The Brand Manager of FairMoney Microfinance Bank, Osasikemwen Ighile, has advised modern savers to transition from passive cash hoarding to structured, yield-generating financial options as economic volatility and inflationary pressures continue to squeeze purchasing power.
With inflation figures having experienced steep climbs over the last several years, reaching a peak of 34.8 per cent in late 2024, maintaining idle cash in informal setups offers a zero per cent return rate that actively erodes personal wealth. Ighile warned that this high risk of impulsive spending and inflation exposure meant a shift to automated fixed deposits was increasingly necessary for long-term wealth preservation.
In today’s economic climate, Ighile noted that saving money was no longer just a prudent habit but a strategic necessity. The overarching economic trends underscore a stark reality for many Nigerians: without a deliberate structure, standard savings habits often fail to deliver real, sustainable value.
The expert, in a
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