Nigerian fintech startup, Thrifto has launched a digital platform designed to organise traditional group savings schemes such as ajo, esusu and adashe.
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.
