Traditional Ajo systems have long been a cornerstone of informal micro-savings and thrift collection fostering trust and community cohesion.
However, these age-old practices have been in need of a digital makeover to keep pace with the modern world.
LibertyPay seizes this opportunity in partnership with industry players to usher in a new era of financial inclusion and empowerment that will not only streamline the savings process but also ensure financial transparency and accountability by all parties.
LibertyPay, Nigeria’s leading digital payment solution and distribution brand has digitized and formalised Ajo thrift collection and micro-savings with a robust plan to issue over 150,000 digital cards to various customers participating in Ajo groups across Nigeria in the last quarter of 2023.
This innovative LibertyPay digitization of Ajo, an age-long thrift collection and micro-savings system in Nigeria is set to uplift communities, foster financial inclusion, and change lives while ensuring a digitized system that is in tune with modernity.
According to Igbene Otimeyin, Chief Executive Officer of LibertyPay, with the Ajo innovation, the company sees over 150 percent increase in seamless savings collections by traditional thrift collectors from Ajo participants, a more streamlined, accessible and transparent system and a secure financial resilience aimed at transforming the lives of Nigerians.
He continued, “Specifically, we are empowering Ajo collectors with over 1,000 Point of Sale machines simply accessible by dialling *347*180*4#. These devices empower collectors to seamlessly manage contributions and withdrawals, eliminating the need for cumbersome bookkeeping. With these collectors facilitating the transition to digital Ajo, we anticipate a digital thrift collection of N5 billion monthly or an impressive $5.5 million. This colossal shift is set to supercharge the financial inclusion of Nigeria’s informal sector.”
Meanwhile, LibertyPay has announced Nosiru Sonoiki as the company’s new Chief Operating Officer.
Nosiru has consistently demonstrated exceptional dedication and a remarkable ability to forge critical partnerships during his tenure, particularly as the Head of Agency Banking and Business Development.
In his new role, Nosiru Sonoiki will be leading the effort to scale LibertyPay’s digital Ajo product with all the deliverables.
As LibertyPay continues to innovate, it’s worth noting that the Central Bank of Nigeria (CBN) recognised its potential early in the game, awarding it an AIP under the supernatant category in January 2023. This heralds a promising future for LibertyPay as it charts new territories in the realm of financial inclusion for Nigerians.