Nigerians are known for their resilient spirit of innovation when the need arises.
Faced with ridiculous soaring bills with low purchasing power, many Nigerians are seeking various means of survival.
On-line informal savings contributions, introduced by food stuff sellers, is one of these means of survival that was applied to accomplish the Christmas and New Year celebrations.
Economy&Lifestyle discovered that these food stuff sellers advertise the contributions on-line for interested persons to join. Many people don’t even know the administrators of the contributions from anywhere, unlike the old times when you are very familiar with who you are saving money with.
Participants explained that part of the money was used to purchase food items and meat in bulk and shared among contributors.
Mrs. Bukola Johnson, a fashion designer, said: “I made a monthly saving contribution of N15,000 last year. It was specifically to sponsor my Christmas and New Year celebrations.
“My husband saved N10,000, and I saved N5,000.
“It was an on-line group. But I made sure I visited the shop of the administrator.
“She is a food vendor, and I know she is also using it to attract sales.
“I was convinced before I started saving with her.
“I was given a 50 kg bag of rice, half a carton of turkey, 5 kg croaker fish, 5 liters of vegetable oil, party jollof tomatoes and spices.
“To me, it was well worth the money.”
Mrs. Racheal Adeji, a single mother who owns a chemist shop, said: ” I made a monthly food contribution of N10,000 per month last year in a group . It helped me a lot because pulling out a huge sum of money once to celebrate Christmas and New Year is difficult due to all the bills I had to settle for myself, my kids, and my parents.
“It wasn’t easy, though. I had to deprive myself of certain needs and wants to be able to save that amount.
“I was very pleased with the outcome because I was given a large quantity of food items that I have never bought in years.
“I will do it this year, and I pray God strengthens me.”
Though informal savings contributions have been in existence for a long time. But contributors’ reasons for saving differs.
People in group contributions save for various reasons most especially to raise capital and support for their businesses, not basically for Christmas food.
However, many people fell victim to fraud after venturing into such an idea.
Mrs. Hafusat Omoruyi, a wig vendor, said: “I will never make such an attempt.
“Imagine saving N210,000 in an online group contribution and the convener left with all N6 million contributed before Christmas.
“She was nowhere to be found.
“I am married to a Christian and was hoping to use the money to buy food items in bulk so that I can share some to my in-laws and use the remaining one for the festive season.
“People’s sweat for one year just vanished like that.
“I have decided to save in a wallet this year.”
Mr. Wisdom Momoh, a fuel attendant, said: “I was hoping to join this group’s food contribution this year but when I heard of what my friend’s wife went through I had to change my mind.
“She saved N300,000, and there were 15 in the contribution group. By the 10th month, the convener of the group disappeared into thin air.
“She was devastated to the extent that she didn’t cook for Christmas and New Year like the previous year.
“The amount she was saving was shared between herself and her husband. Both of them were saving N15,000 each.”
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