LAPO Microfinance Bank (MfB) has stepped up efforts to improve financial literacy among market traders, small business owners, young people and households, urging Nigerians to build consistent savings habits amid the growing influence of artificial intelligence on financial decisions.
The bank said savings remained essential to financial security, household resilience and economic growth, particularly as digital technology increasingly shapes how people access financial information and manage their money.
The initiative formed part of its activities to mark the 2026 World Savings Day, celebrated on October 31, under the theme, “AI Advises, Human Decides”.
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The campaign featured school and marketplace engagements, media interactions, digital campaigns, financial education sessions and promotional activities to increase awareness of the bank's savings products.
Speaking on the importance of the initiative, the Director of Marketing and Communication at LAPO Microfinance Bank, Oluremi Akande, said access to financial services must be accompanied by the knowledge and discipline required to use them effectively.
“Building a savings culture requires more than access to financial services. It requires the knowledge, discipline and consistency to make sound financial decisions,” she said.
Akande noted that although artificial intelligence and other digital tools could improve access to financial information and support money management, individuals must remain responsible for their financial choices.
She said people needed to understand available financial options and determine which ones aligned with their circumstances and aspirations.
World Savings Day, observed annually on October 31, highlights the importance of savings to individual welfare and national economic development.
LAPO said its campaign was part of a broader commitment to extending financial services to individuals, households and small businesses, particularly those underserved by conventional financial institutions.
The bank explained that its savings products were designed to help customers develop structured saving habits and accumulate funds for personal, family and business needs.
For micro and small business owners, it said regular savings could provide financial protection against business disruptions, support inventory purchases and reduce dependence on emergency borrowing.
It added that households could use savings to meet essential needs, handle unexpected expenses and plan for future financial obligations.
The bank also highlighted the growing role of artificial intelligence in financial services, noting that digital tools could help customers monitor spending patterns, access financial information and explore savings options.
However, it stressed that the theme of this year's celebration underscored the need for financial literacy, sound judgement and personal accountability when using technology to make money-related decisions.
LAPO said it would continue combining accessible financial products with customer education to improve financial inclusion and help Nigerians participate more effectively in the financial system.
It added that building a sustainable savings culture required consistent habits, informed decisions and financial solutions that responded to customers' needs.
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Reporting for Galaxy TV from Lagos and Abuja, covering energy and national affairs across Nigeria and West Africa
