LibertyPay, Nigeria’s digital payment solution and distribution brand, has digitized and formalized ajo thrift collection and micro-savings with a robust plan to issue over 150,000 digital cards to various customers participating in ‘ajo’ (local contributions) across Nigeria.
The innovation 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, the company said.
According to Chief Executive Officer of LibertyPay, Igbene Otimeyin, with the 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.
“Traditional ‘ajo’ system has long been a cornerstone of informal micro-savings and thrift collection fostering trust and community cohesion. However, these age-old practices have needed a digital makeover to keep pace with the modern world. LibertyPay seized 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,” Otimeyin explained.
He continued that “specifically, we are empowering Ajo collectors with over 1,000 Point of Sale machines simply accessible by dialing *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.
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) recognized 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.
Source: Guardian Nigeria