LibertyPay, Nigeria’s leading digital payment solution and distribution brand, has digitized Ajo’s thrift collection and micro-savings to distribute over 150,000 digital cards to Ajo groups in Nigeria by the fourth quarter of 2023.
LibertyPay’s novel technique to digitize Ajo, a long-standing Nigerian micro-savings and thrift system, will aid communities, make saving money more manageable, and alter lives while keeping the system current.
LibertyPay CEO Igbene Otimeyin says the Ajo innovation boosts seamless savings collections from Ajo participants by traditional thrift collectors by 150%, creates a more streamlined, accessible and transparent system, and secures financial resilience that will change Nigerians’ lives.
The traditional Ajo system has long been used in informal micro-savings and thrift collection, building community trust and solidarity. However, these outdated methods needed a digital update to stay current.
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LibertyPay partnership
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,” Otimeyin explained.
He said, “More specifically, we are giving Ajo collectors access to over 1,000 Point of Sale machines by simply dialling *347*180*4#.” These gadgets let collectors keep track of donations and withdrawals without having to do a lot of bookkeeping.
With these users helping the switch to digital Ajo, we expect to get N5 billion ($5.5 million) monthly from digital thrift. This vast change is going to make it easier for Nigeria’s informal industry to get access to financial services.
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LibertyPay’s new COO is Nosiru Sonoiki
Also, LibertyPay has named Nosiru Sonoiki as the new Chief Operating Officer of the company. During his time at the company, especially as the Head of Agency Banking and Business Development, Nosiru has shown a great deal of dedication and a fantastic ability to make essential relationships.
In his new job, Nosiru Sonoiki will ensure that all the goals for LibertyPay’s digital Ajo product are met.
As LibertyPay keeps coming up with new ideas, it’s important to remember that the Central Bank of Nigeria (CBN) saw its promise early on and gave it an AIP in January 2023. This is a good sign for the future of LibertyPay as it explores new ways to help Nigerians access money.