Moniepoint unveils enhanced savings products, says unexpected expenses disrupt 72.8% of Nigerians’ savings plans

Mercy Iheoma Ihedigbo

Moniepoint Microfinance Bank has unveiled an enhanced range of savings products backed by a new brand campaign, “One Step Ahead,” featuring popular Nollywood actress, filmmaker and producer, Funke Akindele, popularly known as Jenifa.

The financial institution said the initiative was designed to help individuals and businesses build stronger savings habits while giving them the flexibility to respond to unexpected financial demands.

The launch comes amid continuing economic uncertainties and growing demand among Nigerians for savings solutions that combine financial discipline, competitive returns and easy access to funds when needed.

According to data from a recent Moniepoint customer survey, unexpected expenses account for 72.8 per cent of disruptions to savings plans, while irregular income affects about 51 per cent of savers.

The bank said the findings demonstrate that the challenge confronting many savers is not necessarily a lack of willingness to save, but the difficulty of maintaining savings when unexpected financial obligations arise.

Moniepoint, therefore, said its new savings proposition was built around flexibility, enabling customers to pursue long-term financial goals while remaining prepared for unforeseen circumstances.

Speaking on the initiative, the Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, said the new savings solutions were developed to address practical challenges faced by customers.

“These innovative savings solutions were developed specifically to ease customer pain points. Our ecosystem gives everyone the flexibility to grow their money and access it whenever they need it, combined with some of the best rates in the market — truly unique offering,” Olofin said.

He explained that the savings campaign was also connected to the bank’s broader mission of promoting financial well-being and inclusion.

“Our mission is to create financial happiness for everyone. A savings product like this is a critical tool for ensuring people can confidently make their dreams come true while saving for both rainy and sunny days,” he said.

Olofin added that developing a savings culture could help individuals and businesses achieve their financial objectives while reducing the impact of unexpected economic pressures.

“The power and discipline to save help propel individuals and businesses toward their goals, while mitigating the harsh effects of unforeseen circumstances,” he added.

According to him, Moniepoint’s digital payments infrastructure also provides customers with access to liquidity and other financial services, helping them remain financially prepared.

Moniepoint said the enhanced product line consists of four major savings options designed to accommodate different lifestyles, financial goals and cash-flow patterns.

The Target Savings product allows customers to withdraw up to 50 per cent of their savings once without losing their interest, with returns of up to 11.5 per cent per annum.

The Flexible Savings option allows customers to make up to four withdrawals in a month without losing their interest, while offering a stated rate of 9.5 per cent per annum.

For customers seeking fixed-term investment options, Fixed Deposit offers interest upfront, with rates of up to 17.5 per cent per annum, according to the bank.

The fourth option, Save As You Transact, allows customers to save while they spend and provides unrestricted access to their funds.

Moniepoint said, except for premium tiers, customers can begin their savings journey with a minimum deposit of ₦1,000.

The bank said the product range was particularly suited to customers who want to save consistently without being locked into a single financial strategy.

Staying Ahead of Unexpected Expenses
The “One Step Ahead” campaign is built around the idea that financial growth requires more than simply earning or receiving competitive interest on savings.

Moniepoint said unexpected events, including emergencies, irregular income and unplanned expenses, can derail carefully constructed savings plans.

The bank’s approach is therefore to combine savings discipline with flexibility, allowing customers to continue working towards their financial goals while having options when circumstances change.

With its savings products integrated into its wider banking ecosystem, Moniepoint said customers can transact, save and earn within the same platform.

The bank said the initiative is also aimed at giving customers greater confidence to plan for both anticipated goals and unforeseen financial obligations.

Funke Akindele Brings Campaign to Life
A major feature of the campaign is the involvement of Funke Akindele, whose widely recognised Jenifa character has become a familiar part of Nigerian popular culture.

Moniepoint is using the Jenifa’s Diary universe as the creative backdrop for communicating its savings message to a broad Nigerian audience.

The television series, which debuted in 2015, has developed a substantial following and has remained a recognisable entertainment property among Nigerian viewers.

The use of the Jenifa character provides the campaign with a familiar storytelling platform through which the bank hopes to communicate the importance of financial preparedness, savings discipline and flexibility.

Akindele herself is one of Nigeria’s most prominent entertainment figures, with an extensive career spanning acting, filmmaking and production.

She has also achieved significant commercial success in the Nigerian film industry, strengthening her position as one of Nollywood’s most influential personalities.

Expanding Financial Inclusion
Moniepoint, which says it serves more than 20 million business banking and personal customers, positioned the new savings products as part of its broader effort to expand access to financial services.

The bank said both existing and prospective customers can access the products through its business or personal banking mobile applications, subject to completion of the required account-opening procedures and regulatory Know Your Customer (KYC) requirements.

The financial institution maintained that its savings proposition is intended not only for people with large disposable incomes but also for customers who want to develop a consistent savings habit through relatively small deposits.

With a minimum entry point of ₦1,000 for most of the products, the bank said customers can begin building savings gradually while selecting an option that matches their financial circumstances.
Building a Culture of Financial Preparedness

The launch of the “One Step Ahead” campaign reflects a growing emphasis on financial preparedness as Nigerians navigate changing economic conditions.

Rather than presenting savings solely as a long-term commitment, Moniepoint is promoting a model that combines goal-setting, returns and accessibility.

The bank said the ultimate objective is to help customers remain financially prepared for both planned milestones and unexpected events.

As economic pressures continue to influence household and business finances, Moniepoint believes flexible savings products can play an important role in helping Nigerians develop sustainable financial habits.

Through its new savings range and the “One Step Ahead” campaign, the bank is encouraging customers to take a more proactive approach to managing their money — by saving consistently, earning returns and maintaining access to funds when life takes an unexpected turn.