While 79% of respondents actively try to save, nearly one-fifth (19%) say they cannot save at all due to low or unstable income.

The survey, conducted in May 2025 by UK-based research firm Column, focused on digitally engaged youth, an essential demographic for Nigeria’s economic growth.

The findings highlight how inflation, high living costs, and fragmented financial tools are making it harder for young Nigerians to save money effectively.

Key findings include:

1. Survival-Driven Spending: Essentials dominate budgets, with 72% prioritizing food, 46% airtime/data, and 37% transport. Only 9% list non-essential subscriptions.
2. Saving Struggles: 53% save primarily for emergencies, but 35% save less than 10% of income. Volatile prices and irregular cash flow disrupt planning.
3. Digital Tools Underutilized: Though 97% use financial apps (led by Opay at 64%), only 5% leverage budgeting apps. Manual methods (notes, memory) remain widespread.
4. Demand for Automation: 66% want tools to automate savings, while 75% seek a unified dashboard to track all finances—highlighting frustration with disconnected systems.

Sector-Specific Challenges and Opportunities

The report urges action across industries:

• Banks: Must evolve beyond “storage lockers” by offering automated savings, open banking integrations, and user-friendly dashboards.
• Fintechs: Should simplify budgeting and expense tracking, prioritizing low-data, mobile-first designs.
• Policymakers: Need to accelerate open banking adoption and address inflation (24% in early 2025) to restore trust in financial planning.
• Telcos: With 46% of youth spending heavily on airtime/data, bundling connectivity with micro-savings or rewards could ease financial strain.
• Retailers: Can build loyalty via value bundles (e.g., food + airtime) and tools linking purchases to savings goals.

The Path Forward

“The data shows young Nigerians are eager to save and take control of their finances but lack tools that match their realities,” notes Dr. Mo Shehu, lead researcher. “Solutions must be mobile-native, automated, and built for uncertainty—not just optimization.”

Following a successful rollout to key industry stakeholders, the mobile application is now available for download on the Google Play Store and Apple App Store for both Android and iOS users.

InsurEase allows customers to purchase a variety of insurance policies, health, device, motor, and travel directly from their smartphones. Designed with user convenience in mind, the app offers a seamless, user-friendly experience, enabling users to explore, compare, and secure coverage in just a few taps.

Transparency Scape aims to empower customers with access to affordable, reliable, and convenient insurance policies while giving them the flexibility to choose from a wide range of offerings from top-tier insurance providers. 

These partners include AXA Mansard Insurance Plc., NEM Insurance Plc., Leadway Assurance Company Limited, Coronation Insurance Plc., Cornerstone Insurance Plc., Consolidated Hallmark Insurance Plc, Bastion HMO, and Tangerine Africa. The app is also integrated with trusted payment gateways Paystack and Budpay to ensure smooth and secure transactions.

“We are thrilled to officially go live,” said Oluseyi Ifaturoti, managing director and CEO of Transparency Scape. “Reaching this milestone has been a journey of perseverance, and we are excited to offer our customers peace of mind through a smart, easy-to-use app. Our goal is to be a trusted partner as they navigate the often complex world of insurance.”

Transparency Scape has also partnered with key regulatory bodies, including the National Insurance Commission, NAICOM, Nigerian Insurers Association (NIA), Chartered Insurance Institute of Nigeria, CIIN, The Nigerian Council of Registered Insurance Brokers, NCRIB, to ensure full compliance and uphold the highest industry standards.

“We extend our sincere gratitude to our regulators for fostering innovation within Nigeria’s insurance space,” Ifaturoti added. “We are also grateful to our insurance partners for their trust and for allowing us to integrate their APIs. This has been instrumental to our success.”

Speaking further on the impact of the launch, Olufela Olurin, chief operating officer of Transparency Scape Insurance Brokers Limited, said,

“InsurEase reflects our core values of transparency and trust. By breaking down the barriers to insurance accessibility, we have made it easier for Nigerians to secure the protection they need. Our app simplifies the entire insurance journey, giving users greater peace of mind and security for their future.”

InsurEase is now available for download on the Google Play Store and Apple App Store. For more information about the company, visit the website or follow us on Instagram, Twitter, Facebook, and LinkedIn.