66% Of Nigerians Cannot Track Spending Despite Fintech Boom— Survey

Despite the rapid growth of digital finance tools across Nigeria, a majority of users are still unable to effectively monitor their spending, a new national survey has revealed.
According to the 2025 Nigeria FinTech Survey Report by research firm Column, 66 per cent of respondents admitted they do not know how much they spend weekly or monthly, even though they actively use fintech apps.
The report, which surveyed 1,126 Nigerians between the ages of 18 and 44, highlights a widening gap between digital financial access and actual budgeting behavior.
As more Nigerians adopt platforms like PiggyVest, Kuda, and Palmpay, the expectation is that financial awareness and discipline would improve. However, the findings of the survey suggest that access to fintech tools is not translating into control.
The lead researcher at Column, Uche Nnaji, in an interview with NATIONAL ECONOMY, said this is a wake-up call.
“We found that while fintech adoption is widespread, financial literacy and behavioral engagement are lagging. Nigerians aren’t just downloading these apps, they are using them, but the outcomes aren’t matching the potential,” Nnaji stated.
As Nigeria’s fintech space continues to grow, the industry’s ability to deliver real financial empowerment will depend not just on who can build the fastest app, but on who can help users slow down, reflect, and take charge of their financial lives.
“The next phase of fintech success won’t be about adding more features. It will be about designing smarter user journeys, ones that support budgeting, savings, and planning in ways that feel natural and achievable, even in the face of economic uncertainty,” he added.
Nnaji said.
One of the most striking insights from the survey is the fragmented way users manage their finances. Instead of relying on a single platform, many respondents use multiple apps for different financial functions. While 35.6 per cent of respondents use two fintech apps, 20.9 per cent use three. Only 29.4 per cent manage their finances through one primary tool. This fragmented approach is creating a financial blind spot, according to the report. With income, savings, and expenses spread across different apps, users often struggle to form a clear, holistic picture of their finances.
“People are juggling apps, but not building structures. The tools are out there, but integration is missing. Nigerians need a centralised dashboard that brings their money into one view, otherwise budgeting remains guesswork,” fintech analyst, Damilola Adebayo added.
The survey shows this is not just a theory, as Nigerians themselves are calling for it. A significant 75.2 per cent of respondents said they want a single app that consolidates all their financial activity, including savings, transfers, budgeting, and expenses.
Meanwhile, overspending remains a major concern. Around 17.1 per cent of users admitted to spending impulsively or without any structured plan, and only 57.2 per cent reported that they stick to their budgets. This underscores a troubling pattern, in that, even with digital tools at their fingertips, many users are not building the habits that lead to long-term financial health.
Nigerians are particularly drawn to simple, practical features that help them build consistency. The most requested tools include auto-save options, locked savings (where funds are inaccessible until a set date or goal), expense tracking, savings reminders, and group saving tools. These features are less about complex finance and more about reinforcing daily discipline.
“Users do not need fancy features, they need nudges. Budgeting success doesn’t come from a sleek interface alone; it comes from smart design that understands human behavior,” fintech product designer Bukola Adetola, added.
The report also highlights differences across user groups. Freelancers (35.8 per cent) and entrepreneurs (20.8 per cent) reported better budgeting habits and greater adoption of savings tools compared to students (33.3 per cent), who showed the weakest financial discipline. The finding points to how inconsistent income, combined with a lack of tailored financial education, continues to shape poor budgeting habits, especially among young people.
Interestingly, despite the growing popularity of fintech apps, traditional banks still dominate when it comes to saving. About 79.3 per cent of respondents keep their money in a bank account, while 23.4 per cent use fintech platforms. Additionally, 10.8 per cent continue to rely on informal methods, such as storing cash at home or participating in local savings groups, a reflection of deep-rooted habits, accessibility issues, or institutional trust gaps.
Overall, the report suggests that the fintech boom in Nigeria has delivered access, but not yet behavior change. For many Nigerians, financial clarity remains out of reach, not due to lack of tools, but due to poor integration, inconsistent usage, and missing habit reinforcements.