"When I need help, I go to my pastors.
They have the will and have given me support."
Wunmi is a 45-year old mother working as a porter in Lagos. She grew up Muslim and converted when she married a Christian man at 25. She completed some high school and is the sole earner in her home, as her husband lost his job five years ago. Tragically, the family's home burned down in 2015 and they lost everything. Her strong relationships within the church community were her anchor. Her pastor rallied the community to help her family begin to recover. Wunmi trusts in God, but worries that her family still hasn’t fully recovered from the fire. With her family's reliance on her, her inconsistent income creates financial pressure and frustration.
Amidst these financial losses, how is Wunmi currently addressing her priority expenses and long-term investment goals?
by the numbers
Like Wunmi, Traditional Believers are mostly lower-income religious women with limited education who farm or run small business. Approximately 13 million people (12% of the Nigerian population) fall in this segment and are mostly from rural backgrounds.
SOCIOECONOMIC (SES 1-3)
HIGH INCOME VOLATILITY
Traditional Believers save and borrow, especially within the family. Most plan their expenses, but they struggle with paying bills and raising emergency funds. They are the poorest segment in Nigeria and their income is moderately volatile, creating significant stress with expenses and frequent emergencies.
SAVINGS BEHAVIOR & ATTITUDES
Most Traditional Believers believe they do not earn enough to save, let alone to cover household costs. Yet, nearly all save, albeit at a savings frequency lower than other segments.
They primarily manage money through informal groups such as family, which is common amongst farming communities. Very few use mobile savings or formal accounts, which offer narrower value compared to social financial tools.
BORROWING BEHAVIOR & ATTITUDES
Their borrowing frequency is higher than other segments. Together with savings, these behaviors are likely to meet expenses and cover income shortfalls. About two-thirds are moderately to highly comfortable holding debt, though most do not consider themselves dependable.
They may fear mobile borrowing from formal providers and informal group borrowing, where loan terms are more stringent and defaulting carries serious financial and social risks.