Monday, June 8, 2015

Thrift or Mutual Contributory Financing-Adashe-Ajo-Esusu

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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: