The study examined the perceived effects of saving mobilization scheme on women income status in Niger State, Nigeria. A sample size of 181 women were selected from the state using four-stage sampling technique. Structured questionnaire complimented with interview scheduled were used for data collection. Data were analyzed using descriptive statistics (means, percentages and frequency counts) and Pearson Product Correlation Analysis. The findings revealed that the mean age of women in the study area was 35 years. The mean household size and years spent in formal education were 5 and 6 years respectively. The major informal saving pattern utilized by the respondents are saving with “daily thrift contribution” (92.30%) which ranked (1st), “saving at home” (82.90%) (2nd) and “Esusu” (79.60%) which ranked (3rd) respectively. The semi-formal saving patterns adopted by the respondents include saving in “production and marketing cooperative” (85.60%) which ranked 1st, saving in “savings and credit cooperative” (67.40%) (2nd) while the use of commercial bank (83.40%) as formal means of saving was 1st.  The most perceived effects of SMS on women income status where SMS has increased my prowess to secure investment loan (X ̅ =4.91) and SMS through informal and semi-formal sources failed to support my large investment (X ̅ =4.83). It is recommended that officials of SMS should educate women on their respective activities and state in plain terms what members stand to benefit by joining the scheme. This will help in reducing doubts, risks and uncertainties among the women thus enhancing capital accumulation in the scheme and enhance the income status of women.