Thrifto: a Nigerian fintech reinventing the ancient Ajo for the digital age

For generations, millions of Nigerians have relied on informal group savings plans known by different names across the country: ajo in Yoruba communities, esusu in parts of the southwest and adashe in the north. The concept is simple: a group of people periodically contribute a fixed amount and each member receives the collective sum when it is their turn.
The system has resisted for decades because it works. But it also comes with risks: defaults, disputes, poor record keeping and sometimes the total loss of funds.
A new Nigerian fintech startup, Thrifto, aims to modernize 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 quietly launched its web application and began engaging users across the country who are already forming savings groups and using the platform to pursue specific financial goals.

*Bringing structure to informal saving*

At its core, Thrifto is a bank-integrated digital platform that allows people to organize and manage group savings in a more structured, transparent and accountable way.
Users can create or join savings groups, determine the amount to contribute, agree on the savings cycle and choose payment positions. The platform then tracks contributions, maintains clear records and manages payment 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 saving is deeply rooted 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*

While still in its early stages, Thrifto is already seeing organic adoption among employees, entrepreneurs and small business operators who use the platform to organize savings groups with colleagues, friends and family.
These groups typically set financial goals ranging from tuition and rent payments to business capital and major home purchases.
By digitizing the process, Thrifto eliminates many of the traditional friction points associated with informal savings groups, including poor recordkeeping, misunderstandings about contribution schedules and payment order disputes.

*Introduction to Personal Savings 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, allowing them to periodically save fixed amounts towards specific goals.
For example, a user might decide to save ₦5,000 per day for a month, or ₦50,000 weekly for several months, with the system tracking progress and helping the user stay 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 to maintain consistency,” notes Durojaiye. “By allowing users to define their own savings pace – daily, weekly or monthly – we help them build financial discipline in a practical way.”

*Building trust through technology*

One of the platform’s signature innovations is its trust rating system, which assigns users a trust score based on their participation history and trustworthiness within the platform.
The system is designed to encourage accountability and responsible financial behavior among participants, while helping users make more informed decisions when forming or joining savings groups.
Over time, users who maintain a strong participation record can earn higher trust scores, making it easier for them to join credible groups and collaborate with other trustworthy members.

*A platform designed for Nigerian realities*

Unlike many fintech products that attempt to introduce entirely new financial behaviors, Thrifto is built on practices that Nigerians already understand and trust.
The platform simply digitizes and strengthens an existing social financial system that has supported communities for generations.
In doing so, it taps into a huge but largely informal segment of the Nigerian financial ecosystem: cooperative savings.
Industry observers believe that, if implemented correctly, digital platforms like Thrifto could play an important role in expanding financial inclusion, improving savings discipline and strengthening informal financial networks.

*Looking ahead*

For now, Thrifto is focused on steadily onboarding users and refining its platform as more savings groups begin to form and operate within the system.
Future updates are expected to broaden the range of savings options available to users, improve trust and accountability mechanisms, and deepen the platform’s integration with the broader financial ecosystem.
“Our vision is simple,” says Durojaiye. “We want to help Nigerians save more consistently, collaborate more confidently, and achieve their financial goals together.”
If this vision takes hold, Thrifto could become a powerful example of how technology can modernize long-standing financial traditions without losing the community spirit that has made it successful.