FairMoney is a fast-growing Nigerian neobank that started as a lending platform in 2017. In 2021, it obtained a microfinance bank (MFB) license from the Central Bank of Nigeria. Deposits with it, including on the FairLock savings product, are insured by the NDIC within applicable limits.
Since launching savings products, FairMoney has managed over ₦35 billion in customer deposits and paid out more than ₦3 billion in interest.
FairMoney offers a combination of digital ease and competitive returns — things that make it an increasingly popular choice among savers in Nigeria.
FairMoney’s Savings Plans
FairMoney offers three core savings plans tailored to different financial habits and goals:
1.FairSave
The FairSave plan pays its users up to17% per annum on amounts saved with it. You can also withdraw funds at any time. This flexibility and high returns make it a top choice for anyone who wants to save money at interest rates that far exceed what a traditional bank’s savings account can give them.
2.FairTarget
FairTarget is a savings plan that helps its users to save money for important things, e.g. school fees, travel, house rent, etc. It pays interest of up to 20% per annum on savings. However, users are encouraged to not withdraw funds from it outside of the times permitted by the platform. Breaking this rule will result in a 1% penalty, which will be deducted from the individual’s savings.
3.FairLock
This is the highest paying savings plan on FairMoney. Its interest payments range from 18% to as much as 28% per annum (for new users). It’s great for people who want to enjoy very competitive rates, while also building the discipline to save more. Interest payments are either accessed upfront or at the plan’s maturity.
Step-by-Step: How to Earn 28% P.A. via FairLock
To aim for that attractive 28% per annum, here’s a walk-through of the process:
Get the App: Download the FairMoney app from Google Play or the App Store.
Sign Up and Verify: Register on the app; make sure to use this referral code when signing up: KK2KG.Then complete the KYC by filling your full name, date of birth, BVN, ID, address, photo, etc.
Fund Your Account: Transfer funds into your FairMoney wallet via provided bank account details.
Go to the Savings Section: Tap on the “Savings” menu in the app. You’ll see FairSave, FairTarget, and FairLock options.
Select FairLock: Tap on the “Savings” menu in the app. You’ll see FairSave, FairTarget, and FairLock options.
Choose Tenure and Deposit: Pick a savings tenure. Longer durations offer higher interest. Deposit the amount you’d like to lock.
Confirm and Wait: Confirm your commitment. Your funds are locked until the maturity date, and the interest accrues to your account.
Withdraw on Maturity: At the end of the term, both your principal and accrued interest become available for withdrawal.
Why a 28% Return Is a Big Deal
Beats traditional banks and fixed deposits — Nigerian banks often offer single-digit savings rates; fixed deposits range around 5–10% P.A.
Low-risk — FairMoney operates as a CBN-licensed MFB, with NDIC insurance protecting deposits
Disciplined saving rewarded — the fixed‐term nature of FairLock helps you stay the course and reap superior gains.
Great for long-term planning — whether you’re saving for school fees, a small business, or a major purchase, the returns compound nicely over time.
Wrap Up
FairMoney’s savings plans, especially FairLock, offer a compelling way to grow your money securely in Nigeria. Locking funds into the right term will work well for people who value both safety and yield.
Just install the app, register with the referral code KK2KG, complete your KYC, choose FairLock, select your tenure, and let your money work harder for you.
Life is hard for many Nigerians. Almost everything is expensive these days, but most people don’t even earn enough to cover basic needs. If you have no money or connections, knowing how to make 100k a month without a job or startup capital might sound impossible.
But you probably still dream about it.
The good news is that it is indeed possible to make ₦100,000 in a month in Nigeria even if you are starting with zero naira and no job. Yes. It is absolutely possible. And you can do it.
We will show you 5 ways to make this happen.
No, we are not talking about the regular “Aspire to Maguire” stories that scammers try to sell you.
We are talking about very unique ways to make ₦100k as a broke Nigerian in today’s world.
But there’s a small catch. You have to be creative, put in the hustle, and use the resources you can find around you.
So, here are 5 realistic ways to pull it off, even if your bank account currently says “God will provide”.
Become a Local WhatsApp/Telegram Micro-Job Curator
Most people think you need skills to make money online. But what if your “skill” is simply finding opportunities and connecting people to them?
This is how to make 100k a month with your own WhatsApp or Telegram group for micro jobs.
Create a free WhatsApp or Telegram group.
Every day, search online for writing gigs, part-time jobs, and side hustles Nigerians can do (e.g., remote customer service, data entry, paid surveys, local events needing temporary staff).
Share them in your group for free at first to grow your audience.
Once you have 200+ members, offer premium access to early access job posts or exclusive gigs or short term work for ₦500–₦1,000/month.
If 150 people subscribe at ₦700 each, that’s ₦105,000/month. Your only investment is time and data.
If you don’t have money for data, you can borrow data from your internet service provider (MTN, Airtel, Glo, etc.). Or, you can borrow from a friend.
You won’t need more than 1 GB a month for this business.
Street-to-Online Arbitrage
You don’t need a shop to sell products, and you don’t need capital to start selling.
Does this seem too good to be true?
It isn’t!
Here’s how you can make money with street to online arbitrage:
Visit local markets (e.g. Balogun, Alaba, or Mile 12, if you are in Lagos) and identify small, high-demand products (e.g., fashion accessories, phone pouches, snacks).
Take clear photos and post them on Facebook Marketplace, Jiji, or WhatsApp status.
When someone orders, collect payment upfront, buy the item from the market, and deliver.
Quite straightforward, isn’t it?
We advise that you start with items priced less than ₦3,000, so customers find it easy to pay immediately.
Also, offer same-day delivery in your area for extra speed.
If you sell 5 items a day with ₦1,000 profit each you’ll get ₦150,000/month. Money up!
Are you feeling motivated now?
There’s even more! Read on.
Be a Local Language Voice-over Agent
Nigerian companies, churches, NGOs, and small businesses increasingly need audio content in local languages (Yoruba, Igbo, Hausa, Pidgin) for adverts, announcements, or jingles.
If you speak any of these or other major local languages, you already have a skill you can monetize.
Seriously.
Follow these steps to make at least₦100k a month with your language skills:
Post on Facebook groups or community boards offering voice recording services in your native language.
You don’t need a studio. A quiet room and a smartphone with free apps like BandLab or Lexis Audio Editor will do. You can download these apps on Google Play Store.
Charge ₦5,000–₦15,000 per recording, depending on length.
One tip for you: if you can’t speak multiple languages, partner with friends who can and split the earnings.
If you land10 short projects at ₦10,000 each you’ll get ₦100,000.
Event-Day Hustle Partner
Every weekend in Nigeria is a festival. Think weddings, birthdays, naming ceremonies, burials. Many hosts need extra hands for just the day.
Instead of hunting for these event just so you can eat at them, you can seek them out to make money from them.
Did you catch that mindset shift?
This is how you do it:
Offer day-labour event help (e.g. ushering, errands, decoration setup, small catering assistance, etc.) via local WhatsApp groups, Facebook community pages, or directly to event planners.
You can do 3–4 events a week, each paying ₦5,000–₦10,000.
Now, look at this extra hack:
You can even build a small network of your friends who are unemployed. When bigger jobs come (e.g., “I need 6 people to serve food at a wedding”), you can provide your client with a team. When they pay you, you can split the money with your team after taking your share.
Makes sense, eh?
How much money can you make?
If you cater to 4 events a week and get paid an average of ₦7,500 per event, you’ll have an income of ₦120,000/month.
Neighbourhood Service Bundle Hustle
Instead of providing one small service, offer a bundle of small services for your neighbourhood in exchange for weekly or monthly payment.
Some services you can combine include:
Filling and delivering water bottles for offices and homes
Morning school run escort for kids
Light cleaning/errand services for older people
Phone charging for neighbours during power outages
This is how it might work:
Offer all services under one “monthly plan” (e.g., ₦5,000 for unlimited errands and water refills in a month).
Sign up customers 20 people in your area.
With 20 “subscribers” to your neighbourhood services, each paying you ₦5,000, you’ll have ₦100,000/month. And you don’t need any cash to start.
Wrapping Up…
It should be clear to you now that knowing how to make 100k a month is really you having a cheat code for exiting the state of always being broke.
But, as we noted at the beginning of this article, you must be willing to offer value peopleactually want.
Start on a small scale, keep your costs low, and focus on activities that bring daily cash flow.
Get going now. This is just the start of great things for you.
Foreign Exchange (FOREX) trading has become very popular in Nigeria within the last decade and a half, especially among young people seeking financial freedom. However, one question continues to spark debate both online and offline: Is FOREX trading gambling?
Some people think that it is so speculative that it’s no different from gambling.
Others insist that it isn’t rolling dice, and that it actually requires real skills to succeed with FOREX. They say that, given this fact, FOREX trading isn’t gambling.
What this Article will Do for You
In this article, we’ll review this means of making money. We will break down what FOREX trading is, how it works, and take a look at its nature compared to gambling.
We’ll also look at the state of FOREX in Nigeria, its benefits and drawbacks, and ultimately arrive at a clear conclusion.
So, if you’ve ever had questions like:
“What is FOREX trading?”
“How does FOREX trading work?”
“Is FOREX trading gambling?
“Is FOREX trading legit?”
Then you’re in the right place. This article will answer your most pressing questions about FOREX trading, and help you decide whether it’s something you want to venture into or not.
So, please read on.
What is FOREX Trading?
FOREX (short for “Foreign Exchange”) trading is the act of buying and selling currencies to profit from fluctuations in exchange rates.
At its core, FOREX trading involves speculating on the price movement of currency pairs like EUR/USD (Euro vs US Dollar) or GBP/JPY (British Pound vs Japanese Yen).
Traders make money by predicting whether one currency will strengthen or weaken relative to another.
Trading takes place in pairs because currencies are always exchanged in relation to another. If you think the US dollar will rise against the Nigerian naira, you would buy USD/NGN. If the dollar increases in value as you predicted, you earn a profit. If it falls, you lose money.
FOREX trading is conducted via platforms like MetaTrader 4, MetaTrader 5, or broker-provided apps, where traders use technical and fundamental analysis to make decisions.
FOREX: A Global and Nigerian Perspective
Globally, the FOREX market operates 24 hours a day, five days a week, and includes participants such as central banks, commercial banks, hedge funds, corporations, and retail traders.
In Nigeria, FOREX trading has surged in popularity, largely due to:
Increased internet access and mobile technology.
Rising unemployment, pushing youths toward alternative income streams.
Access to global trading platforms through online brokers.
According to data from the Nigerian Securities and Exchange Commission (SEC) and various independent financial research groups:
Nigeria is one of the top 5 countries in Africa in terms of retail FOREX trading volume.
Nigerian traders often use international brokers due to regulatory gaps, although the government has signaled plans to better regulate the market.
Is FOREX Trading Gambling?
The confusion between FOREX trading and gambling arises because both involve risk and speculation. However, they are fundamentally different in several key ways:
Skill vs Chance
FOREX: Relies heavily on knowledge, strategy, and analysis.
Gambling: Primarily based on luck.
Tools Available
FOREX: Traders use charts, indicators, economic news, and historical data.
Gambling: Gamblers rely on chance, gut feeling, or superstition.
Risk Management
FOREX: Traders set stop-loss, take-profit, and risk-reward ratios.
Gambling: Gambling rarely includes structured risk management.
Long-Term Profitability
FOREX: With discipline, consistent profits are possible.
Gambling: The “house” typically always wins in the long run.
Can FOREX Ever Be Gambling?
It can become gambling if a trader:
Trades without a strategy.
Relies on “gut feelings” rather than analysis.
Over-leverages and risks more than they can afford.
Treats it like a get-rich-quick scheme.
So, FOREX is not gambling by design, but it can become gambling in practice if approached recklessly.
Advantages of FOREX Trading
High Liquidity: FOREX is the most liquid market in the world, meaning trades can be executed quickly with minimal price fluctuation.
Low Entry Barrier: Many brokers allow you to start with as little as $10 or ₦10,000, making it accessible to most Nigerians.
Flexible Trading Hours: You can trade 24/5, which fits well with side hustles or students’ schedules.
Potential for Profit: With the right skills and risk management, traders can earn consistent income.
Leverage: Brokers offer leverage (e.g., 1:100), allowing traders to control large positions with little capital. However, this also increases risk.
Disadvantages of FOREX Trading
High Risk: The market is volatile. If you don’t have a proper strategy, you may lose your capital quickly.
Emotional Stress: Constant market monitoring and financial loss can lead to anxiety and stress.
Lack of Regulation in Nigeria: Many Nigerian traders use unregulated or offshore brokers, increasing the risk of fraud.
Learning Curve: Success in FOREX requires time, patience, and constant learning. Many traders give up too early or rush in unprepared.
Leverage Risk: While leverage amplifies profit, it also magnifies losses. Many beginners get wiped out due to over-leveraging.
Now, we won’t tell you whether or not you should trade FOREX part-time, or even become a full time FOREX trader. That’s up to you to decide.
But we will tell you what you should consider before deciding whether to get involved in FOREX trading or not.
Before diving into FOREX trading, it’s crucial to evaluate whether it aligns with your goals, risk tolerance, and lifestyle. Here are key factors to consider:
Financial Stability: Only use disposable income for trading. Never risk rent, tuition, or emergency funds. Losses are part of the process, and financial pressure can cloud judgment.
Risk Tolerance: Can you handle financial losses without panic or emotional trading? If not, FOREX might be too volatile for you.
Time Commitment: Successful trading requires time for learning, strategy testing, and market analysis. If you can’t dedicate time regularly, passive investment options may be better.
Willingness to Learn: FOREX is not a get-rich-quick scheme. You must be willing to study technical and fundamental analysis, risk management, and trading psychology.
Mental Discipline: Can you stick to a plan and avoid emotional decisions? Overtrading, revenge trading, and greed are common pitfalls for undisciplined traders.
Access to Reliable Tools: Ensure you have access to a stable internet connection, a trustworthy broker, and a trading platform like MetaTrader 4/5.
Regulation and Broker Choice: Choose a broker with a solid reputation and preferably regulated by authorities like CySEC, FCA, or ASIC. Avoid unregulated or suspicious platforms, especially those making unrealistic profit promises.
FOREX trading isn’t for everyone. But if you decide to pursue it, be sure toapproach it with preparation, and a long-term mindset. This is what makes the difference between a trader and a gambler.
Warning!
Now, here’s some warning you need to heed.
You may see advertisements online or on your local radio stations, in which self-proclaimed FOREX traders guarantee outsized profits from trading.
They may promise things like double digit profits (e.g. 20%) in a single month.
And they will invite you to sign up for their courses or seminars.
They may even request that you deposit money with them, so that they will “trade” on your behalf and share profits with you.
THESE ARE SCAMS. DO NOT FALL FOR THEM!
FOREX trading does not guarantee profits, let alone double or triple digit profits in a week or month. Its volatile nature forbids this.
Stay vigilant!
Wrap Up
Here’s our summarized answer to the question, “Is FOREX trading gambling?”
FOREX trading is not gambling when approached with the right knowledge, discipline, and strategy.
But there are also real risks. Most FOREX traders will lose money. Losses are much heavier among new traders, who often lack the skills, experience, and emotional control needed to successfully navigate the volatility of currency markets.
In Nigeria, it has empowered thousands of people to earn online income, but it has also led many to lose money due to lack of training or greed.
Like any professional field, FOREX rewards those who educate themselves, stay disciplined, and respect the risks involved.
If you’re considering FOREX trading in Nigeria, treat it as a business, not a game of chance. Learn first, start small, and never trade with money you can’t afford to lose.
This article is about how to make money as a student in Nigeria.
Maybe you’re struggling to cover expenses while in school.
Perhaps you would like to pay for something important in the not-too-distant future, and want to raise the funds early enough.
Or you just like the idea of making money early on in your life, to give you a financial head start, plus some entrepreneurial experience.
If you have ever asked the question, “how can I make money as a student?” this article is for you.
Read on to find out ideas for making money in Nigeria while you’re still studying for a degree, diploma, or other certification program in higher education.
Why You Should Learn How to Make Money as a Student
Being a student comes with more than just academic pressure.
Between skyrocketing school fees, the rising cost of food and transport, unreliable power supply, and constant strikes, many students find themselves needing extra cash to survive.
And that’s not to talk of enjoying campus life.
But with tight schedules, limited capital, and little to no job opportunities within school environments, many students feel stuck. It seems hard to cover the financial bases.
Here’s good news: You can earn money as a student in Nigeria, flexibly and legally, even with minimal capital…if you play smart and use what you have.
This article shows you some flexible and realistic ways to make money as a student while balancing their studies.
Freelancing (Online Skills You Can Offer Remotely)
Freelancing is one of the best income options for students who have digital skills. If you’re good at writing, graphic design, video editing, social media management, programming, or even voiceovers, there’s demand for your skills online.
The great part? You can even earn in foreign currency by serving global clients.
Explore these platforms for opportunities to earn as a freelancer:
You’ll need data, consistency, and sometimes training. But there are free YouTube tutorials to help you build your skills.
Start small. Offer your services on WhatsApp, Twitter (now X), and to other students before going global.
Tutoring (Online or In-Person)
If you’re academically strong in certain subjects, offer tutoring services to secondary school students or even your coursemates.
These are the subjects in demand:
Maths
Physics
Chemistry
English
WAEC/UTME coaching
You can teach students in your area or offer classes via Zoom/WhatsApp. Parents are always looking for affordable tutors who understand the Nigerian curriculum.
Campus-Based Services
You don’t always need the internet to make money. Think about common student needs and how you can meet them.
Some examples include:
Typing
Barbing or hair styling
Manicure/pedicure
Laundry service
Cooking or baking (e.g. snacks, small chops)
Selling thrift clothes or shoes (okrika)
These services can be done from your hostel or around campus with very little start-up capital.
Campus Brand Ambassador or Influencer
Some companies (especially fintechs, data companies, and brands targeting youth) look for students to represent them on campus.
If you’re great at bringing people together (forming communities offline or online), communication (spoken and/or written), and are a fast learner, this type of opportunity might be what you need.
As an ambassador or influencer, your responsibilities may include:
Promoting products to students
Creating awareness through events or social media
Collecting sign-ups or leads
Businesses that recruit campus ambassadors or student influencers often pay commissions, stipends, or give bonuses for performance.
Look out for such opportunities on LinkedIn, X (formerly Twitter), or directly on brand (company) pages.
Academic Services
Not everyone loves writing. If you do, you can make money as a student from helping those who aren’t very enthusiastic about lengthy writing assignments. Some of those students are willing to pay for these things:
CV writing
Typing and formatting
PowerPoint design
If you’re good at them, you can offer services to final year students, business owners, or job seekers.
We encourage you to be ethical. Don’t help others cheat or submit false academic work.
Photography and Videography
If you have an affordable phone (even if it’s a fairly used phone you’ve purchased for a fraction of the cost), or basic camera, you can offer these things:
Passport photos
Event coverage
Social media content shoots
Video editing
Campuses are always buzzing with events — birthday shoots, pageantry, conferences, and more. If you’re creative, there’s money to be made.
Resell Airtime, Data, or Utility Bills
Here’s how to make money as a student in Nigeria in a manner that’s familiar, one that many Nigerian students use to make small steady profits.
There are many apps that you can use for this:
VTU.ng
Recharge2Cash
Palmpay or Opay
JumiaPay
You earn small commissions for each transaction.
The secret to growing this small time hustle is building a loyal customer base. You can do this by being the go-to for airtime, data, or utility recharge among your classmates, for instance.
You may also sell to people in other groups that you’re a member of, such as campus fellowship, indigene associations, and campus affiliates of professional bodies.
Important Tip: Learn a Skill with Free Resources
If you don’t have any marketable skill yet, don’t panic. Many Nigerian students started with nothing but their phone and free data nights.
Pick one skill and dedicate time to it — graphic design, digital marketing, social media management, coding, etc.
Final Words
That’s how to make money as a student in Nigeria.
It’s not always easy, but it’s possible with consistency, creativity, and smart use of your resources.
The important thing is to focus on building value and relationships. Over time, the money will follow. Don’t try to do everything. Start with one hustle, master it, and scale gradually.
While trying to solve your financial problems, don’t forget why you’re in school. Your academics should remain top priority. So, choose income sources that are flexible and won’t disrupt your studies.
You don’t need plenty money to start. What you need is a strategy that can work, and a determination to succeed.
Would you like to know how to start a private lending business in Nigeria? You’ve come to the right place.
Read on to learn how to start a loan business!
Introduction
Getting loans from financial institutions in Nigeria is often difficult, due to strict bank requirements. As a result, the private lending business in Nigeria is in high demand.
If you adopt a good strategy and structure your operations right, private lending can become a great source of income for you.
In this article, we’ll talk about everything you need to know about starting a private lending business in Nigeria, from registration to setup and strategy.
What is a Private Lending Business?
A private lending business involves offering short-term or long-term loans to individuals or small businesses, usually outside traditional banking systems.
These loans may come with interest and agreed repayment terms, similar to banks but typically with more flexible conditions.
Unlike commercial banks, private lenders often fill the gap for people who:
Don’t have formal employment or collateral.
Need urgent cash (e.g. salary advance).
Run small businesses and are rejected by banks.
Private lending can be done on a micro-scale (peer-to-peer) or as a registered loan business offering services to the public.
Why Consider Private Lending in Nigeria?
Nigeria has a growing population of over 200 million people, yet access to formal credit is still limited. According to the Central Bank of Nigeria (CBN), only about 5.3% of Nigerian adults have access to formal loans.
Here’s why it’s a good idea:
High demand for quick and small loans, especially among traders and low-income earners.
Flexibility in loan conditions compared to banks.
Low startup costs if starting small.
Scalable; you can start small and grow as your capital increases.
Is Money Lending Business Profitable?
Is money lending business profitable? That’s a question you may be asking.
Yes, the money lending business is profitable, if you follow the right steps, have a good strategy, and manage risks wisely.
Profitability in lending comes from:
Interest income (usually 5%–20% per month depending on loan type and duration).
Processing fees and late payment charges.
Loan rollovers and renewals.
For example, if you lend ₦500,000 at 10% interest for 30 days, you earn ₦50,000 in a month. Manage your lending properly, and your reinvested profits can compound your earnings over time.
But bear in mind that profitability depends on these factors:
Effective risk management.
Strict borrower screening.
Strong recovery system.
How to Register a Micro-Lending Business in Nigeria
If you’re going to operate legally and gain public trust, you must register your lending business properly.
However, if you are starting out at the micro-scale, you may want to carry on as a Peer to Peer (P2P) lender until you have enough funds to cover formal registrations.
Follow these steps to register your lending business:
Register as a Limited Liability Company (LLC) for credibility.
Recommended name: “PQR Microfinance Services Ltd” (where PQR is the name you want to give it).
2. Obtain a Money Lending License
This license is issued at the state level. Each state has different procedures, but the process typically includes:
Apply through the Magistrate Court.
Submit your CACdocuments, passport photos, company seal, and bank references.
Pay the licensing fee (may cost up to ₦200,000 depending on the state).
In Lagos, you’ll also register with the Ministry of Home Affairs.
3. Register with Credit Bureau
Enroll with credit reporting agencies like CRC Credit Bureau or FirstCentral to check borrower credit history and report defaults.
What You Need to Start a Lending Business in Nigeria
Here’s what you need to have in order to start a lending business in Nigeria:
Capital
Start with at least ₦500,000–₦5 million depending on your target market.
You can start with personal funds
If you don’t have funds of your own, you can raise capital from investors.
Loan Management System
Use apps like Lendsqr, LoanCirrus, or manual Excel tracking (for a start). Some of these apps help you determine who you can lend to, disburse loans, track loans
These apps also automate reminders and repayments.
Legal Documents
Loan agreements, guarantor forms, and ID verification processes are essential to minimize defaults.
Guarantor System
Always demand 1–2 guarantors for first-time borrowers.
Collect valid ID cards, addresses, and employment details.
Customer Acquisition Plan
Use WhatsApp groups, local agents, online ads, or partnerships with small business owners and salary earners.
Repayment Enforcement Mechanism
Partner with debt recovery firms or maintain a strong follow-up system.
Use BVN verification to track borrowers across banks.
Money Lending Business Strategy for Sustainable Returns
You will want to avoid common pitfalls like high default rates. Here’s a money lending business strategy you can use to achieve decent results:
“Step-Up Trust Model” Strategy
1. Start with Small Loans: Begin with ₦20,000–₦50,000 to test new customers, and use short tenures: 14–30 days.
2. Reward Good Borrowers: Increase their limit and reduce interest slightly as they prove creditworthy.
3. Strict Verification: Use national ID, BVN, utility bills, and physical address confirmation.
4. Insist on Guarantors: For every loan above ₦50,000, ask for at least one employed guarantor.
5. Daily or Weekly Repayment Model: Especially effective for traders and market women.
6. Record All Transactions: Maintain full loan tracking, including missed payments, contacts, repayment history.
7. Digital Lending Option: As you grow, use lending platforms and mobile apps to scale faster and manage large customer bases.
Final Words
That’s a wrap on our article about how to start a private lending business.
As you have seen, private lending in Nigeria is more than just handing out money and expecting it back. It’s actually a structured financial service that can generate impressive returns, even as it meets a real market need.
In order to succeed, start small, learn the terrain, and register your business legally if need be. Use technology to manage risks and streamline operations. And, always prioritize borrower screening and repayment enforcement.
Your private lending business can become a money spinning venture, with returns that only a few investments can boast of.
Saving money is a challenge anywhere in the world. But in Nigeria, where inflation is high and the cost of living keeps climbing, it may seem almost impossible. If you’re struggling in this area, you may be wondering how to save money on minimum wage in Nigeria.
The low wages hasn’t caught up to economic realities, and the struggles of many Nigerians earning irregular or informal incomes. So, budgeting and saving might seem like a luxury.
However, it doesn’t have to be. If you take the right steps and are aware of the targets you could reach, even you as a low-income earner in Nigeria can build financial resilience over time.
In this article, we will show you 10 ways to save money on minimum wage in Nigeria today.
But first, let’s understand why it’s difficult for many Nigerians to save money in the first place.
Why is it Hard to Save Money in Nigeria?
Nigeria’s economy has been affected by a range of challenges in recent years: high inflation, the removal of fuel subsidies, currency devaluation, high unemployment, and limited access to affordable healthcare and education.
These factors hit low-income families the hardest, especially those earning daily wages or running small informal businesses. In such a setting, saving is not just about setting money aside; it’s about surviving smartly.
Despite these challenges, there are still many ways to save money. Some of these strategies are uniquely Nigerian, and all of them can help you save money creatively.
How to Save Money in Nigeria on a Low Budget
Now, here’s how to save money in Nigeria on a low salary or limited income:
Create a Simple Budget and Stick to It
Start by tracking your monthly income and expenses. You don’t need an app; a simple notebook or smartphone note can do the job.
Your basic budget breakdown might include:
Feeding
Transportation
Rent or contribution to household bills
Airtime/data
Savings (even if small)
Emergency fund
If you know where your money goes, you’ll know what you can eliminate to save money.
Prioritize Needs Over Wants
We live in a culture where societal expectations — weddings, naming ceremonies, aso ebi, weekend parties — can pressure people into unnecessary spending.
But you should be bold enough to say “no” or contributing within your means.
When you’re tempted to buy something, ask: Is this necessary or just nice to have?
Practicing delayed gratification is a major money-saving habit.
Join Cooperative Societies (Esusu, Ajo, Adashe)
These traditional savings systems remain popular for a reason: they work.
Joining a trustworthy ajo or cooperative group allows you to:
Save consistently with accountability
Access interest-free or low-interest loans
Avoid the temptation to spend saved funds
Some even use rotating savings systems to raise bulk funds for school fees, rent, or business capital.
Buying food in bulk at local markets (like Oyingbo in Lagos or Mile 12) can be cheaper than buying in bits.
It’s also often cheaper to cook at home. Plus, it allows you to eat healthier.
Instead of buying takeaways daily, try preparing meals on weekends. Even street food (which may seem cheap per meal) adds up fast when bought every day.
Cut Transportation Costs
With rising fuel prices and inconsistent public transport, transportation is expensive, and it’s difficult for people learning how to save money on minimum wage.
To reduce the cost of commuting, you can do the following things:
Share rides with colleagues or friends
Walk short distances when safe
Use cheaper transport options like danfo, keke, or okada when necessary; but always prioritize safety
Negotiate transport fares before boarding a vehicle in places or situations where prices aren’t fixed
If you work remotely or have flexible hours, time your outings to avoid peak traffic (which may be mornings and evenings), and reduce fuel or fare expenses.
Reduce Data and Airtime Waste
In Nigeria, mobile data is both expensive and heavily used. If you’re online a lot, this might become a drain on your finances.
You can tackle this problem by limiting on how much you spend on data monthly. Some tips:
Use Wi-Fi where available
Turn off auto-updates and background apps
Buy night/subscription bundles for downloads
Track your usage with mobile network apps (like MyMTN, My9Mobile)
Avoid scrolling aimlessly on social media; it leads to both data waste and impulse buying from online vendors.
Start a Side Hustle or Monetize Skills
Most Nigerians are naturally entrepreneurial. You probably are in some way.
The usual side hustles in this part of the world include baking, braiding hair, graphic design, tutoring, or tailoring, etc.
But you could also be a freelance writer, social media manager for small businesses, website developer, or event planner.
Just choose a hustle (or hustles) that you’re skilled at, and can handle while maintaining your main source of income.
Side hustles can provide a crucial extra income stream.
Even with low capital, you can start small. Things like the sale of zobo, snacks, or thrift clothes (okrika), or mobile repairs, don’t cost a lot of money to begin. Offer your services within your community or online. Word of mouth still works in Nigeria!
Plan for Irregular Expenses
Nigeria is full of financial surprises. Hospital emergencies, school fees, family obligations, or even electricity bills can arise unexpectedly.
To know how to save money in Nigeria, you’ll have to learn to plan for these sudden but urgent obligations
You can prepare yourself for them by setting aside small amounts weekly for them; even if it’s ₦500–₦1000 at a time. Over months, it adds up.
Label envelopes or use a savings box for specific goals to avoid dipping into the same pot for every issue.
Buy Quality, Not Just Cheap
Sometimes, cheap items cost more in the long run. A pair of ₦1,000 slippers that spoils in a week costs more than ₦3,000 ones that last a year. Avoid “penny wise, pound foolish” habits by evaluating value, not just price.
Avoid Debt from Online Loan Apps
Many Nigerians fall into the trap of high-interest loan apps, often borrowing for non-essential spending. These apps can charge over 20% monthly interest and will harass you and your contacts if you default.
You should only borrow when absolutely necessary, and from credible sources (like cooperatives, microfinance banks, and reputable digital lenders with transparent terms).
Extra Tip: Use Savings Apps
If you would like to supercharge your savings, you can use savings apps (or apps with high yield savings accounts).
Some of them allow you to save little amounts, and will pay you higher interest on savings than you would get from a bank.
These apps let you stash little amounts, which can grow as interest compounds over time.
Wrap Up: Little Drops Make an Ocean
Sometimes, knowing how to save money on minimum wage in Nigeria is less about having a lot of money, and more about being intentional.
It is true that the system is difficult and the economy is challenging. But many Nigerians have found ways to manage, save, and eventually thrive by applying discipline, community support, and smart spending.
You may be earning ₦30,000 or ₦100,000 monthly. This matters less than you may think. The important thing is how you manage your income.
Have a savings goal. Plan to achieve it. Start small. Be consistent. Over time, your efforts will build up to something meaningful.
Start today.
Even if you only save ₦200 a day, that’s ₦6,000 a month and ₦72,000 a year. That could pay for school fees, help you invest in a business, or cushion an emergency.
Investing in stocks is one of the ways to grow your money over time, and Nigeria has its own stock market where you can do this.
For the past few years, many people who have invested in the best performing stocks in Nigeria have reaped huge returns, from an increase in the value of their investment, and from dividend payments.
In the first half of 2025, some stocks returned more than 200% the funds invested in them at the beginning of the year.
One of those stocks is now up by more than 700% so far in 2025.
Incredible, isn’t it? But it’s true.
Here’s a breakdown of some of the best performing stocks in Nigeria from the first half of the year 2025.
If you’re new to the idea, don’t worry; this guide will walk you through the basics of how to invest in Nigerian stocks, using simple language and examples. We’ll also take into account the unique nature of Nigeria’s economy and financial system.
What Is the Stock Market?
The stock market is a place (or situation) where people buy and sell shares (also called stocks) of companies.
A share is a small piece of ownership in a company.
When you buy shares of a company like Zenith Bank or Dangote Cement, you become a part-owner of that company, and you can earn money if the company does well.
In Nigeria, the main stock market is the Nigerian Exchange (NGX), formerly known as the Nigerian Stock Exchange (NSE).
And in the United States, the main stock markets are the New York Stock Exchange (NYSE) and NASDAQ. The NYSE is the world’s largest stock exchange.
Why Invest in Stocks?
Here are a few reasons why people invest in stocks in Nigeria:
To grow their money over time (better than just saving in a regular bank account).
To earn dividends– This is a portion of the company’s profits shared with shareholders.
To stay ahead of inflation– Inflation in Nigeria can reduce the value of your money if it just sits idle.
But remember, stock prices can go up and down, so there is some risk involved.
How to Buy Stocks in Nigeria
Here’s a step-by-step guide for how to buy stocks in Nigeria.
1. Understand Your Investment Goals
Before you invest, ask yourself:
*Are you investing for long-term growth?
*Are you saving for a specific goal like a house or your children’s education?
*How much risk are you willing to take?
In Nigeria, because of economic instability (like high inflation and currency fluctuations), long-term investment may be more rewarding than short-term speculation.
2. Learn the Basics
Here are a few important terms:
*Broker: A licensed professional or company that helps you buy and sell stocks.
*Dividend: Profit shared by the company with shareholders.
*Capital Gain: When you sell your stock at a higher price than you bought it.
*Portfolio: The collection of stocks or investments you own.
3. Choose a Stockbroker
You cannot buy stocks directly from the NGX. You need a registered stockbroker.
Some popular stockbroking firms in Nigeria include:
Make sure the broker is registered with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX).
4. Open a CSCS Account
Once you choose a broker, they’ll help you open a CSCS account. This is an account with the Central Securities Clearing System, where your shares will be kept electronically.
Think of it as a digital wallet for your stocks.
5. Fund Your Account
To buy stocks, you need to send money to your stockbroker. This is usually done via bank transfer.
Start small. You don’t need millions to invest. You can begin with as little as ₦10,000, depending on the stock.
Funding your account should be easy if you’re using a digital platform e.g. a stockbrokerage’s mobile app. For example, the Meritrade app from Meristem Securities, or Arinvestor from Afrinvest .
Other stock trading platforms are principally accessible on the web (e.g. using a laptop). An example of this is (e.g. the live trading portal on InvestNow from United Capital).
Hint: Investing with registered stockbrokers is usually comes at smaller costs than popular investment apps, like Bamboo or Trove (more on them towards the end of this article). However, those apps are more accessible, and tend to record better use experience.
6. Buy Your First Stocks
Your broker can give you advice on which stocks to buy, or you can research them yourself. Some popular Nigerian stocks include:
GTCO (GTBank)
MTN Nigeria
Nestlé Nigeria
Seplat Energy
Okomu Oil Palm
Look at how stable the company is, how much dividend they pay, and their future prospects.
7. Monitor Your Investment
After buying stocks, keep an eye on them. You can use platforms like:
Nigerian stockbroker mobile apps (e.g., Meritrade)
But don’t panic when prices go up and down; that’s normal.
8. Think Long-Term
In Nigeria, it’s often wise to invest for the long term. Short-term price changes may be affected by political events, inflation, and currency changes. Over time, good companies tend to grow, and your investment will likely grow too.
Things to Keep in Mind
*Currency Fluctuations: The value of the naira can affect foreign investment and company performance.
*Inflation: High inflation can reduce your real returns, so look for stocks that can grow faster than inflation.
*Dividends Matter: In Nigeria, many investors value dividends because they provide regular income.
*Economic Policies: Government actions (like CBN policies or import bans) can affect company profits and stock prices.
Where to Buy Stocks in Nigeria: Use Investment Apps
If you don’t know where to buy stocks in Nigeria, you can use modern investment applications. To be specific, you can use these apps to buy stocks in Nigeria:
These apps are beginner-friendly and often come with educational resources. You can download them from the Google Play Store or Apple App Store.
Last Words
Investing in Nigerian stocks is a smart way to grow your money, especially if you take time to learn the ropes. Start small, stay informed, and be patient.
As is the case in other countries, Nigeria’s stock market has its ups and downs. But if you do good research and adopt a long-term mindset, you will learn how to invest in Nigerian stocks, and benefit from them.
