✦ Re-engineering Nigeria’s savings culture

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Nigerians think of banks as places you go to pay a utility bill or send money through a teller. Few can claim to have large savings accounts: Only 2% of customers are responsible for 90% of deposits, and 99% of bank accounts held less than 500,000 naira (~$1,000) last year, according to one government regulator. Those numbers tally with the fact that 40% of Nigerians—83 million people—are living in poverty.

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