Bringing structure and record-keeping to a system millions of Nigerians already use to meet daily financial needs, Thrifto is leveraging technology to enhance the process.

Across the country, people pool money together in rotating cycles and members contribute a fixed amount regularly, while the full sum goes to one participant at a time.

The system is still popular because it is simple and built on trust. However, problems like disagreements over payouts, poor record-keeping and missed contributions sometimes disrupt these groups. In some cases, people even lose their money.

To put an end to these, Thrifto has launched a web application that allows people to create and manage savings groups online.

Users can set contribution amounts, choose payout positions and agree on the duration of the savings cycle. The platform then keeps track of payments and schedules payouts for members.

The idea, according to founder Sulaimon Biodun Durojaiye, is not to replace the long-standing culture of cooperative savings but to make it more reliable.

“Group savings is deeply embedded in Nigerian culture,” he explains. “What we are doing with Thrifto is providing the structure, transparency, and accountability that technology can offer while preserving the collaborative spirit of ajo.”

The platform has already begun onboarding users across Nigeria. Many of the early participants include salary earners, small business owners and entrepreneurs who organise savings groups with colleagues, relatives and friends.

These groups usually save towards achievable goals. Some plan ahead for rent payments or school fees, others raise funds for business expansion or household purchases.

Digital records are also embedded in the platform. Each contribution is logged, and members can see the progress of their group in real time. This approach aims to reduce the disputes that often arise when records are kept informally.

Thrifto is also preparing another feature aimed at individuals who prefer saving alone.

The company plans to introduce a self-saving option next week. It will allow users to create structured personal savings plans and contribute at set intervals. Someone, for example, could choose to save ₦5,000 daily for a month or ₦50,000 every week over several months.

The platform will track the contributions and show progress towards the user’s target.

Durojaiye says the feature addresses a common problem many people face. “Many people want to save but struggle with consistency,” he says. “By allowing users to define their own saving rhythm, daily, weekly, or monthly, we’re helping them build financial discipline in a practical way.”

Another part of the system focuses on trust. Thrifto assigns each participant a Trust Score based on their activity and reliability within savings groups. Members who keep up with their contributions can build stronger ratings over time. The company says this record can help users decide who to partner with when forming new groups.

Rather than introducing a new financial habit, the platform builds on one Nigerians already know well.

Group savings have long served communities that lack easy access to formal banking. In moving the process online, Thrifto hopes to reduce disputes, improve accountability and bring more structure to a system that has operated informally for generations.

If platforms like this gain wider acceptance, they could also open a new path to financial inclusion for millions who still rely on cooperative savings to manage their money.

After a successful soft launch to family and friends, Thrifto is now opening access to the wider public, providing a secure, transparent, and bank-backed alternative to informal savings schemes such as ajo and esusu.

Built to eliminate trust failures that have plagued informal group savings for decades, Thrifto combines structured savings, verified membership, and technology-driven safeguards to ensure contributors save together with confidence.

Who Can Onboard 

At this initial stage, Thrifto is onboarding:

Salary earners working with organisations in the following sectors: financial institutions, oil and gas companies, telecommunications companies, technology companies, Ministries, Departments and Agencies (MDAs), and viable state governments, subject to verification.

Traders and individuals who may not work with any of the above organisations can still onboard at this stage by obtaining special Onboard Codes from Thrifto-designated Connectors.

This phased onboarding approach is designed to strengthen trust, accountability, and platform stability as Thrifto scales.

How Thrifto Works

Once a user completes KYC and is verified, Thrifto automatically creates a personal virtual bank account (wallet) for the user, domiciled with a partner bank.

Users can:

1. Create savings groups of 2 to 12 members;
2. set contribution amounts, savings cycles (daily, weekly, or monthly), and payout order;
3. join any listed group on the platform;
4. fund their wallet and make contributions seamlessly, and receive lump-sum payouts directly into their wallet and withdraw to any Nigerian bank.

Group creators may invite members via WhatsApp, email, X (formerly Twitter), Facebook, or allow open participation through Thrifto’s Join Group feature.

Trust Rating System: Saving with Confidence

A core innovation of Thrifto is its Trust Rating System, which assigns credibility scores to users based on:

• KYC completion and verification status
• Contribution consistency and history
• Participation behaviour across savings groups

This system enables users to make informed decisions about who they save with, while promoting discipline and accountability within the ecosystem.

Designed for Real Nigerian Needs

Thrifto is purpose-built for:

• Salary earners planning for rent, school fees, asset acquisition, and major life expenses
• Market traders saving daily or weekly from fluctuating cash flows
• Anyone seeking the benefits of group savings without the risks of cash handling, defaults, or broken trust

“All over Nigeria, people lose money and relationships because informal group savings rely on blind trust,” said Sulaimon Durojaiye, Founder and CEO of Thrifto. “Thrifto keeps the discipline of group savings but replaces blind trust with verification, transparency, and secure banking infrastructure.”

Now Live

Thrifto officially opens to the public from Monday, December 1, 2025, at 12:00am, allowing users to sign up, complete verification, create or join groups, and begin saving immediately.

To support early adopters, Thrifto has also launched a dedicated WhatsApp support community to assist users with sign-up, login, KYC completion, and onboarding challenges.