LemFi Masterclass Shows UK-Based Nigerians How to Build Smarter Savings Habits

LemFi has reinforced its commitment to helping Nigerians in the UK strengthen their financial wellbeing through a practical masterclass focused on making savings work harder in today’s challenging economic climate.

Led by Afeez Ajigbotosho, Product Manager at LemFi, the online session showed users how they could get more out of the platform by using the LemFi Instant Access Savings Account. Rather than viewing LemFi solely as a remittance service, participants were encouraged to see it as a tool for building long-term financial security.

Drawing on his experience developing the product, Ajigbotosho explained how users can develop healthier saving habits, earn interest on their money and prepare for unexpected expenses—all from within the LemFi app.

To lay the foundation, he walked participants through the UK’s savings landscape, explaining the differences between instant access savings accounts, fixed-term bonds and Cash ISAs. He also encouraged users to compare savings products by asking three simple questions: What is the Annual Equivalent Rate (AER)? How quickly can I access my money? Which regulated bank holds my savings?

A major focus of the session was the importance of having an emergency fund. Instead of chasing the highest interest rate, Ajigbotosho advised participants to calculate three months’ worth of essential living costs—including rent, utilities, food, transport and insurance—and keep those funds in an account that can be accessed immediately when needed.

The masterclass also explored the features of the LemFi Instant Access Savings Account, which is powered by ClearBank. Participants learned that the account offers a promotional 5.00% AER for the first six months after opening before moving automatically to a variable 3.04% AER. Savings can be started with as little as £1, interest accrues daily, and there is no requirement to lock money away for a fixed period.

Ajigbotosho also highlighted the flexibility of the account. Money transferred back to a user’s LemFi GBP wallet is available instantly and without penalties, making it suitable for emergency savings rather than long-term investments that restrict access. He added that eligible deposits are protected under the UK’s Financial Services Compensation Scheme (FSCS), subject to eligibility, because the account is provided through ClearBank.

The session also touched on the UK’s Personal Savings Allowance, explaining that most basic-rate taxpayers can earn up to £1,000 in savings interest each tax year before tax applies, while higher-rate taxpayers have a £500 allowance. Participants were reminded that the information shared during the session was intended as general guidance and not personal financial advice.

For many Nigerians living in the UK, the masterclass reflected a growing demand for financial education alongside money transfer services. By combining practical budgeting advice with accessible savings tools, LemFi is positioning itself as a platform that helps customers not only send money home but also build financial resilience where they live.

The session ended with a straightforward message: building financial security does not always require large sums of money. Saving consistently, understanding how different savings products work and keeping an emergency fund within easy reach can all make a meaningful difference over time.