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One in 20 Nigerians now earns above ₦1 million ($723.26) monthly, according to data from savings platform Piggyvest’s new savings report. The share of those earning ₦1 million ($723.26) or more monthly rose to 5% in 2025, from 2% in 2024. The report, which surveyed over 25,000 Nigerians, shows that while income levels are improving across several brackets, inflation, especially on food, is widening the gap between earning more and living better. This reflects a broader economic reality in Nigeria, where income growth is struggling to keep pace with inflation and currency weakness. As prices rise faster than wages, higher earnings are doing little to improve living standards, leaving many households financially stretched despite nominal gains. Middle-income brackets, people earning between ₦250,000 ($180.82) and ₦499,999 ($361.63) rose to 10%, and the ₦100,000 ($72.33) to ₦249,999 ($180.81) band increased to 23%. Overall, nearly three in five Nigerians still report earning below ₦100,000 ($72.33) monthly or having no income at all. The illusion of income growth Incomes are rising, but purchasing power is falling. Nigeria’s median monthly income stands at about ₦200,225 ($146.55), according to Risevest, a Nigerian fintech that allows users to invest in dollar-denominated assets. But with inflation peaking above 33% in 2024 and still at 15.06% as of February 2026, those earnings buy significantly less. “People are earning more and affording less,” said Piggyvest co-founder Odun Eweniyi. The pressure is uneven across demographics. Gen Z Nigerians are the most likely to earn below ₦100,000 ($72.33) or have no income, while millennials are more evenly spread across income brackets, with greater representation in higher bands. At the same time, income diversification remains limited. Nearly two-thirds of working Nigerians still rely on a single source of income, leaving them more exposed to economic shocks. Food is swallowing up everything For most Nigerians (72%), food now dominates monthly spending. Clothing and personal upkeep (39%), transport (33%), rent (31%), and utilities (38%) follow. Food inflation hit a 28-year high of 41% in May 2024, forcing the government to temporarily remove import duties on key items. Although it is currently at 12.12%, food inflation remains elevated, accounting for a significant share of household expenses. Most respondents reported spending less than ₦200,000 ($144.65) monthly, but even within that range, essentials are crowding out everything else, particularly savings. Only 40% of Nigerians say they save consistently, or only when they have money left over after expenses. More than half, 53%, do not save at all. This stood at 43% in 2024. “What we are seeing at scale is that even people with the discipline and intent to save are being forced to redirect those funds towards the basics,” Eweniyi said. “Food, fuel, rent, school fees. These aren’t discretionary expenses you can cut.” The trend aligns with earlier data from Enhancing Financial Innovation & Access (EFInA), which found that 78% of Nigerian adults would struggle to raise emergency funds within seven days, while only 16% are considered financially healthy. Among those who still manage to save, the priorities are emergency funds (30%), children’s needs (29%), and business investment (24%). Low savings, low debt Despite the pressure, relatively few Nigerians report being in debt. Only one in five respondents said they owe money. Nearly 70% of the one in five owe less than ₦200,000 ($144.65). Rather than excessive borrowing, the data points to constrained consumption. “Most debt is driven by timing, not irresponsible spending,” said Joshua Chibueze, chief marketing officer and co-founder of Piggyvest. Among borrowers, 32% rely on savings to repay loans, while 17% turn to friends and family. Overall, the report underscores that even though income growth is happening through salary adjustments, side hustles, and a small expansion of higher earners, inflation, particularly in food, is absorbing those gains almost entirely.
Read MoreKenya’s tier-1 banks have largely exhausted the pool of new digital users, and I&M Group’s disclosure that 98% of its customers now transact digitally shows the next phase of growth will come from extracting more revenue from existing users rather than bringing new ones online. I&M Group serves more than 727,000 customers across five markets and, with assets of KES 668.9 billion ($5.2 billion), ranks among Kenya’s top-tier lenders, making the figure a strong signal for the wider market. For years, the banking industry’s playbook focused on moving customers out of branches and onto apps, Unstructured Supplementary Service Data (USSD), and web platforms, cutting costs while expanding reach. That shift has cut branch traffic and staffing intensity across the sector, with digital channels now handling the majority of routine transactions such as transfers, bill payments, and balance checks. Moving banking transactions to digital channels is largely complete across the market. Most tier-one lenders, including KCB Group, Equity Group, and Co-operative Bank of Kenya, say more than 90% of transactions now happen outside physical branches. Few publish figures as high as I&M’s. Equity Group, the region’s largest lender by customer numbers, has said over 95% of its transactions are processed through digital channels, while KCB has reported similar migration levels across mobile and internet banking platforms. “The Group’s strong performance is a clear testament to the growing strength, resilience and synergy of our operations across all our markets,” said I&M Group chief executive officer Kihara Maina on Wednesday when the lender reported its full-year 2025 results. The change leaves banks facing a different problem: how to make more money from customers who are already fully digital. Transaction volumes may keep rising, but banks are earning less from each transaction as competition intensifies and pricing becomes more transparent across mobile and online channels. I&M’s latest results suggest one answer is gaining traction. In today’s disclosures, the lender’s non-interest income rose by 31% to KES 14.4 billion ($111 million), outpacing overall revenue growth, while assets under management surged 223% to KES 99 billion ($764 million) as the bank pushed wealth products to its existing base. These lines, rather than transaction volumes, are increasingly defining performance in a market where digital access is no longer scarce. The bank has also expanded its foreign exchange (FX) Direct platform and upgraded its online trading channels, targeting FX flows and cross-border activity that sit naturally atop its digital infrastructure. Competitors are moving in the same direction. Equity Group Holdings is expanding investment and insurance products within its ecosystem. KCB Group is pushing deeper into merchant payments after acquiring Riverbank Solutions, alongside its digital credit offering, though execution and pace still vary across players. Both banks are turning their apps into financial marketplaces, moving beyond basic transactions to bundle lending, savings, insurance, and payments into one place for customers. What is emerging is a new phase of competition centred on share of wallet rather than user acquisition, as customer growth slows and digital penetration approaches its limit. Near-total digital adoption means the shift to online banking is largely complete, and banks now have to generate more revenue from higher transaction volumes without pushing customers toward cheaper or simpler alternatives.
Read MoreMTN Group is phasing out Ayoba, the messaging and lifestyle app once positioned as Africa’s answer to WeChat, as it pivots towards a unified digital platform. The decision, announced in March 2026, reflects a broader rethink of how the telecom giant delivers digital services under its Ambition 2030 strategy. The company said the move is driven by the need to simplify its digital ecosystem. Over time, MTN developed multiple standalone apps spanning messaging, content, and financial services. Ayoba sat at the centre of that strategy, combining chat, music, games, news, and mobile money into a single “super app.” Rather than continuing to scale that model further, MTN is now consolidating these services into a single integrated platform. “We are building a unified digital platform designed to bring connectivity, content, services, and everyday digital experiences together in one place,” MTN said in a statement shared with TechCabal on Tuesday, March 24. The company said the shift is to reduce fragmentation and deliver a more seamless user experience as customer expectations evolve. The shutdown is already underway. Ayoba was removed from major app stores on March 20, 2026, while existing users in markets including Nigeria, Ghana, and South Africa have been given a 30-day window before the service is discontinued. Users have been notified through in-app messages and updated terms and conditions, in line with regulatory requirements. Ayoba’s closure marks the end of an ambitious attempt to build a homegrown super app for Africa’s digital ecosystem. Launched in 2019, the platform scaled rapidly, at one point surpassing 35 million monthly active users. Much of that growth was driven by zero-rated data access for MTN subscribers, alongside features like SMS bridging, which enabled communication with non-smartphone users. Over time, the app expanded beyond messaging, integrating music streaming, mini-apps, and mobile money in a bid to evolve into a full-service digital platform. Yet, that early momentum proved difficult to sustain. A significant share of users was drawn by free data incentives rather than long-term utility, resulting in weak retention, particularly in the face of entrenched global platforms such as WhatsApp. Persistent technical issues, including verification challenges in its final year, further eroded the user experience and reduced engagement. Although Ayoba was central to MTN’s Digital Services segment, its financial performance was never disclosed separately. Its contribution was reported alongside other offerings such as SMS-based value-added services, gaming, and music. While the segment recorded 15% growth in 2025, it lagged behind MTN’s fintech business, which grew 24.9% and processed $500 billion in transaction value, highlighting where the company is now placing its strategic focus.
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