A new wave of young savers in Nigeria who have resorted to piggy banks


There is something huge going on in social media Nigeria. It would seem that the young Nigerian population have a vision for weathering the stormy days ahead.

In a time when the President is more concerned about running for his second term than he is about your financial bankruptcy, people are hungry and want to keep their money for themselves and by themselves.

After all, who knows how they want to fund all these campaigns again…

Plus, the banks have failed us woefully. Between all the unsolicited text messages, the incessant service charges and the unending wahala they have given people who just want to withdraw their money, they’re all six of one and half a dozen of the other. So our youth are going back to their roots!

And who would not? It’s not like opening a savings account gives you any benefits. You may even watch your savings deplete rapidly as the bank pulls a 419er on you at the end of every month. Banking only works for the rich and powerful in Nigeria, and sometimes not even then! Ask Innoson if you don’t believe me.

Maybe people are just tired of sharing sob stories about losing their shinkini money to monthly charges. We don’t want to dig holes in the ground so we have decided to go for “kolo” also known as piggy bank.

Even though these contraptions don’t all come in fanciful designs, a lot of young people have taken to this system of financial literacy. Maybe this is the solution to all the lack of funding that we suffer as Nigerian youths. If we go back to the habits our grandpas and grandmas tried so hard to teach some of us, maybe we would save a little more and start our own little businesses.

But what about security?

This trend may not end any time soon because so many Nigerians have lost faith in the banking system. Even now, the banks are struggling to push innovations like ALAT by WEMA bank into the system.

Maybe we don’t want extra technology or another way to enrich the useless money system that gives nothing back to the youth.

Perhaps the youth are ready to risk getting robbed in their homes instead of being robbed by the very system that should service their financial needs.

This revolution of disruption is not much different from what has empowered the idea of Bitcoin and Cryptocurrency. The youth have realised that no one is going to give them what they need to prosper; this is why anything rebellious is welcome.

The kolo savings is another form of rebellion against the system. This is another sign that there is no longer faith in the government. Let them go and find their campaign money elsewhere!!

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