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Nigerian fintech startup Thrifto has unveiled a digital savings platform designed to help individuals and groups organise, manage, and track collective savings in a more structured, transparent, and reliable way.
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The platform modernises Nigeria’s long-standing informal savings systems—popularly known as ajo, esusu, or adashe—by combining cultural familiarity with the efficiency and accountability of modern financial technology.
Digitising a Trusted Cultural Savings Practice
For decades, millions of Nigerians have depended on informal group savings schemes under various names across regions: ajo in Yoruba communities, esusu in parts of the South-West, and adashe in Northern Nigeria. The concept is straightforward: members contribute fixed amounts periodically, and each participant receives the pooled funds in turn.
While effective, these systems often face challenges such as poor record-keeping, missed contributions, disputes over payout order, and in some cases, loss of funds. Thrifto aims to eliminate these risks without altering the collaborative spirit that has sustained group savings for generations.
How the Thrifto Platform Works
At its core, Thrifto operates as a bank-integrated web application that allows users to:
- Create or join savings groups
- Set fixed contribution amounts
- Define savings cycles and payout order
- Track contributions and balances in real time
- Automate payout schedules with full transparency
The platform maintains detailed records for every group, helping members stay aligned and accountable throughout the savings cycle.
Founder’s Vision: Preserving Culture, Adding Structure
Thrifto was founded by media entrepreneur and technology consultant Biodun Durojaiye, who said the platform was built to strengthen—not replace—Nigeria’s deeply rooted savings culture.
“Group savings is deeply embedded in Nigerian culture,” Durojaiye said. “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 Across Salary Earners and SMEs
Although still in its early stages, Thrifto is already seeing organic adoption among salary earners, entrepreneurs, and small business owners. Users are forming savings groups with colleagues, friends, and family members to meet goals such as:
- School fees
- Rent payments
- Business capital
- Major household purchases
By digitising the process, the platform reduces common friction points such as misunderstandings over contribution schedules and disputes around payout order.
New Features to Encourage Personal Saving Discipline
Thrifto has also announced plans to roll out structured personal savings plans, allowing individuals to save fixed amounts daily, weekly, or monthly toward specific goals.
For example, users can choose to save ₦5,000 daily for one month or ₦50,000 weekly over several months, with the platform tracking progress automatically.
“Many people want to save but struggle with consistency,” Durojaiye explained. “By allowing users to define their own saving rhythm, we’re helping them build financial discipline in a practical way.”
Trust Rating System Promotes Accountability
Another standout feature is Thrifto’s Trust Rating System, which assigns users a Trust Score based on their participation history and reliability within savings groups. The system is designed to encourage responsible behaviour and help users make informed decisions when forming or joining groups.
Strengthening Financial Inclusion Through Familiar Tools
By building around financial practices already familiar to Nigerians, Thrifto positions itself as a culturally aligned fintech solution that supports financial inclusion, discipline, and trust. The startup believes that combining tradition with technology can unlock safer, more efficient savings for millions across the country.
