’s economic inclusion,” he said. “If people don’t have money or don’t trust the system, they won’t save. Inclusion must come with fairness, transparency and ease of access.”

He hinted that FairMoney is working on new offerings aligned with this philosophy.

The Road Ahead

FairMoney says its ambition is clear: deepen its market, expand offerings, strengthen governance, and compete shoulder-to-shoulder with Nigeria’s biggest banks.

“It’s an exciting challenge, but one we are ready for,” the MD concluded.