For generations, millions of Nigerians have relied on informal group savings schemes known by different names across the country — ajo in Yoruba communities, esusu in parts of the South-West, and adashe in the North. The concept is simple: a group of people contribute a fixed amount periodically, and each member receives the pooled sum when it is their turn.
The system has endured for decades because it works. But it also carries risks — defaults, disputes, poor record-keeping, and sometimes outright loss of funds.
A new Nigerian fintech startup, Thrifto, is aiming to modernise this long-standing financial practice by combining the cultural familiarity of group savings with the transparency and structure of modern financial technology.
Founded by media entrepreneur and technology consultant Sulaimon Biodun Durojaiye, Thrifto has quietly launched its web application and begun onboarding users across the country who are already forming savings groups and using the platform to pursue specific financial goals.
Bringing Structure to Informal Savings
At its core, Thrifto is a bank-integrated digital platform that enables individuals to organise and manage group savings in a more structured, transparent, and accountable way.
Users can create or join savings groups, determine the amount to be contributed, agree on the savings cycle, and choose payout positions. The platform then tracks contributions, maintains clear records, and manages payout schedules.
According to Durojaiye, the goal is not to replace the traditional culture of cooperative savings, but to make it safer and more reliable in an increasingly digital world.
“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.”
Early Adoption and Organic Growth
Although still in its early stages, Thrifto is already seeing organic adoption among salary earners, entrepreneurs, and small business operators who are using the platform to organise savings groups with colleagues, friends, and family members.
These groups typically set financial goals ranging from school fees and rent payments to business capital and major household purchases.
By digitising the process, Thrifto eliminates many of the traditional friction points associated with informal savings groups — including poor record keeping, misunderstandings over contribution schedules, and disputes over payout order.
Introducing Self-Saving for Personal Financial Discipline
In addition to group savings, Thrifto is preparing to introduce another feature designed to strengthen personal financial discipline.
The new feature, scheduled to launch next week, will allow users to set up structured personal savings plans, enabling them to save fixed amounts periodically toward specific goals.
For example, a user could decide to save ₦5,000 daily for one month, or ₦50,000 weekly over several months, with the system tracking progress and helping the user remain consistent.
This feature is expected to appeal to individuals who want the discipline of structured savings without necessarily participating in a group cycle.
“Many people want to save but struggle with consistency,” Durojaiye notes. “By allowing users to define their own saving rhythm — daily, weekly, or monthly — we’re helping them build financial discipline in a practical way.”
Building Trust Through Technology
One of the platform’s distinctive innovations is its Trust Rating System, which assigns users a Trust Score based on their participation history and reliability within the platform.
The system is designed to encourage accountability and responsible financial behaviour among participants, while helping users make more informed decisions when forming or joining savings groups.
Over time, users who maintain strong participation records can build higher Trust Scores, making it easier for them to join credible groups and collaborate with other reliable members.
A Platform Designed for Nigerian Realities
Unlike many fintech products that attempt to introduce entirely new financial behaviours, Thrifto is built around practices Nigerians already understand and trust.
The platform simply digitises and strengthens an existing social financial system that has supported communities for generations.
By doing so, it taps into a massive but largely informal segment of Nigeria’s financial ecosystem — cooperative savings.
Industry observers believe that if properly executed, digital platforms like Thrifto could play an important role in expanding financial inclusion, improving savings discipline, and strengthening informal financial networks.
