What is Ajo contribution in English?

Thrift contribution which is also popularly known as ajo is a contributory thrift saving scheme among a group of people kind of saving scheme a group of people engage in. If you consistently do this, then you become disciplined with your finances which is a plus for your money and savings in the long run.

Is esusu a financial institution?

Esusu | financial institution | Britannica.

What is thrift collector?

Thrift collection popularly called ‘Ajo’ or ‘Esusu’ is probably the earliest form of banking. It is a special kind of micro finance banking business currently practiced in most neighborhoods and marketplaces. This kind of savings and (sometimes) loan business is very popular among communal dwellers.

How does esusu Diamond bank work?

The Diamond Esusu savings scheme brings together a total of 12 persons into a collective group where they save and a date is scheduled for bulk payout to each due participant, the catch with Diamond Esusu savings scheme is that it is interest free. i. Personal Savings.

How does Esusu make money?

Esusu makes money from rent reporting by charging landlords $2 per unit each month. The value proposition for landlords is a 25% uptick in punctual rental payments and an amenity that they can use to lure new high-quality tenants or keep existing tenants who want to continue to build their credit.

What is the meaning of Ajo?

a-jo. Origin:Ghanaian. Meaning:born on Monday.

How does esusu make money?

What is the full meaning of esusu?

Esusu describes traditional forms of cooperation in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. Among the Yorubas, traditional cooperatives known as aaro, owe, esusu and ajo are common.

What is Esusu English?

Esusu describes traditional forms of cooperation in African societies. whereby groups of individuals contribute to informal savings and credit. associations for their mutual benefit.

How do I start a savings and loan business in Nigeria?

Stage 1 – Apply to the Magistrate Court with the following documents:

1. Application letter.
2. Certified Copies of the CAC Form 2 and 7.
3. Memorandum and Articles of Association of the company.
4. Certificate of Incorporation.
5. Tax and Police Clearance.
6. Evidence of Maintenance of a current Bank account.

How do I delete my eSUSU account?

Canceling Your Account If you wish to cancel your Credit Builder Individual Savings Account loan, please contact [email protected] as soon as possible to discuss your options.

Is esusu safe?

Esusu is a secure, encrypted data processing and storage platform based in the cloud that interfaces with property management systems via certified APIs. The system retrieves tenant rental payment information for transformation and submission to credit bureaus on a monthly basis.

What are the contributions to the Osusu club?

It’s an opportunity to socialize over good food and music, more importantly to collect contributions for members. The contribution amounts are set and equal for everyone. They are generally nominal – 500, 1000, 2000 CFA – amounts reflecting the financial means of the women in the club, roughly 1 to 4 US dollars.

How is the money collected in the Osusu?

The money is collected on a daily, weekly, and/or monthly basis by what is known as a thrift collector. Thrift collectors are typically male. Participants in the Osusu must pay the thrift collector a participation fee depending on the rate to which they contribute money.

Do you have to pay thrift fee for Osusu?

Participants in the Osusu must pay the thrift collector a participation fee depending on the rate to which they contribute money. If they contribute daily they owe the thrift collector one full days contribution every eighth day. If they contribute weekly they owe the thrift collector 1/7 the contribution amount weekly.

How did Osusu get its name in Africa?

Growing up, I knew it as tontine – the adapted french word or parri a local word for this age old practice on the African continent. A friend told me it was called Osusu in Nigeria. I immediately liked how the word sounded, hence the title of this post.