By Osasikemwen Ighile, Brand Manager, FairMoney Microfinance Bank

In today’s volatile economic climate, saving money is no longer just a prudent habit—it is a strategic necessity.  The constantly rising living costs, inflationary pressures, and currency fluctuations have redefined what it means to be financially secure. The difference now lies not in whether people save, but in how they save.

Reports from the National Bureau of Statistics (NBS) highlight this shift, showing inflation in Nigeria climbing from 22.41% in May 2023 to a peak of 34.80% by late 2024. While temporary cooling occurred in early 2025, the overarching trend underscores a stark reality – cash that isn’t generating interest is rapidly losing its purchasing power.

For many Nigerians, the instinct to put money aside remains strong but without structure and strategy, those savings often fail to deliver real value and results. Money kept idle may offer liquidity and accessibility, but may not preserve value effectively over time.  To achieve financial growth, saving must evolve from passive storage to intentional planning.

For generations, informal saving methods such as keeping cash at home or participating in contribution schemes like ajo or esusu have served as accessible financial tools. While these systems encourage discipline and community trust, they come with clear limitations in a modern economy. Physical cash steadily loses value due to inflation, meaning what seems sufficient today may purchase far less in the near future. Easy access to such funds also increases the likelihood of impulsive spending, weakening long-term financial discipline. More importantly, money kept outside formal financial systems does not grow. It earns no interest, gains no value, and misses the compounding effect that drives wealth accumulation. Contribution schemes, while helpful for short-term goals, are often rigid and do not generate returns—they help rotate money, but not multiply it.

To build and maintain a meaningful financial backbone, savings must be aligned with purpose. An emergency fund, for instance, remains the foundation of financial stability, but leaving it in low-yield accounts limits its potential. Placing such funds in flexible savings options that offer daily interest based on the terms and conditions allows individuals to manage access while still earning modest returns. For funds that are not immediately needed, fixed savings or deposits provide a stronger pathway to growth.

By committing money for a defined period in interest-bearing savings accounts, savers can benefit from interest rates that may assist in preserving value over time, subject to prevailing economic conditions, while also reducing the temptation to spend impulsively. Many individuals report that setting clear savings goals and maintaining disciplined saving habits can improve confidence in managing personal finances.

Saving with clear goals further strengthens financial discipline. When individuals align their savings with specific needs such as rent, education, or business capital, and automate contributions, they remove the uncertainty and inconsistency that often derail financial plans. Over time, this approach builds both confidence and stability.

The difference between merely saving money and actually growing it becomes more evident over time. Funds placed in interest-bearing accounts benefit from compounding and gradually increase in value, while idle cash continues to lose purchasing power. What appears safe on the surface may, in reality, be diminishing.

The emergence of tech-enabled financial platforms like FairMoney has made structured saving more accessible, offering individuals secure and transparent ways to save and manage their funds. FairMoney MFB operates under the oversight of the Central Bank of Nigeria (CBN) and is insured  by the Nigeria Deposit Insurance Corporation (NDIC),subject to applicable coverage limited and regulatory conditions, providing an added layer of confidence.

Ultimately, financial security is not determined solely by income, but by how effectively available resources are managed and grown. Intentional saving is about making money work with clarity, discipline, and purpose. In an uncertain economic environment, that shift from simply keeping money to adopting a structured savings approach can form an important component of long-term financial planning.

National Agency for Science and Engineering Infrastructure (NASENI) has reaffirmed its commitment to strengthening Nigeria’s industrial value chain through research commercialisation, technology transfer and strategic partnerships with the private sector.

The agency said its focus was on bridging the gap between research and commercial production by transforming locally developed technologies into market-ready products capable of reducing import dependence and creating jobs.

According to NASENI, countries such as Japan, China, Singapore and Vietnam have strengthened their industrial sectors by investing in research and development (R&D), innovation, advanced manufacturing and local supply chains.

The agency noted that Nigeria’s industrial growth had been constrained by the inability to effectively convert research outcomes into commercially viable products.

It said its network of development institutes and manufacturing centres was designed to address this challenge by supporting the entire innovation cycle, from concept development to production and market deployment.

NASENI explained that its model emphasises reverse engineering, technology adaptation and commercialisation of innovations tailored to local needs.

The agency said it had already developed technologies and products across sectors including renewable energy, agriculture, transportation and capital goods manufacturing.

Among the products listed are solar-powered irrigation pumps, rice milling and destoning machines, oil extraction systems, lithium batteries, electric tricycles, hybrid and electric vehicles, laptops, tablets and solar energy solutions.

According to the agency, the technology development process follows a five-stage pipeline comprising research and adaptation, prototype development and testing, pilot production, technology transfer and licensing, and market deployment with after-sales support.

NASENI stated that the framework enables manufacturers and investors to participate at different stages of product development while reducing the risks associated with independent research and development.

It added that businesses adopting NASENI-developed technologies could reduce the time required to bring products to market while benefiting from lower development costs and technical support.

The agency also highlighted the role of its advanced manufacturing centres equipped with computer numerical control (CNC) machines, 3D printers, metrology laboratories and testing facilities.

According to NASENI, the facilities are available to industries on a fee-for-service basis, allowing small and medium-scale enterprises to access modern manufacturing infrastructure without significant capital investment.

The agency said several of its technologies had already progressed through licensing and technology transfer stages, creating opportunities for manufacturers in agriculture, renewable energy and power sectors.

It noted that licensed products are supported with technical documentation, supplier information and training materials to facilitate adoption and local production.

NASENI called on manufacturers, investors, distributors and state governments to partner with the agency in scaling indigenous technologies and strengthening local production capacity.

The agency urged interested stakeholders to explore its technology catalogue, request technical briefings and participate in industry engagement forums aimed at promoting collaboration and industrial development.

It expressed confidence that stronger partnerships between government, industry and research institutions would accelerate Nigeria’s transition towards a more competitive and innovation-driven manufacturing sector.

According to NASENI, the infrastructure, technical expertise and product designs are already in place, while the next phase requires increased industry participation to scale production and expand the market for Made-in-Nigeria products

Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

The launch comes amid a broader industry effort to improve transparency around data consumption and strengthen customer confidence in mobile broadband services.

It also aligns with ongoing collaboration between telecommunications operators and the Nigerian Communications Commission (NCC) to address customer concerns about data depletion and improve quality of service across the sector.

Recent industry initiatives have included customer education campaigns, daily usage notifications, billing audits, customer engagement forums, and the development of new tools that provide greater visibility into how data is consumed.

Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing. By translating online behaviour into understandable data estimates, the tool empowers customers to make more informed decisions about their data plans and digital habits.

Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said the initiative reflects Airtel’s commitment to customer empowerment and service transparency.

“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed. The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.

Oye added that customer concerns around data depletion have remained a recurring topic across the telecommunications industry, making transparency a critical component of customer experience.

“We believe that trust grows when customers have access to clear information. This tool is another step in our ongoing efforts to simplify the customer experience, provide greater clarity around data consumption, and support informed decision-making,” he said.

The launch follows a period of intensified engagement between telecom operators, regulators and consumers on data usage awareness. The NCC has consistently emphasized that many instances of perceived rapid data depletion are linked to factors such as high-definition video streaming, automatic application updates, cloud synchronization, background app activity and evolving smartphone capabilities. The regulator has encouraged operators to improve customer education and develop tools that help subscribers better understand their consumption patterns.

Industry data underscores the importance of such initiatives. Nigeria recorded more than 13 million terabytes of internet consumption in 2025, reflecting the country’s accelerating digital transformation and growing dependence on mobile broadband services.

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.”

He noted that Airtel continues to invest heavily in network modernization, customer experience initiatives and digital tools that improve service quality while making telecommunications services easier to understand and use.

“We welcome the industry’s collective focus on transparency and commend the NCC’s continued collaboration with operators to strengthen consumer confidence. As data becomes increasingly central to everyday life, Airtel will continue to develop solutions that make connectivity more accessible, transparent and rewarding for every customer.”

The launch also builds on Airtel Nigeria’s recent customer engagement initiatives, including forums dedicated to helping subscribers better understand data usage, value optimization and service quality. These engagements have brought together customers, regulators and Airtel executives to foster greater awareness and dialogue around digital consumption.

The Airtel Web Data Calculator is now available to customers nationwide and can be accessed via Airtel Nigeria’s website.