Nigeria Thrift System

Thrift is a financial service dedicated to the informal sector of the economy where collectors would move from place to place, either by foot or bicycle to collect money. This money collection style is full of risks, such as robbery, death of thrift collector which could mean loss of funds, temptation to use customers monies by thrift collectors amongst many others, the resultant effects has made people distrust thrift collectors even though the need for the service remains at all-time high.

Ajo as it is called by the Yorubas’ or ‘Esusu by the Igbos’ and Adashe by the Hausa is probably the earliest form of banking. It is a special kind of micro finance banking business currently practiced in most neighborhoods in Nigeria predominantly in marketplaces and among communal dwellers.

Misplaced priorities and lack of discipline are some of the biggest problems facing the average human being, our need to compete needlessly or impress people is also a big problem. There would always be an economic down turns or bad governmental policies, but if we can only learn to save for the rainy days, maybe things won’t be so bad, maybe we wouldn’t end up with those bad debts or face undue pressure due to bills, a financial back up just in case of a job loss wouldn’t be such a bad idea.