Money talks in many Nigerian households still follow a familiar script. Men control, and women manage. Wives ask for money to buy things for the house, and daughters are mandated to pay black tax. Financial decisions happen in “adult conversations” that mostly disregard the opinions of women who are likely to be most affected by these decisions.
Despite this, something is happening with women all over the country. Nigerian women are saving, investing and building wealth using wealth management apps, sometimes even without their families’ knowledge. It’s really just about Nigerian women saying, “You know what? I’m going to secure my own bag.”
We talked to women whose stories will make you want to download every savings app right now.
“My dad still doesn’t get why I need my own savings when I’m not yet married.” — Annie*, 24
How did you start using mobile banking apps?
Honestly, it started as a joke. My friend was always low-key bragging about her PiggyVest savings, and I was like ‘abeg, what’s all this noise about?’ Then I did a little introspection and realised that I was spending my entire salary on data, food and random things for my man. Like, where was my money going? So I started tracking my expenses and downloaded PiggyVest just to try it and see.
The first time I saved ₦1,000, it felt small oh but at least it was something. My mum always taught me that women should manage money, not really have it for ourselves. But with mobile banking and savings apps, I started directing the flow of my money more consciously and without anyone’s permission.
Did your family have opinions about your financial independence?
My dad still doesn’t get why I need my own savings when I’m not yet married. He says stuff like Who am I even saving for, because my husband will provide everything. But let’s not lie, I’ve seen way too many relatives stuck in bad situations because they didn’t have their own money.
Later on, when I bought my first laptop with my savings, my mom was really proud. When we got a chance alone later that day, she told me that she wanted to start saving money too, but I shouldn’t tell my dad.
“I started saving. I used that money to start my own business.”— Kay*, 29
Tell me about your relationship with money growing up.
As a child, I used to see that my mom would collect her salary and give it to my dad. Then throughout the month, she would ask for money to take us to school, money for her hair and whatever else she needed. I knew very quickly that I didn’t want to live like that.
But when I got married, my husband kind of expected things like that from me. He wanted us to open a joint account. Joint account that only he has the ATM card for? Absolutely not, thank you.
How did mobile banking change things for you?
I started my PiggyVest account about three months after my wedding. I was still teaching then, earning about ₦80,000 monthly. I’d save ₦20,000 automatically before the money even touched my main account. My husband didn’t know because the money wasn’t exactly missing from our household contributions. I was still giving him what we agreed on for feeding and house expenses.
Two years after I started saving, I used that money to start my own business. Now, I make more money than he does in some months.
Did you have any issues keeping your savings private?
The guilt was no joke initially. It felt like I was doing something bad. But there was this time we had a family emergency, and I was able to contribute ₦150,000 on my own without asking anyone, that was when I knew that I was doing the right thing.
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“I broke up with my boyfriend because he couldn’t handle dating someone who didn’t need his money.” — Chioma, 32*
What was your relationship with money like before mobile banking?
I think I was financially illiterate. I would collect my salary, pay rent, eat out, send money home to my parents and by the middle of the month, I would be borrowing 2k for transport to work. It was such a terrible cycle. My older sister would always tell me to save money, and in my mind, it just sounded difficult.
How did you discover mobile banking?
One of my colleagues at work mentioned Cowrywise in 2021. She showed me that she had been saving ₦500 every day for like six months and she now had over ₦100,00. It was crazy to me. I jumped on it so fast, I started with ₦200 every day, then moved on to ₦500. Now, I’m doing ₦1000 every day and I put 20% of any extra income into my investment portfolio.
Has this affected your family relationships in any way?
Well, I used to be the broke child in my family; I couldn’t really give much whenever the family needed to do something impromptu. But now? They call me for financial advice. My mum used to ask for the longest time how I got my car. I simply told her it was really just consistency and compound interest.
It has also caused some issues for me, sha. My boyfriend of three years expected me to always be financially dependent on him. When I started making investment moves that he wasn’t really in on, he got suspicious. He would ask me where I was getting money for all the things I was doing. Eventually, I broke up with my boyfriend because he couldn’t handle dating someone who didn’t need his money.
“When I started struggling with my child, my brother told me about PiggyVest. After a year, I had almost ₦150,000.” — Sarah*, 37
What’s your story with financial independence?
I became a single mother at 30 when my daughter’s dad told me that he wasn’t ready to father a child. Suddenly, I had to figure out so many things on my own. Childcare, feeding, and hospital visits, all on my salary as a civil servant in Nigeria. Before that, I never really thought much about money. I used to spend as much as I wanted at whatever time I wanted. When my baby came into the picture, I knew I had to fix my money habits.
How did mobile banking help?
When I started struggling with my child, my brother told me about PiggyVest. He helped me set up automatic savings, ₦300 every day at the time. After a year, I had almost ₦150,000. That money was what helped me move to a better apartment for my daughter later on. Saving made me disciplined, and now I use different apps. PiggyVest for investments, Cowrywise for fixed savings, and I even have a small crypto portfolio on Quidax.
Any advice for other women?
I know women who say they don’t have enough money to save. See, if you can afford data to watch TikTok, I promise that you can save ₦100 every day. Also, don’t feel bad about not making your financial decisions something to gist about. That’s being security conscious. My daughter will never see me begging anyone for money. She’s going to grow up knowing that women can stand on their own financially and succeed.
What’s next for you?
Next year, I’m planning to buy land with my savings. I’m going to make sure that my daughter inherits property from me, not hope that one man somewhere will provide for her.
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