Northquest data: what 50,000 Nigerians reveal about building wealth

New analysis of the financial behaviour of more than 50,000 customers by NorthQuest Finance suggests that the biggest challenge to building wealth in Nigeria is not a lack of financial ambition or even access to financial services. It is the challenge of making the right financial choices while navigating the realities of everyday life.

Nigeria has made significant progress in expanding financial inclusion. According to EFInA’s 2023 Access to Financial Services Survey, 74% of Nigerian adults now have access to formal or informal financial services. Yet rising living costs, inflation, and competing financial demands continue to make it difficult for many households to convert financial access into lasting financial security.

Analysis of customer behaviour by NorthQuest Finance suggests the next evolution of financial services will not be defined by helping more people open accounts or access financial products, but by helping them achieve better financial outcomes.

The data reveals that there is no single path to financial progress. Around half of NorthQuest customers choose to lock money towards specific financial goals, while four in ten prefer automated savings. Others choose flexibility, saving when their income or circumstances allow. Customers are putting money aside for school fees, rent, emergency funds, business expansion, and travel, highlighting the constant balancing act between meeting today’s responsibilities and preparing for tomorrow.

For Jerry Ehanmo, Director at NorthQuest Finance, that has been the company’s most important lesson.

“The biggest thing we’ve learnt is that people rarely choose between a good financial decision and a bad one,” he said. “More often, they’re choosing between two important priorities. Paying school fees isn’t the wrong decision. Keeping a business alive isn’t the wrong decision. Supporting family isn’t the wrong decision. The challenge is helping people deal with today’s realities without sacrificing tomorrow’s opportunities.”

According to Ehanmo, that insight has fundamentally shaped NorthQuest’s philosophy.

“People don’t need another financial institution focused only on transactions. They need a financial partner that understands where they are today, helps them make the next best financial decision, and walks with them through every stage of life. When you consistently make better choices with the time and money you have, better financial outcomes follow.”

He said one theme has emerged repeatedly from the company’s analysis: time is often a person’s greatest financial asset.

“When you’re young, time allows compounding to do extraordinary things. Every year you delay investing is a year you can never get back. But this isn’t just a message for young people. It’s never too late to start. Whether you’re beginning your career, raising a family, growing a business or planning for retirement, the best time to improve your financial future is now. Our role is to help people make the most of the time and money they have today.”

The analysis also reinforces the importance of trust in financial decision-making.

“People don’t entrust their children’s education, their first home or their future to an app,” Ehanmo said. “They entrust it to an institution they believe will protect their interests. Trust isn’t something customers think about after they’ve invested. It’s what gives them the confidence to begin in the first place.”

As a Central Bank of Nigeria-licensed finance company, NorthQuest says combining digital innovation with the governance, oversight, and accountability of a regulated financial institution is fundamental to earning that trust.

For Chukwuka Obike, Chief Operating Officer of NorthQuest Finance, the customer insights have changed how the organisation thinks about innovation.

“We’re no longer asking what product we should build next,” he said. “We’re asking what the next financial decision our customer is ready to make is, and how we can help them make it successfully. Sometimes that’s saving automatically. Sometimes it’s committing to a long-term goal. Sometimes it’s having the flexibility to adapt when life changes. Our responsibility is to keep people moving forward.”

NorthQuest says that philosophy extends beyond savings. The company’s ambition is to become a lifelong financial partner, supporting customers through life’s defining milestones, from a first salary and an emergency fund to a first investment, buying a home, growing a business, raising a family, and preparing for retirement.

Ehanmo believes that is how the next generation of financial institutions will be defined.

“The future of finance won’t belong to the institutions that simply manage the most money,” he said. “It will belong to those that help people build the most wealth. We judge our success by one question: are our customers measurably better off after spending five years with NorthQuest than they would have been somewhere else? If the answer is yes, we’ve done our job.”

The company says insights from more than 50,000 customers will continue to shape its products, technology, and customer experience as it works towards a single ambition: helping people make the right financial choices, at the right time, throughout every stage of life so they can turn time into lasting wealth.

NorthQuest Finance is a Central Bank of Nigeria licensed finance company committed to helping individuals and businesses achieve long-term financial progress through disciplined saving and innovative financial products. Since launching in 2025, the company has grown to serve more than 50,000 customers across Nigeria’s 36 states, who have collectively saved billions of naira through its digital platform.