Did you know that Ajo Thrift Contributions is also embedded in many cultures around the world? It is called "Susu" in Ghana, "Chama" in Kenya, and "Paluwagan" in the Philippines. It is a savings system passed down through generations and it allows people to pool resources together and achieve their common goals. This is a collective approach to money management that is guaranteed to create a strong sense of community among individuals in different parts of the world. 

The Ajo system of savings is rooted in the Nigerian culture and reinforces values like trust, solidarity, and community building. However, the system has proven to be unreliable in recent times due to cases of theft, abscondment, and more. 

Platforms like Bankly have digitized the Ajo thrift contributions system to enable transparent Group Contributions among friends, families, colleagues, classmates, or any group. The “Group Contributions feature” on the Bankly app helps you save as a group towards an upcoming trip with friends, birthday parties, bridal showers, weddings, rent, charity events, and more. 

How do I create a group contributions account with my friends?

1. Download the Bankly app on ​the Google Play Store or App Store.
2. Open the app and register with your phone number, BVN and NIN. ​
3. Complete the registration process and log in to the Bankly app
4. Navigate to Group Savings from your home screen 
5. Tap “continue” to start the process 
6. Add your friends from your phone contact list
7. Tap “Create plan” and start your group contribution

What do I need to open a group contributions account online? 

1. The Bankly app. 

2. An active phone number

3. BVN and NIN

4. Proof of address

How does Bankly Group Contributions work? 

• Group Contributions on the Bankly app allow you to save with a group of people. You can towards multiple goals like wedding planning, house rent, group trips, etc. on the app. Bankly offers 15% interest on each group savings plan.  

• Each group contributions plan on the Bankly app is given a unique account. 

• You can add members to a GC plan from your contact list. For members who would like to monitor the progress of the contributions and the movement of money in and out of the account, they also need to download the Bankly app. Each onboarded member that has the Bankly app receives a notification for every deposit and withdrawal done. However, withdrawals can only be done by the admin.

• You are allowed to withdraw all your money at any time. However, if the funds on your contributions account are pulled out before its maturity date or before the target amount is met, you risk the loss of all the interest that has been accrued over the period.