Infographic: What Is A Savings Account and Why You Need One

How Tos - November 3, 2023

A savings account is a deposit account designed to hold the money you don’t plan to spend immediately.

This is usually different from a current account that is designed to be used by businesses for everyday business transactions.

Savings accounts are important because they help you save towards your personal financial goals.

What Is A Savings Account?

A savings account is a type of bank account where individuals can deposit their money to both protect it and let it grow by earning interest on it.

When you open a savings account, you put some of your money into it, which you don’t plan to spend right away for your everyday expenses. 

Consumer Banking Statistics in Nigeria

  1. As of 2021, the number of active bank accounts in the country amounted to around 133.5 million, while savings accounts added up to approximately 120 million. 
  2. In the fourth quarter of 2020, over 2.2 billion online transfers were issued, yielding a value of over 120.2 billion Nigerian naira (NGN)
  3. More than 87 million people in Nigeria do not have access to established financial services. This means that Over 40% of Nigerians are currently unbanked. 
  4. In December 2022, POS transactions increased by approximately 41.8% in volume, reaching 3.89 billion, valued at around 41.04 quadrillion, compared to 2.74 billion in 2021, valued at approximately 4.46 quadrillion.
  5. Neobanking segment is expected to reach $2.91 billion in transactional value by 2023, with a projected annual growth rate of 23.65% from 2023 to 2027.
  6. Monthly, Moniepoint now processes payment transactions worth $12 billion with an average of 400 million transactions

Check out for a list of interesting statistics on Nigeria Small Businesses

Why You Need A Savings Account

  • Encourages saving and gradual wealth accumulation.
  • Focuses on gradual wealth accumulation over time.
  • Individuals seeking savings and financial growth.
  • A savings account is the safest place to save money
  • Helps achieve personal finance goals
  • Minimal risk of loss because the money is well insured

Savings Account Bank Requirement with Moniepoint

  • Username
  • Password.
  • Provide your BVN and KYC details
  • Face & ID verification.

How to Open A Moniepoint Savings Account

  • Step 1: Visit Play Store or App Store
  • Step 2: Download the App
  • Step 3: Sign up 
  • Step 4:Verify your KYC Details
  • Step 5: Get an Instant Account and Enjoy Seamless Banking

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