Fina Trust MFB MD calls for stronger savings culture

Fina Trust Microfinance Bank's Managing Director/CEO, Bevan Pereira, has urged Nigerians to adopt a consistent savings culture, emphasizing the significance of financial discipline at any income level. During the observance of World Savings Day, Pereira highlighted Nigeria's tradition of savings in cooperative societies, family practices, and community-based schemes.

However, he stressed the necessity to fortify this culture through consistent financial habits. He encouraged viewing savings as a deliberate choice to set aside a portion of one's income before covering other expenses, rather than what remains after spending. Although challenging, especially in tough economic times, developing the habit requires personal discipline and willingness to start with whatever amount is affordable.

Pereira likened savings to a marathon, not a sprint, focusing on building over time rather than initial amounts. He cautioned against following rigid savings formulas without considering individual financial situations, emphasizing that savings amount and approach should align with one's income, responsibilities, and circumstances.

He called on Nigerians, especially the young, to initiate saving immediately rather than delaying until they can afford substantial amounts. According to Pereira, seeing and measuring progress can motivate younger generations to stay committed to their savings goals. "What matters is making a deliberate start, no matter how small the amount.

You do not have to wait until you have a substantial sum before you begin saving. As you consistently put money aside and see your savings grow, that progress can motivate you to stay committed to your financial goals, particularly among young people," he stressed.