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.
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.
