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Having talked about Targeted Savings in our last post (Here)
I did talk about Ajo as a method of
targeted savings, and I got a chat from a blog visitor requesting that I do
elaborate on it and therefore the need for the post.
I must stress that the
Thrift or Mutual Contributory Financing is not new to our system and it is found
in all tribes in Nigeria, it is called Adashe in the North, Ajo by the Yoruba’s and Esusu in the
East. The history of this method of
financing dates back to the 16th Century (Seibel 2003a)
I had to do some research on it myself and its quite interesting to know that
it is can also be founded in the Caribbean Island and other African countries.
It is called ‘Susu’ in the Caribbean, this suggest to me that it was even
earlier than we thought.
Enough with
the history and let us talk about Adashe, Ajo or Esusu. I will like to
categorise them into two:
